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Mobile Banking

Axos Bank Review: What Makes It One Of The Country’s Best Online Banks

Rewards on checking accounts, ATM fee reimbursements, and solid annual percentage yield — all of these in just one bank. This Axos Bank review will tell you more about the perks you will get from them once you open an account.

Axos Bank Review: What Makes It One Of The Country’s Best Online Banks

Over the years, especially recently, online banks have become a trend in the United States. In fact, according to a study conducted by Finder in 2020, they’ve found that “76.9 million Americans (30.3% of the US population) say they have or are planning to, open a digital-only — or neobank — account.”

Of this number, “54.4 million digitally savvy Americans (about 21.4% of the total US population) already bank with digital-only banks,” while “22.5 million Americans (8.8% of total US population) intend to open a digital-only bank account in the coming months.”

The online banking industry has increased especially in 2020 when the pandemic hit not just the United States but the whole world. People relied so much on online banking to send and receive money, especially to purchase their day-to-day needs.

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Now, with an increasing demand year after year, it is not surprising that the number of online banks in the market has grown as well. While this means people will have more options to choose from, the reality is, it can get a little overwhelming for customers, too.

In an article by Forbes, they came up with a list of things to look for in an online bank. This includes Federal Deposit Insurance Corporation (FDIC) insurance, fee-free ATM transactions, high-yield accounts, multiple banking products, helpful financial management tools, as well as online investment management tools.

To be honest, finding an online bank that has all of these requirements could be tough. But, for sure, there one or two or even more that have almost all of the items mentioned.

Among the financial institutions that provide almost all of the things to look for in an online bank as stated by Forbes is Axos Bank, and today, we are going to share with you what these are, and why Axos could be the most ideal choice for a customer like you.

In the next few sections of this Axos Bank review, we are going to specifically provide you answers to the following questions:

  • What is Axos Bank?
  • Who is Axos Bank best for?
  • What are the products offered by Axos Bank?
  • How to do banking with Axos Bank?
  • Is Axos Bank safe?
  • What to like about Axos Bank?
  • What not to like about Axos Bank?

WHAT IS AXOS BANK?

Choosing one from a variety of online bank choices can be tough. That is why it is important to look at every single aspect to see if the bank you are eyeing meets your personal banking needs and preferences.

To begin our Axos Bank review, here what Axos Bank is all about –

Axos Bank was launched in 2000, making it one of the oldest online-only banks existing in the country today.

Initially named as Bank of Internet USA, Axos Bank was renamed in 2018 and has become one of the most popular online-only banks in the United States.

Axos Bank is a full-service online bank that has grown over the years. It offers full-service banking for both individuals and businesses.

Meanwhile, before we proceed, if you are a newbie in online banking, here’s a video by Economic Lifestyle Investing that would help you understand better the pros and cons of it and the difference between traditional and online banking:

Apart from banking products, which include checking, savings, and certificate of deposit accounts, the online bank’s list of services also includes a variety of investment portfolios, lending options, as well as business and commercial banking solutions.

Apart from providing a wide array of product choices, the bank is also known for doing away with many fees, as well as offering clients products with competitive rates.

Since Axos is an online bank, customer support is only available remotely. The bank’s customer service options include 24/7 online chat, phone line, secure online messaging, as well as Twitter.

WHO IS AXOS BANK BEST FOR?

Axos Bank is an online-only bank, which makes it suitable for a specific group of people only. Unless you are okay with doing all banking transactions right at your fingertips, then Axos is not for you.

To be more specific, Axos bank should appeal the most to consumers who are looking for a full-service online bank. It may also fit people who:

  • Want to earn competitive rates or rewards with a checking account
  • Want a checking or savings account that has no monthly maintenance fees
  • Want to earn high interest on savings account
  • Prefer to do online banking compared to traditional or conventional banking
  • Want to open an online checking account for a child
  • Want to enjoy limitless reimbursement for ATM fees

Additionally, Axos Bank should appeal to customers who are looking for a credible and reliable online bank with years of experience to back them up. Needless to say, a member of the Federal Deposit Insurance Corporation (FDIC).

Overall, Axos Bank is best for people who want a “one-stop-shop” online bank.

WHAT ARE THE PRODUCTS OFFERED BY AXOS BANK?

In the previous two sections of this Axos Bank review, we shared with you what the bank is all about and who would it appeal to the most.

This time, we are going to talk about one of the most important things you need to know as a potential customer – the products and services that the bank offers.

As mentioned, Axos Bank is a full-service online bank. The bank primarily offers the following products and services:

  • Savings Account
  • Checking Account
  • Money Market Account
  • Certificate of Deposit Account

Now, here’s a more detailed explanation about each product for your reference –

Savings Account

Axos Bank offers a High-Yield Savings Account. While this account offers higher rates than most of the ones you will find at brick-and-mortar banks, it still not as much as some of the best high-yield savings accounts out there.

Currently, this savings account earns a 0.61% annual percentage yield (APY) on all balances.

Axos Bank High-Yield Savings Account does not require monthly maintenance fees unlike other banks of the same type. More so, it comes with a free ATM card upon client’s request, which in the online-only bank industry.

Moving on, the savings account allows six total transactions per monthly billing statement. This excludes withdrawals as well as transfers made through ATM or by mail.

To open an Axos Bank High-Yield Savings Account, the bank requires at least a $250 initial deposit. While it may be a bit high as compared to what other online banks require, the good thing is, it does not have a minimum balance requirement beyond the initial amount.

Checking Account

Unlike other online banks, Axos Bank offers five different checking account options, which includes the following:

Essential Checking

This is Axos Bank’s standard checking account. Essential Checking account does not earn interest, as well as offer rewards. But the good thing about it is that it does not charge monthly maintenance fees as well overdraft fees, it comes with unlimited domestic ATM reimbursements, and that it has no minimum deposit requirements.

Furthermore, this checking account offers Direct Deposit Express, which allows account holders to get paid up to two days early.

Rewards Checking

Axos Bank’s Rewards Checking offers three tiers of interest, allowing depositors to earn a total of up to 1.25% APY. To earn the highest APY, account holders must meet these requirements:

  • Monthly direct deposits of $1,000 or more
  • Use of the debit card for at least 10 transactions of at least $3 per month
  • Use of the debit card for five or more additional times per month

This account does not charge fees, and also, has no minimum balance requirements.

To open a Rewards Checking account, the bank requires at least a $50 initial deposit. Similar to the previous one, this also allows customers to enjoy unlimited domestic ATM reimbursements.

CashBack Checking

Normally, cashback rewards are reserved for credit cards. However, Axos Bank is an exception as it offers CashBack Checking account, which allows depositors to earn up to 1% cashback on all signature-based purchases.

Similar to the other checking accounts, the CashBack Checking account also features no monthly fees and unlimited domestic ATM reimbursements. Additionally, this checking account also offers unlimited check-writing privileges.

Golden Checking

If you are 55 years old and older, then the Golden Checking account is perfect for you as it is specifically designed for people within that age range.

Axos Bank’s Golden Checking account is an interest-bearing account that earns 0.20% APY on all balances.

Similarly, it also comes with a number of perks including no monthly maintenance fees and free personal checks. Unlike the other checking accounts, it does have a limit of up to $8 only when it comes to monthly domestic ATM fee reimbursements. 

First Checking

Earlier we mentioned Axos Bank is suitable for customers who want to open a checking account for a kid. That is because Axos Bank offers a First Checking account, which is an account specifically designed for kids between 13 and 17 years old.

This account is ideal for parents and guardians who want to introduce young kids to banking early.

Similar to other checking accounts offered by Axos Bank, this one also earns interest. The First Checking account earns 0.25% APY on all balances.

While this account does not have monthly fees, it does have a daily transaction limit of $100 for cash, and $500 for debit. Additionally, it featured up to $12 in domestic ATM reimbursements per month.

Money Market Account

What makes Axos Bank’s money market account interesting is that it combines both high-interest rates with the conveniences that come with a checking account.

The Axos Bank High-Yield Money Market account comes with check-writing privileges as well as a free debit card. When it comes to rates, currently, the account earns 0,30% APY regardless of balances.

To open a money market account, the bank requires a minimum of $1,000 balance. While it seems high compared to other money market accounts out there, what is nice about it is that similar to the other account types, this does not charge monthly maintenance fees as well.

Similarly, this account is accessible through the Axos mobile app that includes mobile check deposits.

Certificate of Deposit Account

Lastly, Axos Bank also offers Certificate of Deposit accounts that has terms that range from three months to five years.

Unfortunately, Axos Bank’s CD accounts do not match up well against other top online banks. Its paying rate is just 0.20% APY.

To open an Axos Bank CD account, you will need at least $1,000 for the initial deposit requirement. Like most CDs in the market, this does not charge monthly fees as well.

Once the CD term matures, Axos Bank automatically renews it. Customers are given a 10-day grace period to take other actions without having to be charged with penalties. These actions include closing your CD account, withdrawing the money, adding more funds to it, or changing your CD term.

Similar to most CD accounts, customers who withdraw their money before maturity is penalized for up to 24 months’ worth of interest, depending on the CD term.

Other Bank Offerings

Apart from traditional personal banking solutions, Axos bank also offers a wide selection of other bank offerings, which include the following:

  • Personal Loans
  • Auto Loans
  • Purchase Mortgages
  • Refinance Mortgages
  • Federal Housing Authority (FHA) Loans
  • Home Equity Loans and Lines of Credit
  • U.S. Department of Veterans Affairs (VA) Loans
  • Automated Investing Options
  • Business and Commercial Banking and Lending Solutions

HOW TO DO BANKING WITH AXOS BANK?

In this part of our Axos Bank review, we are going to talk about how to actually bank at Axos Bank.

To open an Axos Bank account, all you have to do is go to the bank’s website. Make sure to prepare all the requirements to have a smooth and fast account application process.

Similar to other online banks, you will be asked to provide your personal information such as your name, mobile number, a valid mailing address in the United States, as well as your Social Security number, and valid government-issued identification such as passport, driver’s license, or state ID.

It is important to note also that Axos Bank is only limited to American citizens as well as resident aliens who are at least 18 years old.

Meanwhile, for the First Checking Account, the bank requires to have a parent or guardian who is at least 18 years old to be a joint owner on the account.

Once done with the application process, you may now proceed to fund your account depending on the requirement.

Banking with Axos Bank was made easy. Thanks to its highly-rated mobile app that allows users to enjoy the following features:

  • Funds transfers
  • Account balances
  • Mobile check deposits
  • Mobile bill pay
  • Transaction history

The Axos Bank mobile application is available for both Android and iOS users.

By the way, most of Axos Bank’s accounts come with a free ATM card. To access it, customers may head on to any of the over 90,000 fee-free ATMs across the country.

Additionally, Axos customers have access to Evo, which is the bank’s virtual banking assistant accessible through the mobile app or the website. Evo provides questions to common banking inquiries and it can help you in managing your account as well.

IS AXOS BANK SAFE?

Safety and security concerns are valid when it comes to online banks. It’s actually something that online banks constantly work on to ensure that unfortunate events are avoided.

With Axos Bank, standard safety and security measures are put in place to ensure that fraud and identity theft threats are avoided.

Additionally, as mentioned earlier, Axos Bank is insured by the Federal Deposit Insurance Corporation (FDIC). This means that the federal government protects all its customers’ money for up to $250,000 per depositor, for every account ownership category, should there be a bank failure.

WHAT TO LIKE ABOUT AXOS BANK?

This review on Axos Bank will not be complete without sharing with you a list of the advantages and disadvantages of this financial institution.

With that said, here’s a list of the things we like about Axos Bank.

  • Competitive Rates – In particular, Axos Bank offers high-yield savings and money market accounts.
  • No Monthly Fees – Most of the account offered by the bank has this no monthly maintenance fee feature.
  • Full-Service Online Banking – Contrary to most online banks, Axos Bank is a full-service online bank that offers a wide range of products and services for both individuals and businesses.
  • Multiple Checking Account Options – Unlike most online checking accounts, Axos Bank does have lots of checking account options depending on customer needs preferences.
  • Unlimited ATM Fee Reimbursements – Although not all, most of its products offer unlimited ATM fee reimbursements.
  • Free ATM Card – Axos Bank provides customers the option to have an ATM card access or not on most of its accounts.

WHAT NOT TO LIKE ABOUT AXOS BANK?

To complete the review, below is a list of some of the things that we particularly not like (something that the bank can definitely change or improve on in the future) about Axos Bank:

  • No Physical Branches – Axos Bank is an online-only bank, which means it operates entirely online. So, if you are looking for in-person help from a bank teller or other bank employee, then, this is the wrong choice for you.
  • Average CD Rates – Compared to other CD rates in the market, Axos Bank’s CD rates fall under the average level. While its rates are above the national average for shorter terms, it falls below the average for longer terms.

FINAL THOUGHTS ON AXOS BANK REVIEW

Overall, Axos Bank lives up to its reputation as being one of the country’s top online banks. With a wide array of account options, the bank certainly has something for every customer’s need.

Of course, while it does have its share of upsides, it does have some downsides as well, including not having a physical branch where customers can receive in-person customer support.

Everything is done entirely online, which makes it ideal for people who are always on the go and would want an online bank that offers almost everything they need in a financial institution.

With all that said, do you consider opening an account with Axos now?

We do hope that this Axos Bank review has indeed provided you with all you need to know about it.

Categories
Mobile Banking

Barclays Online Savings Review: A High-Interest Rates Online Bank For You

While there are a lot of online savings accounts out there, only a few offer high-interest rates. If you are looking for such, though, then this Barclays Online Savings review is perfect for you.

Barclays Online Savings Review: A High Interest Rates Digital Bank For You

Obviously, the recent pandemic has brought a lot of changes in people’s day-to-day lives. For a time, most of us were restricted to go out unless necessary, and it was during that time when people relied so much on anything digital — including banking.

In fact, an article published by Reuters says that digital banks “have won over more U.S. customers during the coronavirus pandemic” most particularly because of the fact that it has helped process stimulus payments faster. Thanks to digital banking, people survived.

But then, pre-pandemic era, digital banks have already captured a lot of consumers/customers in the country, especially young people. It was just that during the pandemic, even older customers have seen how valuable online banks are.

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In a study conducted by Statista, it was found that in 2018, roughly 61 percent of Americans are using digital banking and that experts project it to increase to 65.3 percent by 2022.

We would not be surprised, though, if the number rises higher than projected given the turn of events in recent years.

Moving on, as the number of digital bank users is increasing, the same goes for the number of existing digital banks. Customers have so many options that sometimes it can really get overwhelming to choose one.

However, at the end of the day, it all boils down to what your needs and preferences are as a digital bank user. One example is – are you looking for an online savings account that provides one of the best – if not the best — rates out there?

If your answer to this question is a yes, then you got to keep reading this Barclays Online Savings review.

In this review, we are going to provide you with thorough information about Barclays Online Savings, and the bank itself, which is very important especially if you are a first-time customer or a first-time digital bank user.

In particular, this Barclays Online Savings review will touch on the following:

  • What is Barclays Bank?
  • Who is Barclays Bank best for?
  • What are the products offered by Barclays Bank?
  • What is Barclays Online Savings?
  • What are the advantages and disadvantages of Barclays Online Savings?
  • How to do banking with Barclays Bank?
  • Is Barclays Bank safe?
  • What to like about Barclays Bank?
  • What not to like about Radius Bank?

WHAT IS BARCLAYS BANK?

Before we even go into a detailed review of Barclays online savings, it is important that we get to know the bank itself first.

Knowing about the bank will greatly help us be confident with the institution that will help keep our money.

So, with that said, here are a few important things you need to know about Barclays Bank —

Barclays Bank is a London-based bank that services 48 million people from all over the world since 1690. The bank’s operation in the United States, however, is online-only, which means, it does not provide traditional or conventional banking products and services.

However, the online-only bank is known for providing customers one of the best annual percentage yields on savings accounts as well as certificates of deposit (in this review, though, we are just going to particularly focus on the savings account).

Since it is an online-only bank, at least in the country, similar to other all-digital banks out there, it lacks a branch network, making it suitable for customers who prefer online banking or those who do not require in-person assistance.

If you are interested to know more about Barclays, we recommend you check this video out:

WHO IS BARCLAYS BANK BEST FOR?

As mentioned in the previous section, Barclays Bank in the United States is an online-only bank, thus, making it ideal for people who prefer online banking, and does not need in-person assistance.

Apart from that, Barclays also appeals to customers who are looking for an online-only bank with savings account that provides competitive rates. In this case, though, Barclays Bank’s savings account, as well as its CDs are known to be one of those that provide the highest annual percentage rate in the market.

Furthermore, the online-only bank is also suitable for customers who are looking for a digital bank that does not require a minimum balance, as well as does not charge monthly fees.

Ultimately, Barclays is best for those who want to have the ability to set and achieve savings goals.

WHAT ARE THE PRODUCTS OFFERED BY BARCLAYS BANK?

When looking for an all-digital bank such as Barclays, it is important to look into the products and services available. This helps a lot in deciding which bank to put your money into.

As a customer, you would want your bank to serve you the best way possible. Needless to say, be able to easily access different banking products and services.

With Barclays, though, the online-only bank is limited to providing customers with only two products. These are:

  • Barclays Savings Account, and
  • Barclays Certificates of Deposit.

Later on, we are going to tell you more about the savings account. For now, let’s talk about the Barclays Certificates of Deposit.

Barclays Certificates of Deposit

Barclays Certificates of Deposit also provides one of the highest annual percentage yields (APY) in the industry. It is particularly slightly better for customers who are interested in 3-month CD terms. At the moment, for a 3-month CD term, the APY is 0.35%, while a 60-month CD term has 3.10% APY.

The online-only bank’s CD terms range from 3 months up to 60 months.

To open a CD account, the bank does not require a minimum opening deposit, which means you can save any amount you can afford. This is actually what we find really convincing to opt for Barclays CDs.

WHAT IS BARCLAYS ONLINE SAVINGS?

As mentioned earlier, while we are providing you relevant information about the bank, ultimately this is a Barclays Online Savings review. Thus, we provided a separate section just to tackle this product.

Barclays Bank offers one of the highest annual percentage yields nationwide, which is absolutely great, to begin with. As of January 2021, the APY for Barclays online savings account is 0.45%. The rates vary every now and then, so, it’s best to always check.

Because of the savings account’s competitive interest rate, the effects of compound interest are more obvious.

Unlike other online savings accounts, Barclays does not charge monthly maintenance fees, withdrawal fees for online withdrawals as well as fund transfers to other banks. More so, the online-only bank does not require a minimum balance, however, Barclays has the right to close the account if you have a balance of less than $1.00 for 180 days.

Additionally, the bank does not have a minimum initial deposit requirement as well, which means, you can open an account in as little as $1.

However, it does charge the following:

  • $5 each for Excessive Transaction (after the allowed six withdrawals or external transfers per month),
  • $5 for Official Check,
  • $5 for Returned Deposit Items,
  • $5 for Non-Sufficient Funds (NSF),
  • $0.50 for Statement Copy, and
  • $25 for Express Mail/Rush Delivery Charge.

Since Barclays does not come with an ATM card, it means customers need not worry about ATM fees.

Since Barclays is an online-only bank, to open an account, all you need is to access the website or download the mobile app. You may contact the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

Barclays is an FDIC member, which means all accounts are insured up to $250,000 in case of bank failure.

WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF BARCLAYS ONLINE SAVINGS?

Since this is a Barclays online savings review, we are going to provide you with a list of the advantages and disadvantages of the account. Hopefully, this insight will give you a clearer picture of what and what not to expect in this online savings account.

Advantages

  • Very Competitive Rates – As stated, Barclays Bank’s online savings account provides one of the most competitive interest rates among its contemporaries. Currently, it’s at 0.45%, but in the past, it has been as high as over 4% APY.
  • No Monthly Maintenance Fee – Unlike other online-only banks, Barclays does not charge a monthly maintenance fee.
  • No Minimum Balance Required – Another perk that we like about Barclays online savings account is that it does not require a minimum balance, which means, you can leave as low as $1 in your account and you won’t be charged for anything.
  • No Minimum Initial Deposit Requirement – Another great advantage of Barclays online savings is that you can open an account for as little as $1. It’s definitely one of the most flexible accounts out there.
  • Low Insufficient Funds Fee – While the bank does not have a minimum balance requirement, it, however, charges accounts with a $0 balance. The charge, though, is relatively low at $5 as compared to $30 charged by many other banks.
  • 24/7 Online Access – Since Barclays is an online-only bank, at least in the United States, you can easily access your account anytime as long as there is an internet connection.
  • Easy Online Transfers – With Barclays online savings account, you can easily transfer as well as receive funds.
  • Allows Linking Your Savings To Your External Checking Account – Last, but not least in our list is that you can link your online savings account to your external checking account without any fuss.
  • Remote Deposits – Barclays online savings account provides an option for remote deposits through the website. The process is simple and fast. However, deposits made after 3 PM Eastern Time will not be available until the next working day. It is important to note, though, that there are limits when using this feature such as $5,000 maximum individual check amount, $10,000 maximum daily amount, 10 maximum daily number of checks permitted, 50,000 maximum 10-day amount, and 20 maximum 10-day number of checks permitted.

Disadvantages

  • No ATM Access – Unfortunately, Barclays online savings account does not come with an ATM card, which means, have no access to ATM transactions. If you are someone who prefers having the ability to withdraw cash from your savings account, then, you might have to look for another bank.
  • Excessive Transaction Fee – While other online-only banks offer unlimited transactions, Barclays does not. The online-only bank charges a $5 excessive transaction fee per month after the allowed six online withdrawals and external transfers.

HOW TO DO BANKING WITH BARCLAYS BANK

Barclays is an online-only bank. Thus, opening an account and all the other banking transactions are done using either your smartphone or computer.

Similar to any other banks, you are required to provide personal information like your Social Security number, mobile number, and email address. Make sure to prepare a government-issued identification like a driver’s license and passport to complete the account application process.

Since everything is done online, expect to finish the account application process in just a few minutes.

Furthermore, if you have questions, you may reach the bank’s customer service every day from eight in the morning until eight in the evening (Eastern Time).

IS BARCLAYS BANK SAFE?

When people talk about digital banks or digital banking, one of the major concerns is safety and security. This is valid, though, given the fact that there have been a lot of fraud and identity theft cases that happened in the past.

So, we would not be surprised if you, too, are concerned about this. That is why in this section of our Barclays online savings review, we are going to talk about the safety and security measures that the bank has.

As mentioned earlier, Barclays has been around as a bank since 1690. With that kind of longevity in the industry, it is safe to say that the bank already knows what to do to ensure their customers’ money and personal information are safely kept.

Following all standard safety and security measures in online banking, Barclays Bank assures that all their customers’ money and personal information are safe and secured.

Additionally, the bank is a proud member of the Federal Deposit Insurance Corporation (FDIC), which means every account is insured for up to $250,000 in case of bank failure.

WHAT TO LIKE ABOUT BARCLAYS BANK?

While this is specifically a Barclays online savings review, we thought it is also beneficial that we provide you with an overall summary of the things we like about Barclays Bank. Yes, as a whole. Anyway, we already provided you with a list of the highs and lows of the online savings account earlier.

To help you decipher if Barclays is indeed the right one for you, here are a few things that we particularly like about this online-only bank:

  • Competitive Rates – We honestly like the fact that Barclays offer very competitive rates and is one of the highest interest rates in both online savings accounts and certificates of deposit. It definitely is one that makes this online bank very appealing to customers.
  • 24/7 Online Access – As mentioned earlier, since Barclays Bank is an online-only bank, obviously, customers get to access their account and make bank transactions anytime, anywhere for as long as there is an internet connection.
  • No Minimum Opening Deposits – For both online savings and certificates of deposit accounts, Barclays does not require a minimum opening deposit, which means, anyone can open an account in as little as $1 only. This feature also means anyone, regardless of status in life is able to open an account.
  • No Monthly Maintenance Fees – Another amazing perk that Barclays Bank offers is that it does not charge a monthly maintenance fee, which is contrary to its competitors. Again, this applies to both savings and CD accounts.
  • FDIC-Insured – Of course, we also love the fact that Barclays Bank is a member of the FDIC, which gives an extra layer of assurance to its customers that whatever happens especially in the event of a bank failure, they will get something and that their savings will not be put to waste.

WHAT NOT TO LIKE ABOUT?

In the last section, we provided you with a summary of the things we like about Barclays Bank. This time, to complete our review, we are going to share with you some of the things that we do not particularly like about this online-only bank.

This includes:

  • No Physical Branches – Although Barclays Bank is a conventional bank that is based in London, unfortunately, its U.S. operations do not have access to physical branch locations. Thus, it is tagged as an online-only bank in the American market. But, who knows? Maybe in the future, Barclays will eventually have bank branches here as well?
  • No ATM Card – Barclays in the U.S. is an online-only bank. This means that everything is done entirely online and without ATM access. So, if you are an ATM-reliant kind of customer, then, this one’s not fit for you.
  • No ATM Cash Deposits and Withdrawals – Since the bank does not issue an ATM card, it obviously is not surprising that it does not offer cash deposits and withdrawals as well.
  • Limited Account Options – Barclays Bank in the United States only offers two products — the online savings account and the certificate of deposit account. Unfortunately, the bank does not offer checking accounts. Although, it allows you to link your savings account to an external checking account.
  • Excessive Transaction Fee -Barclays Bank only allows up to six transactions per month. Anything over the allowed number will be charged $5 per transaction. This includes online cash deposits and transfers.

FINAL THOUGHTS ON BARCLAYS ONLINE SAVINGS REVIEW

Barclays Bank is a banking institution that has been around for so long, and while it only offers online accounts in the United States, it does offer one of the highest savings and CD accounts in the market.

Similar to any other online-only bank, it sure has its advantages and disadvantages. But we would like to say that the advantages that the bank offers are still overpowering the disadvantages.

Particularly on its online savings account, we got to say that it definitely has the best offerings in terms of rates among other online savings accounts out there.

So, have you decided about opening online savings account on Barclays yet?

To end, we hope that this Barclays online savings review has indeed served its purpose. May this brings light to your apprehensions in terms of opening an online savings account with Barclays Bank.