Barclays VS TotalDirectBank

Which bank is better for you?

  • Financial Rates: 4.5 Star Icon
  • Customer Service: 3.0 Star Icon
  • Website Experience: 4.5 Star Icon
  • Bank Fees: 5.0 Star Icon
4.35%APY
Savings/MMA
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Pros:

  • High-interest rates
  • Savings assistant helps visualize goals
  • No minimums, fees, or required amounts
  • Options on how to receive interest

Cons:

  • Limited types of accounts offered
  • Transfers take 2-3 business days
  • Customer service is not open 24/7
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 2.0 Star Icon
  • Website Experience: 2.5 Star Icon
  • Bank Fees: 5.0 Star Icon
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Pros:

  • Competitive interest rates on accounts
  • Application completely online
  • No monthly maintenance fees
  • Interest rates are not tiered

Cons:

  • High opening required amounts
  • Limited accounts available
  • Not available in all 50 states
  • Application response not immediate
Barclays Review

Barclays offers extremely high-interest rates. Their rates are higher than other banks and even other online banks. Their high yield savings account and CDs earn great interest rates. Even their short-term CDs earn higher interest rates than most other banks.

Barclays offers a Savings Assistant tool. First, input your goal. Next, decide how much you want to save and how much you have saved already. Finally, decide how much you can contribute to the account each month. With one click, the Savings Assistant tells you how long it will take you to reach your goal.

There is not a set amount to open a savings or CD account with Barclays. Their accounts do not have monthly maintenance fees. There is also not a set amount you are required to keep in the different accounts.

You have the choice of how to receive the money earned on interest. You can choose to have the money kept in the CD or transferred into your Barclays savings account. You can choose to have the money transferred to a verified external account. To set up different interest options log in to your account.

Barclays only offers one high yield savings account and CDs. They do not offer a checking account. Barclays used to offer accounts for minors but stopped in June of 2017. Even though they only offer one savings account, you can open up to 25 different accounts if needed.

Your money is not available immediately. Transfers into your Barclays account take five business days. Electronic transfers from your Barclays account to your external account take 2-3 business days. Money transferred between Barclays accounts are immediate.

There isn’t an app for the Online Savings account and the CD accounts. You can access your accounts and do whatever you need to do online, but not through an app.

Customer service is not available all the time. You can reach customer service through the mail or by the phone. They are open seven days a week from 8 a.m. to 8 p.m. ET.

Read the full Barclays review.

TotalDirectBank Review

The interest rates for TotalDirectBank accounts offer competitive interest rates. The interest rates are much higher than typical brick-and-mortar bank rates. Their interest rates are competitive with other online accounts.

The application for TotalDirectBank accounts is entirely online. To open a money market or CD account with TotalDirectBank, visit their website. There are no branch locations. You cannot mail in your application.

There are no monthly fees for the TotalDirectBank money market account. You do not have to keep a set balance in the account to avoid a monthly fee. The money market account is free. The CD has a fee if you withdraw money before the CD matures.

Interest rates for TotalDirectBank are not tiered. Account balances over the opening required amount earn the most competitive interest rates.

Opening an account with TotalDirectBank requires a significant amount. The money market account requires $5,000 to open. The CD requires $25,000 to open. You must keep at least these amounts in the account to earn interest.

TotalDirectBank only offers a money market account and CDs. The CD terms range from 3-60 months. There are six terms available. Those include 3, 6, 12, 24, 36, and 60-month CD terms.

The TotalDirectBank accounts are not available in all 50 states. If you live in California, Florida, or Puerto Rico, you cannot apply for an account. You could be eligible if you live in other states across the United States.

Opening a money market account or CD with TotalDirectBank is entirely online. When you apply for an account, you receive an approval within two business days. You then must fund your account within 30 days. If you fail to fund it by then, the account could close.

Read the full TotalDirectBank review.

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