Barclays US review

The account pays a variable rate of 3.5% to 3.65%. That sits above the median headline rate of 3.08% for savings accounts on the site, but below the 4.5% upper quartile, so it is a middle of the field return rather than a standout one.

The monthly fee is $0 and the minimum deposit is $0, so there is nothing to set aside to open the account and nothing charged each month. For comparison, the median minimum deposit across savings accounts on the site is €0.17.

Deposits are held by Barclays Bank Delaware and covered by the FDIC, with protection of FDIC up to USD 250,000. The licence behind the account is FDIC cert 57203, so the balance sits with a bank under FDIC supervision rather than with a payment institution.

Online access runs around the clock, and withdrawals and transfers can be made at any time subject to funds availability. The account is an easy access account, so there is no notice period to serve and the 3.5% to 3.65% rate applies while the money stays in place.

Support runs on phone, email and help centre, so a phone call, an email or the help centre covers most questions. The account is easy access and the rate is variable, while the FDIC cert 57203 licence names the regulator the bank answers to.

The rate is variable, so 3.5% to 3.65% can move in either direction as the bank changes it. The account carries no term, which means no date at which the rate is locked in, unlike a fixed rate product that pays for a set period.

It suits US savers who want their money reachable without a notice period, and the $0 minimum deposit means a first balance can be any size. It is less aimed at anyone chasing a much larger headline rate, as 3.5% to 3.65% is a middle of the field figure.

The bank is based in the United States and the licence is FDIC cert 57203, so the account is a US product run by a US bank. Protection on the balance comes from US deposit insurance of FDIC up to USD 250,000, and the monthly fee is $0.