Saturday, 7 December 2019

Review of Barclays Online Savings and CDs

Review of Barclays Online Savings and CDs
04 Dec
11:30

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How Barclays Online Savings account compares

Barclays offers a very high interest rate when compared with the best online savings accounts in our round-up. We really like that this account has very few fees, and they’re very reasonable. In comparison, other banks sometimes charge up to $35 in NSF fees, whereas Barclays only knocks you back $5 per item.

The only shortcoming that we can see is its lack of an ATM card. Because electronic transfers can take a couple of days to process, you won’t have immediate access to your cash. But if you don’t mind the wait, this shouldn’t be too much of a limitation for you.

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How Barclays Online CDs compare

Barclays offers good rates on its CDs. Some competitors seen in our best CDs listing might offer slightly better rates, but Barclays remains a very decent choice. Many of the higher APYs offered by other banks require a minimum deposit, which Barclays does not. Barclays also offers low early withdrawal penalties, especially for its longer-term CDs.

The lack of minimum deposits for CDs is a significant benefit. Most banks require a substantial deposit, but you can put anything into a Barclays CD, as long as you carry a balance over $0.01. This makes it possible for people with less money to still earn super-high interest rates, and probably keep them reinvesting the returns.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren

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Source: https://www.magnifymoney.com/blog/reviews/barclays701126410/

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