Creating a culture that saves is harder than it seems, especially when credit is so easy to come by. Consumers no longer have to wait to purchase their goods, which often places savings on the bottom of the priorities list. With that in mind, it’s crucial for consumers to turn the trend around in order to benefit from a cash-flush position. Favorable AERs make a difference, allowing customers to reap the rewards of their savings as these rates help their funds grow. The Barclays Savings Accounts offer clients different options for their life stages.
A Brief History of Barclays Bank
In 1690, Barclays was founded by John Freame and Thomas Gould and it provided banking services to goldsmiths. The services soon included other parts of the economy and in the 1700s, the bank also happened to expand. It wasn’t until the 1900s, however, that these expansion efforts focused a bit more on the rest of the world.
Africa and India soon received their branches and the bank managed to stake their operations there. It wasn’t until the 1960s that the bank made its way to the American shores. The bank underwent a lot of criticism in its earlier years as many of its operations were funded by slavery. It once again felt the wrath of global business when it continued operations in South Africa during Apartheid.
Throughout the 2000s, the bank faced one financial disaster after another. It caused severe issues in terms of operating profits, and the bank was forced to close down many of its branches. This was even before the 2008 financial crisis. After the market collapse, Barclays purchased a portion of Lehman Brother’s book in a transaction they would later come to regret. Public opinion and customer satisfaction is something the bank is working hard to repair.
We recently did a full review on Barclays Bank. Read here for the full story.
What To Look For In A Good Instant Access Savings Account
A good savings account is the ideal solution for those who wish to put their funds aside and build up a nest egg. Furthermore, a savings account is the first step for customers to build wealth. Many savings accounts allow customers to choose between depositing a lump sum or contributing to a savings plan on a monthly basis.
An instant access savings account should provide a reasonable AER and the fees should be minimal, or even none at all. This allows the plan to experience growth, whereas fees would merely just eat into the capital.
Access to the account should be easy with online or mobile options available. A savings account provides customers with the opportunity to keep their savings separate from their main transactional account. This ensures that customers are able to perform their daily transactions without the risk of using up their savings with unnecessary spending.
Finally, the account should have a low opening deposit in order to encourage customers to open the account. Account opening deposits that are too high often discourage savers from putting their funds away.
The Online Savings Account is another option for those who wish to save. Read about the offering from Barclays here.
Barclays Instant Access Savings Account Offerings
Barclays offers savings accounts in various categories, and in the instant access savings category, there are three options.
This is a great solution for those who want to save whenever they want, for however long they want, and any amount they want.
- This account offers customers a variable interest rate.
- Customers can open the account with as little as £1, however, there is a maximum limit of £1 million.
- Furthermore, customers have instant access to their funds. Accessibility is available through online, mobile, and telephone banking. Also, customers have access to an option ATM card. This allows them access to up to £300 per day from a cash machine.
- The interest rate on the account is paid monthly, on the first business day of the month.
- Customers have the option to offset their savings against the mortgage. When this takes place, they won’t earn interest on their savings.
- Finally, customers can have more than one Everyday Saver. Also, the account can be opened in sole or joint names.
Children’s Instant Saver
Customers who wish to set funds aside for their children will find this account suitable. Furthermore, this account has a generous AER.
- Customers earn a competitive variable interest rate on this account.
- The account provides instant access to their funds. This takes place online, through mobile banking, or via telephone. Furthermore, customers open their account in the branch. They would need to take all the necessary documentation with them.
- Customers can open the account with as little as £1. Also, the maximum balance for this account is £1 million.
- This account is suitable for those over the age of 18, who wish to save for children under the age of 18.
- Customers have instant access to their funds.
- Finally, once children reach the age of 18, the account automatically converts to an adult instant access account.
Children’s Regular Saver
With this account, parents can save up to £1,200 per annum for their children. Furthermore, this account provides a favorable AER.
- This is a short-term savings account that allows parents to put funds away on a regular basis. Parents can save between £5 and £100 per month by standing order for a 12-month term.
- The account can be opened in the branch and customers would need to take the necessary documentation with them.
- Furthermore, customers have instant access to their money. This takes place through online, mobile, branch, or telephone banking.
- This account provides customers with the opportunity to earn a higher interest rate. This takes place when customers don’t withdraw their deposits.
- Once the account reaches a balance of over £1,200, no interest will be paid on the excess amount.
- After the 12-month period, the account automatically converts to a Children’s Instant Saver Account.
- Also, interest is paid monthly on the first working day of the month.
- Finally, the account can be opened by those over the age of 18, for children under the age of 18.
How To Open A Barclays Instant Access Savings Online
This functionality is only open to those who already have access to Barclays Online Banking. Those who aren’t would need to register for it.
Customers can log into their online banking using their membership number, card number, or sort code and account number. They would then need to confirm their ID to ensure safety.
Thereafter, they will choose the options to open the account and work their way through the screens. One of the screens will take them through the disclosure and account information.
Once the account is opened, clients can fund it and use it the moment the funds appear. The instant access savings accounts allow customers access to their funds as and when they need it.
Those who prefer something a little more varied can take a look at the Barclays Cash ISAs here.
What We Like About the Barclays Instant Access Savings Accounts
There are a number of ways to start saving, however, the accounts that provide easy access to the funds as well as a low opening balance rate among the best. The Barclays Instant Access Savings Accounts provide just the right amount of flexibility and rates to spur customers on to further savings.
Because Barclays still offers customers the traditional banking setup with a branch, customers can open their accounts in the branch. There is also a fully digital application process available. Access to the account can take place through the branch, online, mobile, or telephone banking. In some instances, a card can also be linked to the account.
What We Don’t Like About the Barclays Instant Access Savings Accounts
A few more options for the various age groups would be wonderful, especially seniors and students.
What is also concerning is that there is no mention of any fees. If there aren’t any, great. If there are, customers will only find out during the account opening process or when they receive their first statement. A recommendation is to specifically state that there are no fees on the account, as it could be a unique selling point as well.
Critical Reviews Rating Barclays Instant Access Savings Accounts – 10 of 10
There are a number of things right with these accounts. They offer exactly what they promise and customers will have access to the ideal means to create their very own savings pockets. An instant access savings account is the very first step for a customer to create wealth. The account offers a great variable interest rate and easy access to the funds should they need to.
Possibly one of the most important aspects of these accounts is the fact that there is a concerted effort to get children to save. These accounts are simple to operate and customers can access them at any time. There are two different options that meet different needs for clients.
We recently did a full review on Royal Bank of Scotland. Read more on it here.