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APY GUY: Maximize Your Savings & Earnings

APY GUY: Maximize Your Savings & Earnings

  • CD Rates
  • Savings Accounts
  • Checking Accounts

Savings Accounts

PayPal Savings Account Review – Now 4.30% APY!

Written by: editorial staff
June 7, 2023
Fact Checked : Dan Nelson
June 7, 2023

The financial technology company PayPal hardly needs any introduction with nearly 223 million users worldwide and over $27.5 billion in annual revenue; they’ve been a household name since their founding in 1998.

What you may not know is that they just launched a high yield online savings account in May of last year just as interest rates started to pick up.

The account has no minimum deposit requirements, minimum balance requirements or monthly maintenance fees of any kind.

To learn more about PayPal’s online savings account continue reading our review below.

PayPal Savings Rate + Account Details

image credit: paypal.com

The PayPal Savings account is 100 percent digital. You can download their app here and start saving immediately.

The account has no minimum deposit requirements or monthly balance requirements and all balances are eligible for the advertised rate.

The rate is variable and can change at any time without notice.

PayPal itself is not a bank, however your deposits are FDIC-insured through their partner Synchrony Bank.

Pros and Cons

Pros:
✅ High interest rate. Roughly 11x the national average per FDIC data.
✅ No minimum balance or deposit requirements.
✅ No monthly maintenance fees.
✅ Can be opened and managed completely online or by smartphone.
✅ Helpful savings tools.
✅ FDIC insured up to $250,000.
Cons:
🛑 No joint accounts.
🛑 No additional deposit accounts such as checking, money market or CDs (certificates of deposit).
🛑 No physical branches.
🛑 No business accounts (despite many using PayPal with eBay for business).
🛑 Slow transfers from 3rd party banks that may take up to 6 days.

Savings Account Rate

Minimum DepositAPY
$04.30%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a savings account and a money market account sit at just 0.40% and 0.59% APY, respectively, according to recent FDIC data.

The best high yield online savings account rates are just now inching over the 5.00% APY mark following the Fed’s last rate hike in early May.

How does PayPal’s Savings Account Compare?

If you’re curious to see how PayPal’s APY (annual percentage yield) stacks up against the competition, then take a look at the table below. It compares PayPal’s savings rate with other FDIC-insured online banks and their high yield savings account rates.

BankAPY
Bask Bank4.75%
First Foundation Bank4.85%
PNC Bank4.50%
PayPal4.30%
These rates were surveyed on June 7, 2023.

Money Management

image credit: paypal.com

Managing your money is straightforward with the PayPal app. You can transfer funds from your bank account or current PayPal balance into the savings account.

From the app you’ll also have access to the following:

  • Get your paychecks up to 2 days early when you set up direct deposit.
  • Mobile check cashing. Cash a physical check to your account from your phone.
  • Set up bill pay. Pay your TV, utilities, internet, phone bills, etc from the app.
  • Set up auto-save features and savings goals. Move money from one goal to another if priorities change.
  • Get a PayPal Cash Card. No fees or credit checks required. Can be used anywhere Mastercard is accepted.
  • Add cash with the app or Cash Card at 100k+ stores across the US, including Walmart, CVS, and 7-Eleven
  • Buy, sell and hold cryptocurrencies.

Final Thoughts

As far as FDIC-insured online savings accounts go, PayPal’s is fairly competitive – with a yield roughly 11x the national average.

Plus the fact that the account has no maintenance fees, minimum deposit requirements or monthly balance requirements to earn the high rate makes it available to a large swathe of consumers.

PayPal Savings Account FAQs

If you still have questions about PayPal and their newly launched online savings account, don’t worry we’re here to help. Here are some of the most commonly asked questions by consumers and our responses below.

Is PayPal a Bank?

No. PayPal itself is not a bank, but it provides a high yield savings account through Synchrony Bank.

Peter Thiel, the founder of PayPal, has stated that PayPal is not a bank because it does not engage in fractional reserve banking. Essentially meaning the company does not engage in the act of borrowing and lending their customers’ funds.

Federal Regulators also reiterated this notion back in 2002, stating that PayPal is not a bank and shouldn’t be regulated as such.

That being said, PayPal has dipped their toe into banking products like the online savings account that they now offer.

In the past, they have also tested out money market accounts, lines of credit and even a debit card, which is still offered as the PayPal cash card.

Are PayPal Accounts Insured by the FDIC?

Yes, by proxy.

While PayPal itself is not a bank and is not FDIC-insured, the accounts they offer are through their partner Synchrony Bank (FDIC# 27314).

Filed Under: Savings Accounts

Bask Bank Review – CD Rates up to 5.10% APY!

Written by: Lauren Graves
May 31, 2023
Fact Checked : Dan Nelson
May 31, 2023

Bask Bank is the online division of Texas Capital Bank. They are a relatively new online bank that launched back in January of 2020.

Their original product was the Mileage Savings Account which is an exclusive offering for American Airlines flyers.

Today, however, they have added a number of competitive FDIC-insured deposit accounts to supplement their original product.

Bask Bank’s current product suite consists of the following:

  1. Interest Savings Account
  2. Certificates of Deposit (Terms 6 to 24 months)
  3. Mileage Savings Account (original product)

The Interest Savings Account comes with a competitive yield. As of June, 2023 it has an APY (annual percentage yield) of 4.75%. It also comes with zero minimum balance requirements and has no monthly maintenance fees.

The most recent addition to Bask Bank’s product suite is their CDs (certificates of deposit). They only offer CDs with short terms ranging from 6 months to 2 years at the moment, but the yields are quite competitive.

If you’d prefer to have your interest paid in miles rather than dollars then you can opt for their original product – the Mileage Savings Account.

That account pays AAdvantage miles instead of interest, giving you 2.5 miles for every dollar you deposit in a year. The account used to pay just 1 mile for every dollar annually, but Bask Bank upped the ante as interest rates began to rise in 2022.

To see if any of these accounts are right for you, continue reading our review below.

Bask Bank Interest Savings Account Rate + Details

image credit: baskbank.com

Bask Bank’s interest savings account is a high yield online savings account that comes with a variable rate. Like all of Bask Bank’s deposit accounts, this account is FDIC-insured through their parent company, Texas Capital Bank.

The account has no minimum balance requirements to earn the advertised APY and comes with zero monthly maintenance fees.

Interest Savings Account Rate

Min BalanceAPY
$04.75%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a savings account sits at just 0.40% APY, according to recent FDIC data, however, some of the top yields offered by online banks are inching up to the 5.00% APY mark.

How Does the Interest Saving Account Compare

To see how Bask Bank’s interest savings account compares with other offers on the market, take a look at the table below.

BankAPY
CIT Bank4.85%
My Savings Direct4.35%
Synchrony4.15%
Bask Bank4.75%
Rates surveyed May 31, 2023.

Bask Bank CD Rates + Account Details

Bask Bank’s CDs require a minimum deposit of $1,000 to open. They are FDIC-insured up to the applicable limits and can only be opened online.

CD Rates

CD TermAPY
6 months5.10%
12 months5.00%
18 months4.50%
24 months4.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for 12 month and 24 month CDs sit at just 1.59% and 1.37% APY, respectively, according to FDIC data – with top yields from online banks hovering around 10-20 BPS over 5.00% APY for both terms.

How Much Can You Make From a Bask Bank CD?

How much money you can earn from a Bask Bank CD is going to depend on your deposit size, the term you select and its APY (annual percentage yield). Take a look at the table below to see how much you’d earn with each Bask Bank CD assuming a deposit size of $25,000.

CD TermAPYEarnings
6 months5.10%$629.57
12 months5.00%$1,250.00
18 months4.50%$1,706.34
24 months4.50%$2,300.62
Earnings = Sum of all interest payments through maturity.

How do Bask Bank’s CD Rates Compare?

To see how Bask Bank’s CD rates hold up against the competition, take a look at the table below. It shows the best CD rate offered by Bask Bank along with other popular FDIC-insured online banks.

BankBest CD Rate (APY)
Capital One4.75%
Morgan Stanley5.27%
Total Direct Bank5.16%
Bask Bank5.10%
CD rates surveyed May 31, 2023.

Grace Period and Early Withdrawal Fees

Bask Bank will send you a notice 30 days before your CD matures to let you know in advance. Upon maturity, you will have a 10 calendar day grace period in which you may add funds, withdraw funds or close out the CD entirely without incurring any fee. If nothing is done during this 10 day period, your CD will renew into the same term at the going rate at that time.

If you need access to the funds in your Bask Bank CD prior to its maturity, you will incur an early withdrawal fee. The fee structure is based on your CD’s term. See below.

CD TermEarly Withdrawal Fee
12 months or less90 days of simple interest at the current rate
more than 12 months180 days of simple interest at the current rate

You’ll be able to monitor your earnings and interest payments on your Bask Bank CD as statements are provided monthly.

Mileage Savings Account

With Bask Bank’s Mileage Savings Account you earn American Airlines miles (or AAdvantage Miles) rather than interest – to the tune of 2.5 miles for every $1 in your account annually.

Normally, frequent flyer miles are awarded on the spending side rather than savings. Customers are used to racking up miles when making certain purchases or booking flights with their credit card, but this account turns that model upside down.

With Bask Bank, the more money you save, the more miles you earn—no strings attached. It’ll keep your AAdvantage account active with a steady trickle of miles, plus you can earn unlimited miles and never have to worry about spending on a particular travel card or making purchases you don’t want through an online portal.

Keep in mind that like any other savings account, the rate of miles earned per dollar is variable and therefore subject to change at any time. Miles are given based on your average monthly balance per month.

How to Set Up a Mileage Savings Account

To open an account with Bask Bank, you’ll first need to be a part of the American Airlines frequent-flyer program. If you are not, this account will be of little use to you.

Assuming you are a member and you want to earn points via saving rather than spending, then click on the orange “open an account” button in the upper right on the Bask Bank website.

From here it will be a 4 step process that finalizes with transferring funds to the account.

The whole thing can be completed in minutes. The steps are as follows;

  1. Get started. You’ll need an email address and mobile number.
  2. Submit application. Here you’ll need things like your name, social security number, birthday and address.
  3. Create Login. Simple login creation (username and password).
  4. Transfer Funds. There’s no minimum deposit requirement or ongoing monthly balance requirement, but there are bonuses associated with deposits. We discuss this further down.

Bask Bank Customer Support and Consumer Sentiment

The Bask Bank website is clean and simple and about as easy-to-use as it gets. Customers leave high marks on review sites citing the ease of use of their website and having high savings rates.

Their apps perform about average in terms of ratings with their ios app receiving 3.4 stars out of 5 (down from 3.5 since the last update) and their android app also scoring 3.4 stars out of 5 (up from 3.2 since the last update).

Because Bask Bank does not have any physical branches, you will need to open your account and manage your finances online or through the mobile app.

If you struggle to set up or service your account, you can contact customer service at (833) 260-4320 or customersupport@baskbank.com.

The phones are open Monday through Friday from 7:00 AM to 10:00 PM and Saturday from 8:00 AM to 5:00 PM Central Standard Time.

About Bask Bank

Bask Bank is a division of Texas Capital Bank (member FDIC) which has been around since 1999 and has been a long-standing partner of American Airlines.

Texas Capital Bank was also a pioneer in digital banking back in the late 1990’s. To create Bask Bank, they leveraged both their digital banking expertise and their strong partnership with American Airlines.

Filed Under: Savings Accounts

BMO Harris Online Savings Account – Up to 4.50% APY!

Written by: editorial staff
May 31, 2023
Fact Checked : Dan Nelson
May 31, 2023

BMO Harris Bank, based out of Chicago Illinois, is now offering an online savings account with a yield of either 4.30% APY (annual percentage yield) or 1.00% APY depending on which state you reside in.

Currently residents who do not reside in the following states (below) will stand to earn the 4.30% APY. Residents of the following states will earn only 1.00% APY:

  • Arizona,
  • Florida,
  • Illinois,
  • Indiana,
  • Kansas,
  • Minnesota,
  • Missouri or
  • Wisconsin

To learn more about BMO Harris Bank’s online savings account, continue reading our review below.

BMO Harris Bank Online Savings Account Rate + Details

BMO Harris Bank is member FDIC. Deposits held in their online savings account (as well as their CDs, money market or checking accounts) are federally insured up to $250,000 or $500,000 for joint accounts.

There are no minimum deposit requirements to open this account and no monthly balance requirements to earn the advertised APY, making it widely available to all consumers. There are also no monthly maintenance fees of any kind.

Online Savings Account Rate

Min BalanceLocationAPY
$0AZ, FL, IL, IN, KS, MN, MO, WI1.00%
$0all other states4.50%
APY = Annual Percentage Yield

To put these yields into perspective, the current national average for a savings account and a money market account sit at just 0.40% and 0.59% APY, respectively, according to FDIC data.

That said, there are now a handful of online banks and nationally available credit unions offering high yield online savings accounts with APYs near the 5.00% mark following the FED’s last rate hike.

How Does it Compare

If you’re looking to see how BMO Harris’s online savings account rate stacks up against the competition, then take a look at the table below. We’ve compared BMO’s rate with the online savings account rates offered by other FDIC-insured financial institutions.

InstitutionMin. DepositAPY
E-Trade$03.85%
PayPal$04.15%
Wells Fargo$1m2.51%
BMO Harris$04.50%
Rates surveyed on May 31, 2023.

How to Open and Fund the Account

Opening your BMO Harris online savings account can be done in minutes. You’ll just need to have a few pieces of personal information readily available to complete the process.

  1. Your contact information. This includes your physical address, phone number and email address.
  2. Identity information. You’ll need your social security number as well as your DOB (date of birth) to confirm your identity and your U.S. citizenship.
  3. Current bank or credit union information. You’ll need both the routing number of your current financial institution and your bank account number. This is the account in which your funds will be drawn to fund your new BMO Harris online savings account.

How to Close the Account

The easiest way to close the account is by calling BMO Harris at 1-888-340-2265.

Final Thoughts

If you live in one of the 42 states that are eligible for the high yield, then this online savings account from BMO Harris Bank is going to be a hard offer to beat. The fact that they have no minimum balance or opening deposit requirements casts a wide net to a lot of people who may not be able to meet the minimum requirements of similar accounts.

Oddly enough, BMO Harris Bank doesn’t allow you to navigate directly to their online savings account from BMOHarris.com, so you’ll need to navigate to the online savings account page directly.

Filed Under: Savings Accounts

PNC Bank High Yield Savings Account – Now 4.50% APY!

Written by: editorial staff
May 31, 2023
Fact Checked : Dan Nelson
May 31, 2023

PNC Bank is the 7th largest bank in the United States by assets with nearly $381 billion in total and the 5th largest bank in the US by branch network with 2,459 branches across 21 states and the District of Columbia.

They offer a full suite of banking services for personal, small business, corporate and institutional clients that cover everything from loans and borrowing to savings and wealth management.

For the purpose of this review we will focus on the personal High Yields Savings account.

📍 Please Note – This account is only available online in eligible markets where PNC Bank does not have physical branch locations. Those U.S. states are as follows:

  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Hawaii
  • Idaho
  • Iowa
  • Louisiana
  • Maine
  • Massachusetts
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Mexico
  • North Dakota
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Dakota
  • Tennessee
  • Utah
  • Vermont
  • Washington
  • Wyoming

To see if PNC Bank’s High Yield Savings account is right for you, continue reading our review below.

PNC Bank High Yield Savings Rate + Account Details

PNC Bank is member FDIC and all deposits held at the institution are federally insured up to $250,000 per depositor or $500,000 on joint accounts. There is no minimum deposit requirement to open the account, but you’ll need to have at least $1.00 to start earning interest. If your account remains open and unfunded for 180 days PNC Bank may close the account.

High Yield Savings Rate

Min DepositAPY
$04.50%
APY = Annual Percentage Yield

To give this yield some context, the current national average for a savings account sits at just 0.40% APY according to FDIC data. That said, top rates from online banks are inching up to the 5.00% APY mark.

How Does it Compare

Take a look at the table below. We’ve pitted PNC Bank’s high yield savings account rate vs a handful of other popular online banks and their high yield savings account rates.

BankMin. DepositAPY
Apple (via Goldman Sachs)$04.15%
Bask Bank$04.75%
Capital One$03.90%
First Foundation Bank$1,0004.85%
PNC Bank$04.50%
Rates surveyed May 31, 2023.

How to Open the Account

Setting up your PNC High Yield Savings account, as well as funding and managing it are simple and straightforward and can be done completely online by anyone 18 years old or older.

To get started, navigate here.

Be sure to have the following items handy:

  • Driver’s License, State ID or Military ID
  • Social Security Number

On top of this, they will also request several pieces of information about yourself such as your full legal name, residing address, telephone number, e-mail address, etc.

How to Fund the Account

Funding the account can be done in four ways. These are as follows:

  • Online Banking – Enroll in online banking and schedule recurring deposits to your high yield savings account. This can be set up from an existing PNC Bank account or an external bank account.
  • Mobile Banking – Download the PNC banking app (links below) and deposit checks on the go.
  • Wire transfer from external bank account. You’ll need your bank or credit union’s routing number plus your bank account number where the funds will come from.
  • By Mail – Send physical checks along with your account name and account number to the following address: PNC BANK, P.O. Box 8108, Philadelphia, PA 19101-8101

Once your account is all set up, you can manage it from a mobile phone, tablet or desktop computer using PNC online banking or one of their native apps. You can download their IOS app or Android app using the links provided.

PNC Bank High Yield Savings Account FAQs

Still have questions about PNC Bank’s High Yield Savings account? See what others are asking around the web along with our responses below.

Does PNC Bank offer a health savings account?

Yes. PNC Bank does offer a health savings account. You can learn more about that product here.

Does PNC Bank offer a money market account?

Yes, but the yields are very low (between 0.02% and 0.05% APY) and you’ll either need to maintain a minimum balance of $5,000 or have it linked to a PNC Bank checking account to avoid a $12 monthly service fee. You can learn more about PNC Bank’s money market account here.

How Often Does PNC Bank Issue Savings Account Statements?

PNC Bank issues savings account statements monthly. You will be notified by email when your statement is ready to view.

How much do you need to open a Savings Account with PNC Bank?

The High Yield Savings account can be opened online with $0. It does, however, need a minimum balance of $1.00 to earn the advertised APY. If you open an account and do not fund it for 180 days, PNC Bank may close the account.

Final Thoughts

PNC Bank’s online savings account is currently one of the more competitive offers on the market after being relatively lackluster for a long time.

If you’re looking for a respectable savings rate at PNC Bank, then the high yield savings account is their most attractive offer. PNC Bank’s CD rates, while on the rise, still remain relatively low compared to yields offered by other online banks and nationally available credit unions.

Filed Under: Savings Accounts Tagged With: PNC Bank

First Foundation Online Savings – Now 4.85% APY!

Written by: editorial staff
May 30, 2023
Fact Checked : Dan Nelson
May 30, 2023

First Foundation Bank, founded in 2007 and headquartered in Irvine, California has roughly $13.6 billion in assets and 31 branch locations in 5 states – California, Florida, Hawaii, Nevada and Texas.

Their most competitive deposit account, however, is an FDIC-insured online savings account that can be opened by anyone but is only available online through their website and mobile apps.

To see if First Foundation Bank’s online savings account is right for you, continue reading our review below.

Online Savings Account Rate + Details

image credit: firstfoundationinc.com

All deposits held at First Foundation Bank are FDIC insured up to $250,000 per depositor.

There is a minimum deposit requirement of $1,000 to open the account but once the account is opened the advertised APY (annual percentage yield) applies to all balances over $0.01. The APY is variable and may change at any time.

Online Savings Account Rate

Minimum balance to earn APYAPY
$0.014.85%
APY = Annual Percentage Yield

To put this yield into perspective, the current national average for a savings account and a money market account sit at just 0.40% and 0.59%, respectively, according to FDIC data.

That said, top yields from FDIC-insured online banks are now inching over the 5.00% APY mark.

How Does it Compare?

Take a look at the table below to get a better idea of how First Foundation Bank’s online savings account stacks up against the competition.

BankMin. DepositAPY
Barclays U.S.$04.00%
BMO Harris$04.50%
PayPal$04.15%
PNC Bank$04.50%
First Foundation$1,0004.85%
Rates surveyed May 30, 2023.

Minimum deposit and balance requirements

There is a $1,000 minimum deposit requirement to open the online savings account. The funds must be considered “new money” to the bank. So if you have another deposit account with First Foundation bank and would like to take advantage of this higher yielding digital account you must transfer funds from another source to open it.

Potential Fees

There are no monthly maintenance fees or service fees if your account drops below a minimum balance. That said, if for whatever reason you need to withdraw your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

If funding your online savings account via wire transfer, First Foundation Bank will waive all incoming wire transfer fees for the first 60 days after opening the account. You will still likely have an outgoing wire transfer fee, however, from your current financial institution.

Funding the Account

Depositing funds into the online savings account can be done in the following ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile check deposit

Credit Inquiry

None. Security questions will be generated from public databases though to confirm your identity.

Access your funds

Once you’ve opened the account you’ll have access to your funds in the following ways:

  • ACH transfer
  • Wire transfer
  • Requesting a mailed check
  • Visiting a First Foundation Bank branch
  • ATM withdrawal (must first request an ATM card)

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Other Deposit Accounts

First Foundation Bank also offers a standard checking account and a variable rate money market account with a slightly lower yield than their online savings account.

The money market account also requires a $1,000 minimum deposit to open but then earns the advertised yield on all balances over $0.01.

Money Market Rate

Minimum balance to earn APYAPY
$0.014.20%
APY = Annual Percentage Yield

Filed Under: Savings Accounts Tagged With: First Foundation Bank

Barclays Online Savings Account – Now 4.00% APY!

Written by: Lauren Graves
May 25, 2023
Fact Checked : Dan Nelson
May 25, 2023

Although London-based, Barclays Bank has been around since 1690 and services just shy of 50 million customers worldwide, the online-only division was established in the US in 2003.

Barclays online deposit product suite is simple – with just an online savings account and a few standard term CDs.

In this review we will cover the variable-rate online savings account. It comes with a higher than average yield and no fees or minimum balance requirements.

You won’t be able to do all of your banking in one place with Barclays as they do not offer a checking account or ATM card, but if you’re comfortable managing your savings digitally in the interest of earning better interest, Barclays online savings account might be a good fit for you.

Barclays Online Savings Account Details + Rate

image credit: barclaysus.com

Barclays has only one savings account, the Barclays Online Savings. This account offers a respectable APY of 4.00% currently and has no minimum deposit requirements to open the account. Once the account is open there are no minimum balance requirements to maintain to avoid fees or account closure. To get paid interest, however, you will have to maintain a balance that would earn you at least $0.01 in interest.

Interest is compounded daily and credited monthly to your savings account or an external account.

Barclays is a member of the FDIC, so all accounts opened with them are insured up to $250,000 or $500,000 for joint accounts.

Minimum Balance RequirementAPY
$04.00%
APY = Annual Percentage Yield

To give this offer some context, the current national average for a savings account and a money market account sit at just 0.40% and 0.59%, respectively, according to FDIC data.

That said some of the top online savings account rates from FDIC-insured online banks and nationally available credit unions are now hovering around 4.50% APY.

How does Barclays Online Savings Account Compare?

Take a look at the table below. We compare Barclays online savings account with other competitive accounts on the market.

InstitutionMin. DepositAPY
BMO Harris$04.50%
Citizens Access$0.014.50%
PNC Bank$04.50%
UFB Direct$04.81%
Barclays$04.00%
Rates surveyed May 25, 2023. Some rates shown above may vary by location.

Pros and Cons

✅ Pros🛑 Cons
– no minimum deposit or balance requirements
– no maintenance fees
– competitive yield that beats the national average handily
– daily compounding interest
– easy account to open and maintain
– fdic insurance
– more competitive rates are available elsewhere
– poorly rated Android app
– no ATM access

How to Open the Account

You’ll need a few basic things to get started with your account. Here is the information Barclays will require:

  • Name
  • Address
  • Date of Birth
  • Phone Number
  • Social Security Number
  • Occupation

Funding the Account

Barclays will also ask for the necessary bank information of where you will be transferring funds from. For this, you will need:

  • your current bank account routing number
  • your current bank account number

As with many online banks, you will need to verify two small test deposits that Barclays credits to your account before funding it. If you are making your initial deposit via check you can use $0.00 for these fields. Just be sure to mail your check in asap.

You can deposit funds via any of the following methods:

  • you can set up direct deposits,
  • make remote deposits through the app or website,
  • transfer funds electronically through an ACH transaction,
  • or mail a check to the following address: Barclays P.O. Box 4538 Carol Stream, IL 60197

Once your online savings account is open, you can easily transfer funds to other accounts and other banks for free (though you will have to wait 2 – 3 business days for these to go through). You can do this up to six times per month without incurring fees per Federal Regulation D. For each transaction after that, you’ll be charged $5.

The other fee to potentially look out for is the $5 non-sufficient funds fee, which is still significantly lower than what most banks charge. For more information on fees, continue reading below.

Fees

As mentioned, the account comes with no monthly maintenance fees and no monthly balance requirements. That said, depending on what actions you intend to take with this account, there may be some associated fees.

Barclays Online Savings Fees

TypeFee
Excessive Transaction$5 each after the sixth
Stop Payment$0
Cashier’s Check$5
Returned Item$5 each
Non-Sufficient Funds (NSF) Fee$5 per item
Statement Copy$0.50 per statement
Express Mail/Rush Delivery Charge$25
Legal Documents$0
Account Research$0

Please note that Barclays does not accept wire transfers at this time.

Banking Experience

Barclays has ATMs, but you won’t be able to access them if you’re an online-only customer because the Barclays Online Savings account does not come with an ATM card.

There is also no U.S. branch network. To access your funds, you’ll have to transfer them to another account or cash out checks. And remember, Barclays does not offer a checking account at this time.

So what do US consumers have to say about this online institution?

Reviews are very mixed.

Until recently, customers have generally been satisfied with their experience with this bank. Out of 220 reviews on DepositAccounts, the bank earned a 4-star customer rating. Out of 472 customer ratings on ConsumerAffairs, the institution earned about 3.2 stars. Finally, on WalletHub, Barclays scored a 3.8 out of 24.2 thousand user reviews—overall, the bank is rated somewhere between 3 and 4 stars out of 5. (Keep in mind, however, that some reviews are of the global company and not of the online, U.S.-based retail bank alone.)

In normal environments consumers seem to be satisfied with this bank, especially for its interest rates and the ease of use of its digital platform. However, back in 2020 amidst the panic of COVID-19 and the worrisome financial situations of so many Americans, Barclays received an outpouring of overwhelmingly negative reviews. 

Customers were seeking help in the form of mortgage relief, advice, answers, and more but Barclays has allegedly become flaky and unresponsive. Many users had reported unexpected account closures and freezes and a number of customers were unable to reach customer service representatives at all. Though this might not be the typical Barclays experience, it’s still worth noting.

image credit: https://apps.apple.com/us/app/barclays-us-savings/

As for Barclays mobile apps (US version for online savings account), they score a 3.4 out of 5 on Apple’s App Store and just a 1.9 out of 5 on Google Play. It’s worth noting that the US versions for the online savings account score much lower on usability than their UK counterparts which both score above 4.5 out of 5.

Filed Under: Savings Accounts Tagged With: Barclays

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