Barclays Tiered Savings Review [2025]: High APY, but No ATM Access

Barclays Tiered Savings basics

What we like about Barclays Tiered Savings

Competitive interest rate

Barclays offers a competitive interest rate that blows traditional banks out of the water. It earns up to 4.65% APY, compared to a national average savings rate of 0.42% (as of 12/16/24), according to FDIC data. This high yield means your money will grow faster without any extra effort on your part. 

No minimums or monthly fees

This account has no minimum balance or opening deposit requirements, which is just what we like to see in a savings account. Some banks make you jump through hoops to avoid fees or earn the best rate, but not Barclays. You can open an account with as little as $1, and you’ll earn interest on any positive balance, which makes it perfect for savers of all levels. We also recommend it for an emergency fund since you can drain your account without forfeiting future interest.

The account has no monthly service fee either. This is pretty typical for high-yield online savings accounts today, but we still think it’s one of the most important perks to look for.

Great digital tools

Managing your savings is easy with Barclays’ intuitive online interface and mobile app. You can check your balance, make transfers, and deposit checks right from your phone. Unfortunately, the app doesn’t provide a live chat feature, but you can send a secure message if you have a question about your account via the desktop site. The Barclays mobile app is very highly rated, with a score of 4.6 out of 5 stars on Google Play and 4.8 out of 5 stars in the App Store.

Barclays also makes it simple to link your other bank accounts for seamless transfers. You can even set up automatic transfers to boost your savings without thinking about it. This is a common feature for savings accounts, but still one worth mentioning. 

Unlimited withdrawals

This is one of the more unique benefits of this account, and it’s what makes it more flexible than most online savings accounts we’ve reviewed. You can make as many withdrawals or transactions using this account as you’d like each month (as long as you’re within dollar limits for withdrawals and deposits). Most savings accounts limit you to six monthly withdrawals and will charge you an excess transaction fee for overages. 

What Barclays Savings could improve

Deposit flexibility

If you deal with a lot of physical cash, Barclays isn’t a convenient choice since you can’t deposit it directly. You’ll need to put it in another bank account first and then transfer it over. It’s an extra step that could be a pain if you make frequent cash deposits or want to keep your money in one place. 

Customer service availability

Barclays offers no live chat option, and customer support isn’t available 24/7. If you have a late-night banking emergency, you’ll have to wait until morning to get help from Barclays. Its customer service is only available on weekdays from 8 a.m. to 8 p.m. Eastern. It’s not the end of the world, but many banks offer live chat and/or longer hours.

Limited other accounts

If you’re the type of person who likes to keep your bank accounts together, you won’t be able to do that with Barclays. This bank only provides savings accounts and certificates of deposit (CDs), although we do recommend its CDs for long-term saving.

Who should open a Barclays Tiered Savings account?

We think the Barclays Tiered Savings account is good for anyone who:

• Wants to earn significantly more interest than a typical savings account
  
• Doesn’t need to make cash deposits
• Prioritizes low fees and no minimum balance requirements
• Might want to make somewhat frequent transactions

How to withdraw money from a Barclays Tiered Savings account

Since there are no branches or ATMs, the only way to withdraw money from your Barclays Tiered Savings account is by electronic transfer to an external bank or by requesting a mailed check.

Transferring to an outside bank can be done online or through the app with just a few clicks. You can schedule one-time or recurring transfers at any frequency. The money typically takes two to three business days to move between accounts.

If you prefer, you can request that Barclays mail a check directly to you. I’ve read reports of users saying their checks arrived via standard mail in five to seven business days.

Other account fees

Barclays Tiered Savings customer service

You can always check your balance or initiate a transfer yourself by logging in to your online banking account or using the Barclays US app, which is available for both iPhone and Android devices. You can also call 1-888-710-8756 for support, Monday through Friday, 8 a.m. to 8 p.m. Eastern.

If you have a quick question, you can also contact Barclays customer service via social media. You can tweet @AskBarclaysUS, but make sure you don’t include any private information like your account number, as your tweet will be publicly viewable.

Barclays also accepts mail correspondence, which might be best for logging a formal complaint or dispute. Its address is:

Barclays

P.O. Box 2460

Cranberry Twp., PA 16066

Alternatives to Barclays Tiered Savings account

While Barclays offers a competitive APY, other accounts come with similar features and benefits and offer even higher APYs. Here are two alternatives we like for this account.

SoFi Checking and Savings

SoFi® provides both a savings account and a checking account with its offer, so it’s ideal if you need both. You can earn up to 4.00% APY² <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. Additional information can be found at <a href=”http://www.sofi.com/legal/banking-rate-sheet”>http://www.sofi.com/legal/banking-rate-sheet</a></p> on savings with qualifying direct deposits.

There’s no minimum balance requirement, and you don’t have to worry about monthly maintenance³ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href=”http://sofi.com/legal/banking-fees/”>sofi.com/legal/banking-fees/</a></p> or overdraft fees⁴ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> . It’s another online-only option, but it comes with features like early paycheck access.⁵ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p> If you want an account with more perks than Barclays offers, consider this one.

Visit SoFi® or learn more in our SoFi Checking and Savings review.

American Express® High Yield Savings

This account has a $0 minimum deposit and balance requirement, putting it on par with Barclays’ offering. It earns up to 3.80% (as of December 17, 2024) APY⁶ <p>The Annual Percentage Yield (APY) as advertised is accurate as of December 17, 2024. Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.&nbsp;</p> , and while this isn’t as high as the rate on Barclays Tiered Savings, there are a couple of reasons we might recommend this account instead. If you want access to round-the-clock service, choose American Express — the account includes 24/7 customer support access via phone. This savings option may also be more convenient for you if you’re already an Amex cardholder, but know that American Express National Bank (Member FDIC) only offers CDs in addition to its savings accounts.

Visit American Express or learn more in our American Express® High Yield Savings review.

FAQs

Bottom line

If earning a high interest rate is your top priority for an online savings account, Barclays Tiered Savings offers up to 4.65% APY.

Combined with no monthly fees, easy online access, and the convenience of mobile apps, it’s a compelling choice for growing your long-term savings without fees eating into your earnings.

The biggest trade-off is the lack of branches or ATMs. As long as you’re comfortable managing everything digitally and don’t need to make frequent withdrawals or cash deposits, this account is a great choice.