Barclays Tiered Savings
Rating
A good option for those that don't need in-person service as they provide extended phone customer service hours from 8am-8pm ET, 7 days a week.
Pros
High APY for large balances: Offers a 4.15% APY and 4.40% APY for deposits over $250,000, which is among the highest rates available for substantial savings
No minimum balance requirement: Account can be opened and maintained with any amount, avoiding common banking fees associated with low balances
Unlimited withdrawals: No cap on the number of monthly transactions, providing more flexibility than the typical six-withdrawal limit on savings accounts
Cons
Steep balance tiers: Requires $250,000 or more to earn the highest APY, making it less accessible for average savers
Limited withdrawal options: Restricted to electronic transfers only, with no ATM access or in-person cash withdrawals due to the lack of physical branches