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In this article, we'll walk you through the process of setting up a savings account with Barclays, one of the leading banks in the industry.
Whether you're a first-time saver or looking to diversify your financial portfolio, we'll provide you with all the information you need to get started.
1. Start Your Application And Choose Account Type
To initiate the process of opening a savings account with Barclays U.S., you can conveniently access Barclay's website since they primarily operate as an online bank.
Gone are the days of visiting a branch or making phone calls, as the entire account opening process takes place digitally. In case Barclays needs any additional information, they may reach out to you directly.
To begin, just visit the Barclays website and click on the “Open Account” button to kickstart your savings account opening journey. You'll need to decide on the account ownership type. Barclays offers two options: a single account or a joint account.
Single Account: If you choose a single account, it means that you will be the sole owner and have exclusive control over the account.
- Joint Account: On the other hand, a joint account allows two or more individuals to own and manage the account together. All account holders have equal rights and responsibilities.
2. Add Personal Information
The “Personal Information” step requires you to provide various details about yourself. Here's an explanation of each piece of information requested:
Name: Enter your full name.
Social Security number: This is a unique identification number issued by the government for tax and identification purposes. Enter your Social Security number accurately.
Date of birth: Specify your birthdate, including the month, day, and year.
Email address: Provide a valid email address that you regularly use. This will be used for communication regarding your account.
Primary phone number: Enter your primary contact phone number, which can be used to reach you if needed.
Permanent address: Provide your permanent residential address. Note that P.O. boxes are generally not accepted as a valid address.
City, State, ZipCode: Enter the name of the city, state, and zipcode where you reside.
Occupation: Specify your current occupation or profession.
By providing this personal information accurately and truthfully, you allow Barclays or any financial institution to verify your identity and ensure the security of your account.
3. Set Your Login Information
the step of “Login Information” involves providing details related to your account access and security. Here's an explanation of each piece of information requested:
Username: Choose a unique username that you will use to log in to your Barclays savings account.
Password: Create a strong and secure password for your account. It should be a combination of uppercase and lowercase letters, numbers, and special characters. The password helps protect your account from unauthorized access.
Mother's maiden name: Provide the maiden name of your mother. This information is often used as an additional security measure to verify your identity in case you need assistance from a Barclays Customer Care Relationship Manager.
Security question: Choose a security question from a list provided by Barclays. This question will serve as an extra layer of security and may be used to verify your identity if you forget your password or need account assistance.
Security question answer: Provide the answer to the security question you selected. Make sure to choose an answer that is memorable but not easily guessable by others.
Enroll in two-factor authentication: Two-factor authentication (2FA) adds an extra layer of security to your account. By enrolling in 2FA, you will need to provide an additional verification code, usually sent to your registered mobile device, in addition to your username and password during the login process.
Completing this step ensures that your account access is secure and provides additional measures to protect your information.
4. Add Account Information
In the account information section, you will be asked to specify the type of account you would like to open with Barclays. Select “Online Savings” as the type of account you wish to open.
You have the option to give your account a nickname or customized name, which can help you identify the account easily. The nickname should not exceed 15 characters.
Lastly, specify the amount of money you would like to deposit when opening the account.
5. Fund Your Account
During the “Funding Account” step in the Barclays savings account application, you will be asked to provide information to link an external account to your Barclays account.
To verify the external account, Barclays will perform a process called “test deposits.” This involves depositing small amounts of money into your external account, which you will need to verify later. This verification process helps ensure that you have authorized access to the linked external account and adds an extra layer of security to your transaction.
Here's an explanation of the information required:
Routing number: This is a unique nine-digit number that identifies the financial institution where your external account is held. You can typically find the routing number on your checks, online or by contacting your bank.
Account number: This is the specific number assigned to your external account, which can be a checking or savings account. You can usually find your account number on your bank statements, checks, or by contacting your bank directly.
Account type: Select whether your external account is a checking or savings account.
Account owner: Specify the name of the account owner as it appears on the external account.
If you plan to use a check as the initial funding for your account, you should go back to the previous page and enter $0.00 in the Opening deposit field. After that, mail your check to the following address: P.O. Box 4538, Carol Stream, IL 60197.
6. Review And Accept Terms And Conditions
Lastly, several components require your attention and consent.
Here's an explanation of each element:
Marketing preferences: In this section, you have the option to specify your marketing preferences. You can choose whether you want to receive promotional offers, newsletters, or updates from Barclays.
Electronic consent agreement: This agreement outlines your consent to receive and access important account-related documents, statements, and disclosures electronically.
Terms & Conditions: This section provides the terms and conditions that govern your relationship with Barclays. It covers aspects such as account fees, interest rates, transaction limits, and other important account details.
W-9 certification: The W-9 certification is a U.S. tax form that verifies your taxpayer identification number (TIN) and certifies that you are not subject to backup withholding. By completing this certification, you confirm that the information you provided is accurate and that you are responsible for any tax obligations related to your account.
Transfer Authorization: This authorization allows Barclays to facilitate transfers between your new account and other linked accounts or external financial institutions.
When you reach this step, make sure to carefully read and understand each component before providing your consent.
In Which Cases You Won't Be Eligible To Open An Account?
There could be several reasons why you may not be able to open a Barclays savings account. Here are some possible factors:
Ineligibility: Barclays may have specific eligibility criteria that need to be met in order to open a savings account. This could include factors such as minimum age requirements, citizenship or residency status, or specific employment criteria.
Documentation: If you fail to provide the required documents or if there are issues with the documentation you provide, Barclays may not be able to open an account for you.
Banking History: Financial institutions often consider your banking history with tools like CheckSystems when assessing their suitability for opening an account.
Previous Account Closure: If you have a history of account closure or negative banking history with Barclays or other financial institutions, it may affect your ability to open a new account.
Legal or Regulatory Restrictions: There may be legal or regulatory restrictions in place that prevent certain individuals or entities from opening a Barclays savings account. This could include individuals involved in fraudulent activities or entities engaged in illegal business practices.
It's important to reach out to Barclays directly to inquire about the specific reasons why you may not be able to open a savings account. They will be able to provide you with more accurate and personalized information based on your situation.
Yes. As of December 2023, Barclays Online Savings offers a highly competitive Annual Percentage Yield (APY) of 4.35%. This APY is one of the best savings account rates offered by other banks and credit unions.
No, there is no limit to the number or types of withdrawals and transfers you can make each month from your savings account.
Deposits begin earning interest as soon as they are posted to your account. Typically, electronic deposits are posted within 2 to 3 business days after the transaction or transfer is initiated. Check deposits are processed on the day they are received.
To withdraw funds, simply log in to your account, go to Transfer Funds, and transfer the desired amount to your external account. It may take 2 to 3 business days for the funds to be posted by your external bank.
Alternatively, you can call Barclays Customer Care at 888-710-8756, available 7 days a week from 8:00 am to 8:00 pm ET, to request a check to be mailed to you.
Yes, you can initiate one-time transfers on your mobile device to and from linked and verified external accounts. Simply click the “+” sign in the app to make a transfer.
If you need multiple savings accounts, you can open and maintain a combination of up to 25 total accounts.