LAST UPDATED: April 22nd, 2021
Barclays bank is based out of the United Kingdom and is a multinational banking and financial services company. Their headquarters are in London. They operate as a universal bank operating in a number of service/industries include: retail, wholesale and investment banking, wealth management, mortgage lending and credit cards. In total, they operate in over fifty countries found worldwide and they have over forty-eight million customers. Originally, Barclays traces its origins to a goldsmith banking business.
- Features and services
- Online banking
- Savings account
Features and Services
As one of the major global financial services providers in the world, Barclays Bank has established itself as a dominant force in the banking industry. While they do have physical branches, they have also created a successful online platform. The Barclays Online banking program is accessible, intuitive, and secure.
Creating an online account through Barclays Bank is a simple and straight-forward process. All that is needed is some basic personal information. From there, users create their online profile and then link their existing bank account. Those that enroll in the online savings account will be able to enjoy the following features and services:
- No monthly maintenance fees: no account requirements need to be met and no charges apply
- No minimum balances to open: basic savings accounts do not require a financial standard
- Tool to help you save: online financial management tools that provide extra services
One of the most important aspects of online banking is the prospective interest rates which help users make money on their existing earnings. Barclays Bank is known for consistently providing some of the highest rates in the U.S. and around the world. In addition to taking advantage of these high account rates, online users can also take advantage of:
- Ability to transfer money online from other banks
- Direct deposit ability to make saving simple
- 24/7 secure online access to all Barclays accounts
There are a number of account options users can take advantage of when working with the online platform. Accounts are available for: remote deposit, accounts for minors, CD laddering, online CDs, Dream accounts, and online savings accounts. All can be opened and managed entirely online.
Barclays Bank's online platform is also conducive to those looking to save more money each month. With the Savings Assistant feature, Barclays account users can start saving for a number of life events or purchases. Clients choose their savings goal, input the amount previously saved, find out an exact cost, and then finally decide what can be contributed monthly. From there, the tool will calculate a plan and detail exactly what is required each month and how long it will take to save.
- Deposit issues
- Possible fees
While Barclays Bank has created a relatively comprehensive online platform for their customers to enjoy, there are limitations that prospective users should be aware of. For example, there are withdrawal limits (only 6 withdrawals from a Barclays Online Savings account per statement cycle) and these include all preauthorized, automatic and telephone transfers.
Deposits are another concern for current and prospective users. Online deposits can see a significant lag time. Limitations and requirements surrounding the deposits feature include the following:
- Deposits made by check or electronically (collection orders): funds will be held for 5 business days from effective date for those funds
- In-house transfers: All account, ACH credits and funds transferred from another Barclays account will be available immediately
There is no minimum opening balance or deposit required to open, applicable fees could potentially reduce the earnings on the account. Rates can also change at any time with absolutely no zero notice before or after an account is opened. In order for interest to post to an account, customers need to maintain a minimum balance that would earn at least $0.01.
The Bottom Line
Barclays Bank has created an online platform that allows users to benefit from both traditional banking branches and online convenience. Existing Barclays Bank users can take advantage of the online platform for free. Those that use Barclays Bank as their online provider can expect the following from their overall service:
- Easy enrollment
- Several accounts available for online management
- No monthly maintenance fees*
- Secure banking - FDIC insured
- Withdrawal limits - restrictions apply
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