Barclays Bank Launches Online Savings Account and CDs

March 25, 2012 1 Comment »

Barclays online saving accountAnother bank just entered the internet banking arena with a tech savvy product and and an already well established brand. The multi-national British Bank, Barclays, opened their American headquarters just recently in Delaware and now offer a number of FDIC insured bank deposits and online savings accounts.

Their online savings account currently features one the highest yields on the market with an APY of 1.0%. And like most other competitive online banks, Barclay’s savings account comes with no fees or minimum balance requirements.

Their new certificate of deposits come in 3 month to 5 year terms featuring APY’s that are less impressive than their online savings account when compared to their competitors. Their highest CD rate is offered on their 5 year CD and it features an APY of just 1.75% (national average sits at 1.50%).

Contrary to other well-known big banks here in the US, Barclays does a relatively good job at continually developing their product line and implementing customer input on ways in which they can improve their service. Last week we noted Barclays  new credit card as one of the first crowd-sourced credit cards on the market. And it seems they listened to customer needs when building their online savings product as well. Their OSA features the most desired mobile banking application of 2012 – remote deposit. Remote deposit allows Barclays savings account holders to cash checks via their smart phone from anywhere they can get service.

The online bank’s mobile applications are not yet showing up at their app stores, but your checks can still be scanned and deposited using their online banking platform.

Barclays Bank Savings Account Features:

  • ACH transfer service for for electronic deposits and withdrawals
  • 5-day hold for ACH deposits (CSR)
  • No maximum amount for ACH transfers (CSR)
  • 2-3 day external account transfers
  • Remote Deposit for making deposits with your home PC scanner or iPhone, Android, or BlackBerry smartphone (not yet available through respective app stores)
  • Remote Deposit maximums: $5K per check, $10K per day, $50K per 10-day period

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  • Helen Eliot

    When it comes to remote deposit capture, the ability to deposit checks without visiting a branch or ATM, Barclays is a step ahead of its competitors. the new online bank offers the service for free through a scanner or a smartphone.