topic Re: Anyone have a Barclay savings account? in Personal Finance

Anyone have a Barclay savings account?

Wrigley2172 — Mon, 12 Aug 2019 19:47:03 GMT

Ser Barclay currently offers 2.1%APY on their savings with no fees and no minimum. My grandmother passed away in June and us grandchildren were all given checks for $5000 to do as we wish. Id like to tuck it away and earn some interest on it. The two highest interest savings accounts I have found are discover at 2% and Barclay at 2.1%
The difference is only a few dollars but it will add up. Has anyone tucked their money away in either? Pro's, con's?

Thanks all!

Re: Anyone have a Barclay savings account?

Kforce — Mon, 12 Aug 2019 21:16:57 GMT

Have both a savings account and CD's with them. Opened them about two years ago. Tracked 5 places for 6 months prior to picking Barclays as one of my savings/CD accounts. Using both CD rates and savings they were very competitive. At that time Goldman Sachs Marcus and Barclays seemed to be always trading place as to best interest from the large, well established, popular, places. I like the web page and have had fast transfers both in and out. They have large limits on ACH transfer amounts and good but not exceptional rates. If high interest and willing to have multiple accounts, misc hoops to jump through, or less popular banks and CU's there are accounts that will pay more. I like Barclays for the simple, no-nonsense way they do business, nice web interface, and large ACH limits.

Bad: They have no checking accounts, only savings and Cd's. (Marcus also fall in this category)

Have not used or know if the Phone App's are good or not.

Some say they have holds on funds for 3-5 days, and slow transfers.

(My experience is that they are better in this category than accounts that I have had at other institutions, so I feel it is a YMMV and depends more on which banks and CU's you are transferring funds between.

Re: Anyone have a Barclay savings account?

Anonymous — Mon, 12 Aug 2019 22:09:19 GMT

I have FNBO Direct, Barclays and Marcus since there is a cap on FDIC for each account. I agree with poster above about Marcus and Barclays being better at CD rates. I think all three are competitive for savings, but FNBO has checking.

I've found Barclays tends to be slow with transfers and extremely slow if you want to use mobile deposit. FNBO Direct mobile deposits post same day after 60 days of being an account holder. Anytime I call FNBO, I seem to get either the same man or woman, so I assume it's pretty skeleton staffed. With FNBO Direct you get an ATM card with your savings account.

Re: Anyone have a Barclay savings account?

Wrigley2172 — Tue, 13 Aug 2019 07:29:16 GMT

Thanks both of you for the responses! I did look on nerdwallet and ya there are some smaller no name banks "atleast to me" that offer higher rates but this money mayyyy be a nice padding for my 25k student loan im taking out this year. So im willing to sacrifice the slightly higher rates for someone im familiar with. Right now Marcus is 2.15 and Barclays at 2.1. I have my main checking and a smaller savings of $1500 at Chase so the atm card is nice but not a must have. Ill look into FNBO as well

Re: Anyone have a Barclay savings account?

Anonymous — Tue, 13 Aug 2019 09:26:09 GMT

AT&T is paying $2.04/share. At $34.48 as of close today you're looking at about 5.9% return.

Re: Anyone have a Barclay savings account?

disney2 — Tue, 13 Aug 2019 13:27:04 GMT

DCU is paying 6% on the first $1000 if you are interested in splitting it up.

Re: Anyone have a Barclay savings account?

KLEXH25 — Sat, 17 Aug 2019 21:12:55 GMT

I have $1k in DCU @ 6.17% and then the rest in a Discover savings @ 2%. Also have a few other savings accounts in Capital One for smaller goals @ 1%. I love my Discover and I’ll prob move my Cap1 accounts over there. No fees or minimums, and no hassle.

Re: Anyone have a Barclay savings account?

Green456 — Sun, 18 Aug 2019 15:26:35 GMT

@Anonymous wrote:
AT&T is paying $2.04/share. At $34.48 as of close today you're looking at about 5.9% return.

Not FDIC insured.

Re: Anyone have a Barclay savings account?

iced — Mon, 19 Aug 2019 15:01:39 GMT

@Wrigley2172 wrote:
Ser Barclay currently offers 2.1%APY on their savings with no fees and no minimum. My grandmother passed away in June and us grandchildren were all given checks for $5000 to do as we wish. Id like to tuck it away and earn some interest on it. The two highest interest savings accounts I have found are discover at 2% and Barclay at 2.1%
The difference is only a few dollars but it will add up. Has anyone tucked their money away in either? Pro's, con's?

Thanks all!

I have two savings accounts with Barclays. The rates are competitive and it's very simple to deal with via mobile app. Pro for me is that it's simple to manage and there's no restrictions on maximum/minimum deposits or number of transactions. They're also usually one of the first banks to raise interest rates after the fed does. The only con I can think of is they limit you to three external accounts per account; I get around that by having a separate rainy day and emergency account that each link to different external accounts. Transfers to brokerage accounts usually show up as available in about a day, and the occasional CC payment out of it credits in the same time my checking does.

Re: Anyone have a Barclay savings account?

iced — Mon, 19 Aug 2019 15:12:00 GMT

@Green456 wrote:
@Anonymous wrote:
AT&T is paying $2.04/share. At $34.48 as of close today you're looking at about 5.9% return.
Not FDIC insured.

T is about as close to FDIC as you can get in the stock market. There's not much growth potential these days with AT&T, but they're not going anywhere and the dividend's been reliable for decades. There's higher dividend stocks out there, but you can certainly do worse than T if dividend income is your goal.

Re: Anyone have a Barclay savings account?

Green456 — Mon, 19 Aug 2019 18:06:24 GMT

@iced wrote:
@Green456 wrote:
@Anonymous wrote:
AT&T is paying $2.04/share. At $34.48 as of close today you're looking at about 5.9% return.
Not FDIC insured.
T is about as close to FDIC as you can get in the stock market. There's not much growth potential these days with AT&T, but they're not going anywhere and the dividend's been reliable for decades. There's higher dividend stocks out there, but you can certainly do worse than T if dividend income is your goal.

Depends what your goals are. For me and I presume OP, park cash and use it as emergency fund. In which case you look at the money as insurance policy. For $50,000 at 2% high yield savings, I loose about $30 per month after adjusted to inflation and taxes that I have to pay for interest earned. But again I look at it as $30/month fee, an insurance so that if SHTF, I can withdraw money relatively easily. Now if we are talking investment then yeah, stocks work better but you can loose money in the short therm. In terms of investments I prefer to follow boggleheads advice. Invest often, invest into 3 funds and keep the money long term.

Re: Anyone have a Barclay savings account?

Anonymous — Tue, 20 Aug 2019 02:29:42 GMT

Hi Wrigley, I had a Barclays dream account but changed to one of their regular savings when the interest rate went higher than the dream. I now also have a CD. I really like Barclays. They are quick to raise interest rates, and I find their transfers to be quite fast, usually in my other bank account in two business days.🙂