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Anyone have a Barclay savings account?

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Regular Contributor

Anyone have a Barclay savings account?

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!
Message 1 of 12
11 REPLIES 11
Established Contributor

Re: Anyone have a Barclay savings account?

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.

FNBO 2% Cashback Visa (20k) / Bank of the West Cashback MC (20k)
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Ficos : 840 / AAoA : 9 yrs / AoOA : 23 Yrs / AoYA : 3
Message 2 of 12
New Contributor

Re: Anyone have a Barclay savings account?

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.  

Message 3 of 12
Regular Contributor

Re: Anyone have a Barclay savings account?

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
Message 4 of 12
New Member

Re: Anyone have a Barclay savings account?

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

Message 5 of 12
Contributor

Re: Anyone have a Barclay savings account?

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

Message 6 of 12
Established Contributor

Re: Anyone have a Barclay savings account?

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.


Aug 2019:

Stats:
Message 7 of 12
Frequent Contributor

Re: Anyone have a Barclay savings account?


@Authority2 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.

Message 8 of 12
Valued Contributor

Re: Anyone have a Barclay savings account?


@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.

Message 9 of 12
Valued Contributor

Re: Anyone have a Barclay savings account?


@Green456 wrote:

@Authority2 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.

Message 10 of 12
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