Happy with Barclays savings account?

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boglerocks
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Happy with Barclays savings account?

Post by boglerocks »

My ING Direct savings account was bought by Capital One and the APY has been dropping ever since. It's down to .75% and I'm sure it's going lower. I'm thinking of opening a .9% Barclays savings account. Does anyone here have a Barclays savings account? Are you happy with it? How stable is the APY? Any gotchas?
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Van-Guard23
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Re: Happy with Barclays savings account?

Post by Van-Guard23 »

I just opened a 5-year CD (will be setting up a CD ladder) and an Online Savings account with Barclays a couple of weeks ago so I can't provide much as far as a review. I was getting ticked off at Ally and Barclays has better rates for both the 5-yr CD and the Online Savings account so it seemed like a no-brainer to transfer money from Ally to Barclays.
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boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

I have an Ally account too and I haven't had any trouble although I'm not sure I've ever contacted customer service. What ticked you off?
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jeffyscott
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Re: Happy with Barclays savings account?

Post by jeffyscott »

No problem with Barclays, it was pretty easy to set up on line and have had no problems with transfers to and from the account. The rate had started at 1% about a year ago and recently dropped to 0.9%. There was also a small bonus paid in January.
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Van-Guard23
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Re: Happy with Barclays savings account?

Post by Van-Guard23 »

boglerocks wrote:I have an Ally account too and I haven't had any trouble although I'm not sure I've ever contacted customer service. What ticked you off?
I tried to open a 5-yr CD with them but they were having me go through hoops all under the umbrella of the Patriot Act...so I went with Barclays instead and it was easier to open an account and fund a 5-yr CD...and they also had better rates. See the following discussion about this: http://www.bogleheads.org/forum/viewtop ... 2&t=116897
jayjayc
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Re: Happy with Barclays savings account?

Post by jayjayc »

I also opened a Barclay's savings account when it was at 1.0%. So far, I'm pleased w/ it although I don't expect much from a savings account.
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Munir
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Re: Happy with Barclays savings account?

Post by Munir »

boglerocks wrote:My ING Direct savings account was bought by Capital One and the APY has been dropping ever since. It's down to .75% and I'm sure it's going lower. I'm thinking of opening a .9% Barclays savings account. Does anyone here have a Barclays savings account? Are you happy with it? How stable is the APY? Any gotchas?
Yes.
SnowSkier
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Re: Happy with Barclays savings account?

Post by SnowSkier »

Short answer: Yes, happy with Barclays savings acct.

More info just FYI:
I have two online savings accounts -- one with Barclays and one with Ally. I'm happy with both Barclays and Ally in terms of customer service, ease of use, ease of opening acct, and ease of transferring money around. I can ACH between the 2 savings accounts and also between them and my USAA checking acct, and my Vanguard acct links to all 3. I've started to open up some CDs including a 5yr with Barclays when the early withdrawal penalty was still 90d, and a 5yr with Ally with the 0.25% loyalty adder (earned by first opening a small 3 month CD).

I recommend depositaccounts.com for great info on savings accts & CDs.
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Langkawi
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Re: Happy with Barclays savings account?

Post by Langkawi »

boglerocks wrote:My ING Direct savings account was bought by Capital One and the APY has been dropping ever since.
Nonsense. ING Direct ceased being competitive long before Capital One purchased them. In fact, the rates have been more stable under Capital One (8 1/2 months since the last change).
http://www.bankfox.com/account/orange-s ... e-history/
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tigerman3
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Re: Happy with Barclays savings account?

Post by tigerman3 »

I have both an Ally CD and a Barclay's CD. Both were easy to set up. Both have had decent customer service.
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boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

Nonsense. ING Direct ceased being competitive long before Capital One purchased them. In fact, the rates have been more stable under Capital One (8 1/2 months since the last change).
http://www.bankfox.com/account/orange-s ... e-history/
Good call. It appears you are right. I like the interface on bankfox.com but they seem to be missing a lot of high-interest savings accounts such as Barclays (.9%) but they have AmTrust (1.05%) which depositaccounts.com and bankrate.com don't have:

http://www.bankfox.com/savings/?feature ... &balance=9
http://www.depositaccounts.com/savings/
http://www.bankrate.com/funnel/savings/ ... MMASavings
YttriumNitrate
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Re: Happy with Barclays savings account?

Post by YttriumNitrate »

deleted.
Last edited by YttriumNitrate on Sat Mar 12, 2016 11:36 am, edited 1 time in total.
kamakalama
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Re: Happy with Barclays savings account?

Post by kamakalama »

I just opened a Barclays savings account. I'm going to park some serious money there so want to verify FDIC coverage.

At FDIC BankFind (http://research.fdic.gov/bankfind/) I look up Barclays Bank Delaware. The record #57203 comes up listing the bank. A link on the page leads back to Barclays Bank website. The address in Wilmington DE appears to be a Barclays building although it isn't referenced on the Barclays website.

Everything looks good. Is there anything else I can/should do?

Thanks
jayjayc
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Re: Happy with Barclays savings account?

Post by jayjayc »

Another happy customer of Barclay's savings account. Like the others, I don't ask much out of a savings account.
neoptolemus412
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Re: Happy with Barclays savings account?

Post by neoptolemus412 »

kamakalama wrote:I just opened a Barclays savings account. I'm going to park some serious money there so want to verify FDIC coverage.

At FDIC BankFind (http://research.fdic.gov/bankfind/) I look up Barclays Bank Delaware. The record #57203 comes up listing the bank. A link on the page leads back to Barclays Bank website. The address in Wilmington DE appears to be a Barclays building although it isn't referenced on the Barclays website.

Everything looks good. Is there anything else I can/should do?

Thanks
It's a completely online bank. Barclays is newer to the US market for their savings account. I have never had any problems with them. They do have a barclays building in wilmington, de, but that houses customer service, cc folks, and a few others. They really downsized a couple of years ago, so the group might be really small. You couldn't walk into the building and withdrawal money.

The only issue I didn't like is they can change the interest rate without advanced notice. The change from 1% to .9% was abrupt. Not enough to make me switch, but would have liked to have known within a reasonable amount of time. They also have a bit of a lag for incoming transfers. I believe it's 5 business days after transfer before you can use the money. This is a bit long as other banks require a day or two.

I would recommend it as long as you are simply parking money there and wiring it out once in awhile. I wouldn't recommend it if you plan to access the money multiple times a week as there are better accounts for such things.
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joe8d
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Re: Happy with Barclays savings account?

Post by joe8d »

Barclays just raised the Online Savings Account rate from 0.9% to 1.0%.
All the Best, | Joe
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SmileyFace
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Re: Happy with Barclays savings account?

Post by SmileyFace »

OP: I'm in the same process of evaluating where to move my Cap360 money to. GE Capital Bank has a 1.05% rate is seems to be rated well - worth looking at.
bslice
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Re: Happy with Barclays savings account?

Post by bslice »

@OP:

I opened a Barclays account about 1 year ago for my emergency savings holdings. I also use Cap 1 360 (rest in peace ING) for my primary Bank. I really like Barclays as a savings account.

GO FOR IT!!!!!!!!!!!!!!!!!!!!

FYI, for their savings account, they just raised the rate to an even 1%. It was %.90 for most of 2014.

I have also heard GE Capital and Ally are good as well.

---------I think you are on the right track....either will be good for you as you are looking at the right options!
Afty
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Re: Happy with Barclays savings account?

Post by Afty »

I've had a Barclays savings account for over a year, and a Capital One 360/ING Direct account for many years. Barclays has a higher interest rate, but their website is not as polished. For example, I can't save PDF statements in Chrome, only in Firefox. Not a huge deal, and worth the trouble for the higher interest rate. I've never had to call them, so I can't speak to their customer service.
Hash-Basher
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Re: Happy with Barclays savings account?

Post by Hash-Basher »

I'm thinking of opening a Barclay's dream account for both my emergency fund and also an account where I can periodically dump large contributions to my vanguard funds. This will streamline my checking accounts. Any thoughts?
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boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

joe8d wrote:Barclays just raised the Online Savings Account rate from 0.9% to 1.0%.
And more importantly, they gave the new rate to current account holders. :) I love Barclays.
island
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Re: Happy with Barclays savings account?

Post by island »

jayjayc wrote:I also opened a Barclay's savings account when it was at 1.0%. So far, I'm pleased w/ it although I don't expect much from a savings account.
Same here. No complaints.
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papito23
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Re: Happy with Barclays savings account?

Post by papito23 »

OP is considering a move that will net approximately $15 / year per $10,000 deposited, before taxes.

For my part, I rode the wave from ING to Capital One 360. I have never spoke with or seen a human from CO360, but use it weekly. Rates are competitive, but the online interface is stupendous, simple, and free of as much jargon as possible. No fees either. Quick transfers between accounts, etc, etc. I netted maybe $150 between the DW and I in sign-up bonuses anyway.

To switch, I would need to spend time researching, file paperwork, possibly make calls, handle another (or different) tax form, change the info in Turbo Tax, update my password file, update my browser, update my Excel file, add my SSN and personal info to another corporate server. When Barclay's inevitably slips to #2, 5, or 21 in the interest rate game, will I switch again?

I understand the game... I do it with credit cards when I'm feeling greedy. It inevitably takes more time than I calculate. Call me when I can make >$150/yr or so.

Granted, https://www.depositaccounts.com/savings/ is now showing household names at >1.0%. Still.

FWIW I've been less than impressed with Barclay's credit card interface, but very pleased with my 2% back on everything, no limits Priceline.com credit card.
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quizzer25
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Re: Happy with Barclays savings account?

Post by quizzer25 »

bslice wrote:@OP:

I opened a Barclays account about 1 year ago for my emergency savings holdings. I also use Cap 1 360 (rest in peace ING) for my primary Bank. I really like Barclays as a savings account.

GO FOR IT!!!!!!!!!!!!!!!!!!!!

FYI, for their savings account, they just raised the rate to an even 1%. It was %.90 for most of 2014.

I have also heard GE Capital and Ally are good as well.

---------I think you are on the right track....either will be good for you as you are looking at the right options!
I want to know which one is better - Barclays or GE Capital?
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Munir
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Re: Happy with Barclays savings account?

Post by Munir »

quizzer25 wrote:
bslice wrote:@OP:

I opened a Barclays account about 1 year ago for my emergency savings holdings. I also use Cap 1 360 (rest in peace ING) for my primary Bank. I really like Barclays as a savings account.

GO FOR IT!!!!!!!!!!!!!!!!!!!!

FYI, for their savings account, they just raised the rate to an even 1%. It was %.90 for most of 2014.

I have also heard GE Capital and Ally are good as well.

---------I think you are on the right track....either will be good for you as you are looking at the right options!
I want to know which one is better - Barclays or GE Capital?
Barclay's- because it's the one I use.
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

Hello everyone, bringing this back up. I have CD's with Barclays but am considering putting a large amount in the 1% savings account with them.

FDIC insurance covers bank closure as far as I know but it DOES NOT cover fraud or theft. Doesn't this worry some of you? What if a hacker gets into our accounts? Just looking for some discussion on this possibility...
jayjayc
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Re: Happy with Barclays savings account?

Post by jayjayc »

theskyking123 wrote: FDIC insurance covers bank closure as far as I know but it DOES NOT cover fraud or theft. Doesn't this worry some of you? What if a hacker gets into our accounts? Just looking for some discussion on this possibility...
No, I don't worry about fraud or theft from my Barclays savings account. The odds of that happening seem miniscule. If you're worried about that, then definitely brush up on best practices on your own cybersecurity. Mainly, if you get an email that looks like it's from Barclays asking you to enter in your login credentials, don't do it. It's a phishing scam. Instead, open a new browser window. Manually type in barclays.com and then enter in your username and password.
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mags
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Re: Happy with Barclays savings account?

Post by mags »

Been happy with Barclays savings account. I think I've had it for 2 years.
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Premier
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Re: Happy with Barclays savings account?

Post by Premier »

I use Barclay's Dream Account for my emergency fund...I've had no problems with it so far. I was debating bt Barclays, Ally and GE Capital. I eliminated GE Capital bc I read a lot of reviews about their bad customer service, something I dont want to deal with when it comes to my money. When it came to Ally or Barclays, I chose Barclay's bc of their better rates (Savings and CD's).

If you truly plan on having a savings account where you want to simply "park your money," then I suggest Barclay's Dream Account. The rate is 1.05% but if you deposit money into it every month and not have any money transferred out for 6 months, then every 6 months, you get an additional 2.5% added to the INTEREST you made (Note: I said 2.5% to the INTEREST you made in those past 6 months, NOT 2.5% to your savings account!). Another caveat is, you can't deposit more than $1000 at a time to obtain the additional 2.5% interest. It's not much, but hey, tell me a savings account that can do any better?

Like others have said, it's a savings account so I don't expect much and I use it as an emergency fund bc it's low risk and liquid...with a small increase in growth.
Own stocks, the course to stay; Hold bonds, for they will pay; Keep cash reserves for a rainy day.
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

I need to put more than $1k in, so not sure that would work for me. You know, even if the Dream account is a bit higher yield, I would prefer simple interest that I can calculate to see if they are ripping me off. The complex schemes of "every 6 months this happens - but only if that happened" I don't like those. Even if it made me a tiny bit richer. Unless of course I was depositing $20M in the account, then it would add up :-)
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Premier
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Re: Happy with Barclays savings account?

Post by Premier »

theskyking123 wrote:I need to put more than $1k in, so not sure that would work for me.
You can open up to 3 accounts...not sure if that solves your "needing to put more than $1k" though. :happy
Own stocks, the course to stay; Hold bonds, for they will pay; Keep cash reserves for a rainy day.
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

Actually I would put $15k in right away and zero in each month. What would that work out to in interest.
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AAA
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Re: Happy with Barclays savings account?

Post by AAA »

jayjayc wrote:
theskyking123 wrote:Manually type in barclays.com and then enter in your username and password.
Wouldn't it be better to have barclay.com as a favorite/bookmark that you know is legitimate? Then you don't have to type it in each time with the possibility of a misspelling.

EDIT - Ha, I did it myself by not including the "s" in the name. This URL is for the UK version. If you save the appropriate version as a favorite/bookmark in your browser you know you're always going to the right place.
Last edited by AAA on Sat May 14, 2016 7:13 am, edited 1 time in total.
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

Or just Google the bank name and get in that way
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boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

I'm curious about how banks handle fraud/hacking too. If someone hacks your account and transfers your funds, you're out the dough?
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jeffyscott
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Re: Happy with Barclays savings account?

Post by jeffyscott »

Your Liability for Unauthorized Transfers

During account set-up, you will be invited to create a user name and password to protect your account from unauthorized access. You are responsible for maintaining the confidentiality and security of your user name and password. Tell us immediately if you believe any approved account access information or device, including your internet password, has been lost or stolen, or if you believe an EFT has been made without your permission or that someone has transferred or may transfer money from your account without authorization. If you tell us within two (2) business days, your liability will be limited to $50 if someone accesses your account without your authorization. If you do NOT tell us within two (2) business days after you learn that your account has been accessed without your authorization and we can prove that the unauthorized EFTs could have been prevented if you had notified us, you could lose as much as $500. Also, if your statement shows EFTs that you did not make, tell us AT ONCE. If you do not tell us within sixty (60) days after the statement is mailed to you, you may not get back any funds you lost after the sixty (60) days. If you believe your statement shows EFTs that you did not make or authorize, or if you believe an EFT has been made without your permission, call 888-710-8756. If you grant authority to make transfers to an Authorized User who exceeds the authority granted, you will be liable for all transfers made by that person including transfers for which you may not have intended to be liable, until you notify us that transfers by that person are no longer authorized. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend these time periods.
https://www.banking.barclaysus.com/term ... vings.html
Lynette
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Re: Happy with Barclays savings account?

Post by Lynette »

.....
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theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

Thanks jeffyscott that info is helpful. Seems like with a hack they will cover it if you tell them quickly but this leaves you at the mercy of their process. Who's to say they will actually follow through. That paragraph you pasted seems a bit clunky and awkward with all caps words like it was written by a kid. I don't know, I'm still a bit spooked. To put a life savings in, and only for 1%. On the other hand I use online banking with my checking account and I don't freak out, not sure why Barclays scares me more than my local bank. Maybe because they are so huge and diffuse it feels like they would have less accountability.
Topic Author
boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

Does anyone know if there is regulation pertaining to this in the US?
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

it appears these banks are all abiding by Regulation E, which is a USA governtment regulation (google it) which makes bank cover fraudulent EFT losses. So I think we are covered to some degree. The rules are basically that if you report the fraud right away your max loss is $50, and if you delay reporting it for 60 days your max loss is $500, and if you wait longer than that your max loss is UNLIMITED. So log in to your account at least monthly and if you see anything fishy report it immediately to be covered by Reg E. "Notifying" the bank of fraud seems like it can be done casually with a phone call but I would tend to lean toward sending certified letters to show that I did my part.
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boglerocks
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Re: Happy with Barclays savings account?

Post by boglerocks »

I can't tell from the wording in the legal section above if I would be liable for unlimited losses if I don't notify them within 60 days of the fraudulent activity or within 60 days of my knowledge of the fraudulent activity.
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

60 days of statement release so you have to keep looking at statements
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Re: Happy with Barclays savings account?

Post by abuss368 »

Our only experience with Barclay's was a U Promise credit card. We have had no problems and have the card for many years. We never used a savings account.
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jeffyscott
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Re: Happy with Barclays savings account?

Post by jeffyscott »

theskyking123 wrote:60 days of statement release so you have to keep looking at statements
Also note that it says: "you may not get back any funds you lost after the sixty (60) days. So even if you didn't notify within 60 days, it sounds like you should still get back all but $500 of whatever was taken during the 60 days. So if the statement were mailed today and it shows your account has been emptied, but you leave the account empty and don't bother to call to report this until August, you would still only lose the $500, since all of the loss was within the 60 days.
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Re: Happy with Barclays savings account?

Post by Toons »

"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee
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abuss368
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Re: Happy with Barclays savings account?

Post by abuss368 »

We have been transitioning to Wells Fargo and are very happy. A complete banking platform.
John C. Bogle: “Simplicity is the master key to financial success."
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Kenster1
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Re: Happy with Barclays savings account?

Post by Kenster1 »

abuss368 wrote:We have been transitioning to Wells Fargo and are very happy. A complete banking platform.
The Barclays account (in the US) is just an online Savings account - so a lot of people will link their B&M Bank to an Online Savings Bank to squeeze out more interest (e.g. 1%) versus the 0.01% - 0.07% offered at most B&M banks.
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Re: Happy with Barclays savings account?

Post by abuss368 »

Kenster1 wrote:
abuss368 wrote:We have been transitioning to Wells Fargo and are very happy. A complete banking platform.
The Barclays account is just an online Savings account - so a lot of people will link their B&M Bank to an Online Savings Bank to squeeze out more interest (e.g. 1%) versus the 0.01% - 0.07% offered at most B&M banks.
Thanks.
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theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

So the consensus among all you guys is, don't worry about losing money at Barclays, because of the FDIC and because we shouldn't worry to much about fraud. Correct?
theskyking123
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Re: Happy with Barclays savings account?

Post by theskyking123 »

I ended up going with Capital one 360 money market at 1% for my new savings account.

My logic:

1. I already have a lot of money with Barclays and I'd like to spread out my bank specific risk.

2. Cap 360 is in the USA, Barclays is foreign based, which is just an unknown for me.

3. I like that Cap One has physical branches. I know the online savings doesn't get to use them, but it just makes me feel better.

4. Looks like cap one is doing a lot of innovation, they are turning some of their branches into 360 cafes, which seems cool to me. At least someone is awake and at the helm doing SOMETHING.
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