Barclays $200 Savings Bonus

Update 11/8/24: Deal is back. Note the terms state ‘current and previous Barclays customers with a Savings or CD are not eligible’. Hat tip to reader Eric

Offer at a glance

• Maximum bonus amount: $200
• Availability: Nationwide
• Deposit required: $25,000
• Deposit length: 120 days from date of deposit
• APY: 4.5%-4.8%
• Hard/soft pull: Unknown
• ChexSystems: Unknown
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: Unknown
• Household limit: None
• Expiration date: 5/3/2024

The Offer

Direct link to offer

• Barclays is offering a $200 bonus when you open a new savings account and complete the following requirements:
  • Fund your account with at least $25,000 within the first 30 days of account opening
  • Maintain the balance of at least $25,000 for 120 consecutive days

 

The Fine Print

• $200 Bonus Offer: To qualify for this bonus offer, you must be a new Barclays Savings customer (current and previous Barclays customers with a Savings account or CD are not eligible), open an account 3/4/2024 through 5/3/2024, fund your new savings account with at least $25,000 within the first 30 days of opening the account, and maintain the balance of at least $25,000 for 120 consecutive days.
• After you maintain the $25,000 balance for 120 consecutive days, the $200 bonus will be added to your account in approximately 60 days.
• Offer expires 5/3/2024.
• You may make multiple deposits to your account from another financial institution(s) to meet the offer requirements, provided these deposits all occur no later than 30 days after opening the new savings account.
• The funds deposited into your Barclays Savings account will earn the then current annual percentage yield listed on barclaysus.com/deposits for the Barclays Savings account.
• Withdrawals could affect your eligibility to earn the bonus if the withdrawal causes the account balance to drop below $25,000.
• The 120 consecutive days will not start until the $25,000 is deposited within 30 days from opening the account.
• The bonus will be applied and treated as interest for tax purposes and could require Barclays to send you a Form 1099-INT (Interest Income) and file it with the IRS for the year in which you earn the bonus.
• While there is no minimum required to open a Barclays Savings account, as described above there is a minimum balance required to earn the bonus offer.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

Monthly Fees

This account has no monthly fee

Early Account Termination Fee

Unsure if there is any EATF.

Our Verdict

Bonus works out to be 2.4% APY if you hold for exactly 120 days, base rate on the account is 4.35% so total rate is 6.75%. Better than other basic savings rates but a bit of work as well. We will add this to our list of the best saving account bonuses.

Hat tip to reader Fred

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
• Affiliate Links & Bank Bonuses – We Won’t Be Using Them
• Complete List Of Ways To Close Bank Accounts At Each Bank
• Banks That Allow/Don’t Allow Out Of State Checking Applications
• Bank Bonus Posting Times