Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Barclays Tiered Savings Review: Barclays' Best Savings Rate, but Big Savers Get Highest APY

Review Updated
Brendan Byrnes
Author: Brendan Byrnes
Brendan Byrnes
Brendan Byrnes

Currently Managing Director of Motley Fool Money, Brendan has worked full-time for The Motley Fool since 2011. He has written hundreds of articles for The Motley Fool and provided analysis on TV outlets including CNBC and Fox. He holds a degree in finance from Virginia Tech.

See Full Bio

| 1 other [ + ]
Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Barclays Tiered Savings is a solid choice for individuals who can maintain a high daily account balance and are comfortable with an online-only banking experience. In this review, we’ll cover the key details to consider before deciding if this savings account is right for you.

Barclays Tiered Savings
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Dec 20, 2024

Barclays Tiered Savings

Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

Special offer
Earn a $200 bonus with qualifying deposits when you open a new account. Circle with letter I in it. To earn a $200 bonus, open a new savings account; deposit $25,000 or more within 30 days; and maintain at least that balance for 120 consecutive days. You must be a new Barclays Tiered Savings customer. The bonus will be credited to your account within 60 days of meeting these requirements. Offer expires Jan. 6, 2025.
APY
up to 4.65% Rate info Circle with letter I in it. Balances less than $250,000 earn 4.35%, and balances greater than $250,000 earn 4.65% APY.
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • No minimum deposit to open an account
  • Unlimited number of external transfers
  • FDIC insured

  • Balance requirement for maximum APY
  • No ATM access
  • No wire transfers (inbound or outbound)
  • No branch access; online only

Though top rates are reserved for high balances, Barclay Tiered Savings account's APYs are competitive no matter how much savings you have. Not only does it offer a strong APY, but it also has no monthly fees, no minimum amount to open an account, and no withdrawal limits.

  • At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

    Our scores are weighted as:

    • APY: 50%
    • Brand and reputation: 20%
    • Fees and minimums: 15%
    • Other perks: 15%

    Learn more about how Motley Fool Money rates bank accounts.

Our Barclays Tiered Savings review

Barclays offers two savings accounts: Barclays Tiered Savings and Barclays Online Savings. While Barclays Tiered Savings offers a higher APY even at its lowest tier, accessing the top rate requires a minimum balance of $250,000, making it a less ideal choice for everyone.

Interest rate

Account APY Minimum Deposit
Barclays Tiered Savings up to 4.65% $0
Data source: Barclays.

The Barclays Tiered Savings account features a tiered interest system, where your interest rate increases as your account balance grows.

While competitive, there are other high-yield savings accounts that offer higher rates for lower minimum balances. It's always important to shop around to make sure you're choosing the right account for you.

Fees

The Barclays Tiered Savings account stands out with no monthly fees, a key advantage of online-only banks. The only charge is a $0.50 fee for paper copies of bank statements, which you can avoid by opting for electronic statements.

Minimum balance

A major advantage of this account is the lack of minimum balance requirements to open it. Unlike many high-yield savings accounts, you can start earning the lowest-tiered rate without depositing any money upfront. While some accounts offer higher APYs for lower balances, they typically require at least $100 to get started.

However, Barclays notes on its website that you must maintain a balance sufficient to earn at least $0.01 in interest for it to post to your account.

Withdrawal limit

Barclays places no restrictions on the number of withdrawals you can make from this account. Unlike many high-yield savings accounts that limit withdrawals or charge fees after six per month, this account ensures your money remains fully accessible whenever you need it.

Mobile app

As an online-only bank, Barclays offers a banking app to manage essential tasks like transferring money and depositing checks.

While the app has received high ratings on both the Google Play Store and Apple Store, many users have expressed frustration throughout the fall of 2024. They report that recent updates have made the app less user-friendly, with complaints about lengthy log-in processes and difficulties depositing checks.

  • Google Play Store Rating: 4.5 / 5.00 stars
  • Apple Store Rating: 4.8 / 5.00 stars

Customer service

There are no physical branches for in-person customer service. However, you can still get assistance through their online platform or by phone. Customer support is available daily from 8:00 am to 8:00 pm ET at 888-710-8756.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of December 28, 2024. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 4.00%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Accessing your money

When it comes to online-only savings accounts, you'll typically find higher APYs, but they often come with less flexibility when it comes to withdrawals. This account is no different: all deposits and withdrawals must be made through electronic transfers.

Depositing money

To fund your Barclays Tiered Savings account, you'll need to make electronic deposits. You can do this via ACH transfers or by depositing checks through the mobile app. You can also send a physical check to Barclays, but note that some check types, like starter and third-party checks, aren’t accepted. Cash, wire transfers, and money orders can’t be used to fund your account.

For mobile check deposits, here are the limits:

  • Individual check maximum: $5,000 per day
  • Amount maximum: $10,000 per day
  • Maximum number of checks: 10 per day
  • 10 business day maximum: $50,000 / 20 checks

Withdrawing money

Since Barclays operates as an online-only bank, there are no physical branches or ATMs where you can withdraw cash in person. Your options to withdraw money are limited to electronic transfers between your Barclays Tiered Savings account and another bank account.

Who will benefit from the Barclays Tiered Savings account?

This account is ideal for individuals who can maintain a relatively high balance and want to earn a competitive APY without worrying about monthly fees. It’s a good fit for savers comfortable with online-only banking and those who prefer the flexibility of unlimited withdrawals, as long as they are done electronically.

It's especially suitable for those who can take advantage of the higher interest rates offered at higher balance tiers, though it may not be the best choice for individuals who require cash withdrawals at physical branches or need lower balance requirements to earn interest.

Keep reading about Barclays:

FAQs

  • Barclays Online Savings offers the same APY (4.00%) regardless of your balance. The APY for Barclays Tiered Savings can change depending on your balance. It's worth noting that the APY for the lowest tier on the Barclays Tiered Savings account is higher than the APY on the Barclays Online Savings account.

  • Each customer can only have a maximum of 3 open Barclays Tiered Savings accounts.