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Barclays 2.20% APY Savings Account Review

Barclays 2.20% APY Savings Account Review

Barclays is offering a 2.20% APY nationwide for all residents in the US.

To earn this high interest rate, all you’ll need to do is maintain your opening deposit and make sure you meet the monthly balance minimum.

The minimum balance to earn the 2.20% APY is just $1. Your funds are insured by the FDIC.

Barclays Online Savings account details

  • Account type: Savings
  • APY: 2.20%
  • Availability: Nationwide
  • Monthly fees: None
  • Min balance: $1
  • Max balance: None

How to earn the high rate

  1. Sign up for an account here.
  2. Fill out the forms.
  3. Transfer funds electronically from an external account at another bank.
  4. Earn the high rate.

Fees

This savings account has no fees associated with it. That means you don’t have to fulfill any monthly requirements to avoid getting penalized.

ACH limits and speeds

Barclays offers an ACH limit of $250K per transfer. You can link up to 3 external accounts for both push and pull.

As for speeds, I believe they’re the standard 3-5 business days like most banks.

Overall thoughts

Barclays is offering a nice place to park your cash at a competitive rate. While 2.20% APY isn’t the highest, with many other banks offering a higher interest rate, there are also no monthly annoyances you have to worry about to avoid getting fined.

This is a bank worth checking out if you just want to set and forget your cash. Barclays does have a history of switching the rate, but that’s a risk you must be willing to take and the only gripe I have with them.

What do you think?

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