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Barclays Bank review: No monthly service fees or minimum opening deposits for online accounts
Publisher:  business insider
Saturday, 22 August 2020 07:15

Barclays banking review 4x3

 
  • Barclays Bank (Member FDIC) has an online savings account and CDs, but no checking or money market account.
  • Because there's no checking account, you can't access your cash quickly; you'll have to transfer money to an external bank account, which could take a couple business days.
  • The Barclays Online Savings Account is a strong online savings account that pays a high APY, doesn't charge monthly fees, and doesn't require a minimum opening deposit.
  • The Barclays Online CD has its strengths, such as no minimum deposit and low early withdrawal penalties — but you can find higher rates at other online banks.
  • See Business Insider's picks for the best CD rates »

Is Barclays right for you?

You might like banking with Barclays if you:

  • Are comfortable banking digitally
  • Are looking for a high savings APY
  • Don't have much money to open a savings account or CD
  • Want a savings account with no monthly service fee

You might not like banking with Barclays if you:

  • Aren't comfortable banking digitally
  • Need quick access to your money
  • Are looking for the highest APY on CDs
  • Expect to bank from your Apple mobile app frequently

The bottom line: Barclays' savings account is its strongest product, but it doesn't have a checking account. If you need to access your cash quickly, you may want an account with a different bank that has both savings and checking.

Barclays Online Savings review

Barclays Online Savings Account

The Barclays Online Savings Account is a strong high-yield savings option. It pays a competitive APY, and it doesn't have a mandatory minimum opening deposit or charge monthly service fees.

Accessing cash quickly is difficult with Barclays, though. Because the bank doesn't have a checking account, you can't just transfer money between Barclays accounts, then immediately swipe your debit card. You'll have to transfer funds to an external bank account, which could take a couple business days. 

This might not be a problem. However, if you need to tap into your savings in an emergency, you could find yourself in a tough spot.

See Business Insider's picks for the best high-yield savings accounts »

Barclays Online CD review

Barclays Online Certificate of Deposit

 

The Barclays Online CD has its strengths: Unlike most banks, it doesn't require a minimum deposit, so you can start with any amount. The bank also charges relatively low early withdrawal penalties should you need funds before your CD matures.

However, its rates aren't the best. Yes, Barclays pays higher APYs on CDs than brick-and-mortar banks, but you can find higher rates at other online institutions.

See Business Insider's picks for the best CD rates »

Barclays features

Barclays is an online bank that has a high-yield savings account and CDs.

Live customer service is available seven days per week, and you can call from 8:00 a.m. to 8:00 p.m. EST.

The Barclays mobile app is more liked by Android customers than Apple customers. The app has received 4.2 out of 5 stars in the Google Play store, but only 2.2 out of 5 stars in the Apple store.

Your deposits are FDIC insured for $250,000, or $500,000 for joint accounts.

How Barclays compares to competitors

We compared Barclays to two other online banks that pay high interest rates on savings: Ally and Marcus by Goldman Sachs.

Barclays Logo ally bank logo marcus logo

Savings APY

0.80% APY

Savings APY

0.80% APY

Savings APY

0.80% APY

CD APY

0.10% to 0.65% APY

CD APY

0.35% to 1.00% APY

CD APY

0.60% to 1.05%

Minimum deposits

None

Minimum deposits

None

Minimum deposits

$500 for CDs

Barclays Barclays Online Savings Account

Ally Ally High Yield Savings Account

Goldman Sachs Marcus by Goldman Sachs High Yield Online Savings Account

Barclays review vs. Ally review

If you're looking for a bank to open a checking or money market account, then you'll prefer Ally to Barclays (which has neither).

You could also have faster access to your money with Ally. Rather than waiting a couple business days for money to transfer to an external account, like with Barclays, you can transfer funds from savings to your Ally checking account and use it almost immediately.

The banks' high-yield savings accounts are both strong — no minimum deposit or monthly fees, and both pay a high APY. You might like Ally's bucket system, though, which lets you save for multiple goals in one savings account, such as "Emergency Fund" or "Vacation."

For CDs, Ally is the clear winner. The bank pays higher rates on fixed-rate CDs than Barclays, and it offers two other types of CDs. The No Penalty CD won't charge a penalty when you withdraw funds before your CD matures. The Raise Your Rate CD lets you increase your rate should Ally's rates go up during your term.

See Business Insider's complete review of Ally »

Barclays review vs. Marcus review

Barclays and Marcus have a lot of similarities. Both only offer a high-yield savings account and CDs, and both savings accounts come with high APY, no monthly fees, and no minimum deposit.

You'll prefer Barclays, which has mobile check deposit, if you need to deposit paper checks. Marcus doesn't have a mobile check deposit tool.

Marcus does require a $500 minimum deposit for CDs, but if you have the money, you may prefer Marcus to Barclays. Marcus pays higher rates, and there's a Marcus No-Penalty CD option along with the fixed-rate CD.

See Business Insider's complete review of Marcus »

Related Content Module: More Savings Coverage

Join the conversation about this story »


It's the weekend, forget trump, even as he retweets known Russian propaganda about joe. Give blood, with Pete.
Publisher:  Live Leak
Saturday, 22 August 2020 07:08

Just a music vid from shoulder pad days of a great song performed live with doug Gilmour. Forget trump lies on mail in fraud, lies during his acceptance, and retweeting known Russian propoganda. Remember trump never knew putin, or qanon, or anything about demon seed or alien DNA remedies.

Is This Suddenly The End For Huawei Smartphones?
Publisher:  Forbes Real Time
Saturday, 22 August 2020 07:05

What happens now after Trump's "death sentence" on Huawei...

What You Should Know About Apple And Google COVID-19 Tracking On Your Phone
Publisher:  Forbes Real Time
Saturday, 22 August 2020 07:05

These contact-tracing apps are now on U.S. phones...

Michael Jordan's 1996 Mercedes-Benz S600 is up for auction on eBay — take a closer look
Publisher:  business insider
Saturday, 22 August 2020 07:04

1996 Mercedes-Benz S600 Lorinser

  • A 1996 Mercedes-Benz S600 Lorinser once owned by Michael Jordan is now on the market. 
  • The was listed on eBay by Beverly Hills Car Club with a starting price of $23, and the bidding has hit $200,000 as of this writing. 
  • As expected, the S600 screams 1990s, with a gray interior, custom chrome wheels, and a car phone. 
  • Visit Business Insider's homepage for more stories.

Michael Jordan's sole goal during his time in the NBA may have been to become the greatest basketball player ever, but he made time to enjoy some fast and flashy cars as well. In the documentary series "The Last Dance," we caught several of the basketball legend's cars, including a couple of Corvettes, a Ferrari, and a Mercedes-Benz S-Class. Now, one of his former cars is up for sale. 

Beverly Hills Car Club, a dealer out of California, listed Jordan's Mercedes-Benz S600 Lorinser on August 13 with a starting price of $23. Unsurprisingly, the bidding quickly went through the roof, reaching a price of more than $200,000 with one day to go.

The auction ends on August 23. You may not be able to swing a bid, at least you can take a closer look at the luxury coupe below.

An awesome piece of automotive and sports memorabilia — Michael Jordan's 1996 Mercedes-Benz S600 Lorinser — is now on the market.



Beverly Hills Car Club listed the car for eBay auction on August 13 with a fitting starting price of $23.



With one day to go, the bidding has already surpassed $200,000.



"Some people have signed basketballs or sneakers or photographs of the basketball giant," Alex Manos, the selling dealer, said in a statement. "But how many people do you know who own Michael Jordan's car? This is the Holy Grail of Michael Jordan memorabilia."



Jordan bought the car in late 1995, 11 years into his NBA career.



The car is finished in a metallic navy blue ...



... and features a gray leather interior — very '90s.



The Merc shows 157,000 miles on the odometer, but it appears to be in excellent shape.



The S600's car phone is also quite the throwback ...



... and Jordan's name still comes up on the dashboard when you turn it on, so there's at least one reason to give it a try.



After more than a decade in the NBA and a handful of championship titles, Jordan could afford to splurge on the very best.



His former S600 comes with lots of features that were considered upscale at the time, like a power sunroof, power seats, and power mirrors.



It also boasts heated seats and cruise control.



"Michael Jordan's S600 Lorinser is such an elegant vehicle that driving it will get you in touch with your inner Michael Jordan, stepping into his world and feeling his energy and power," Manos said.



The car is powered by a V12 engine ...



... which put out 389 horsepower when new.



Plus, it has disc brakes all around.



It's not your average S-Class, even aside from being owned by one of the greatest athletes of all time.



It was customized by Lorinser, a Mercedes-Benz tuning company, which installed chrome monoblock wheels, according to the seller.



If you want to own a piece of NBA history, you'll have to act fast. The bidding ends on August 23.




Indian villagers take advantage of flood waters to easily scoop up fish
Publisher:  Live Leak
Saturday, 22 August 2020 07:01

Residents of several villages in the Indian state of Karnataka have developed a very easy way of catching huge fish. Every year they wait for their local lake to overflow with floodwaters and then stand near the embankment and scoop up the fish which drop into their hands. A video filmed on August 7 in HD Kote in the state of Karnataka, shows a group of villagers showing just how easy it is to put food on the table at this time of year. A local resident Shiva Raju said: "People wait for this season every year. This year even corona could not stop them from gathering together to take the fish home."

Snakebite victim left with horrific burns after undergoing controversial "acid treatment"
Publisher:  Live Leak
Saturday, 22 August 2020 07:01

Snakebite victims in an eastern Indian village are being treated with a controversial acid treatment which fails to cure the bite and leaves them disfigured for life. The treatment sees them covered with a corrosive substance where the snake touched their bodies. Niranjan Behera's body was left severely burned after he sought treatment for a snake bite. Behera has been unable to wear a shirt or go outside due to the pain caused by the blistering. Snake Helpline secretary Subhendu Mallik, who visited the victims, said: "Anti Snake Venom (ASV) is available free of cost at government hospitals, but people still go to quacks due to lack of awareness. "We are helping the victims get medical attention and also complaining to the police against the quack." This footage was filmed on August 18.

India, Brazil, and South Africa will face the 'harshest' economic impact from the coronavirus in major nations as they're corrupt and badly run, a report says
Publisher:  business insider
Saturday, 22 August 2020 07:01

jair bolsonaro brazil coronaviurs

  • India, South Africa, and Brazil can expect the "harshest repercussions" from COVID-19 on their economies among G-20 members, according to a report released this week.
  • These three economies lie at the very bottom of risk consultancy Verisk Maplecroft's "Recovery Capacity Index" when it comes to the coronavirus.
  • "A drawn-out recovery for these markets will have severe repercussions for the investment community, consumer markets and multinationals," Verisk Maplecroft's report said.
  • Visit Business Insider's homepage for more stories.

The G-20's "least-resilient" nations are set to face far worse economic consequences than wealthier ones in the aftermath of the pandemic, according to a report by global political risk consultancy Verisk Maplecroft.

India, South Africa, and Brazil will experience the "harshest repercussions" as they attempt to recuperate economic losses this year, analysts David Wille and Joshua Cartwright wrote.

G-20 countries in Western Europe and East Asia have the capacity to recover more rapidly than emerging market members, the report said.

More affluent countries adopted strict lockdowns and managed to support citizens when their economies entered a "self-induced coma," the report found, while poorer G-20 members could not launch such widespread programmes, it added.

The clear outlier was found to be the US with the "least effective pandemic response of any developed market" due to a politicized re-opening of state level eceonomies, which allowed the virus to keep spreading, the report said.

However, it added, as soon as a vaccine is developed, the high fiscal power of the US will lessen the impact of the downturn.

The G-20, which is made up of the EU and 19 of the world's most powerful economies, can expect its members to see a two-track recovery through Verisk Maplecroft's "Recovery Capacity Index."

The index measures a nation's ability to recover from a crisis.

Screenshot 2020 08 20 at 15.09.12

India, South Africa, and Brazil lie at the very bottom of this index.

The three economies contribute to 20% of the world's population, 10% of the world's GDP, 3.7% of total trade, and 3.2% of foreign direct investment flows.

Read More: A JPMorgan equity chief sees stocks staying rangebound for another year, even if there's a vaccine breakthrough — but says investors can still get big returns in these 11 regions and sectors

In its latest world economic outlook, the International Monetary Fund predicted that emerging market economies will shrink by 3.2% in 2020 — the largest decline for this group on record. 

"A drawn-out recovery for these markets will have severe repercussions for the investment community, consumer markets and multinationals," Verisk Maplecroft's report said.

Smaller G20 members will see their recoveries hampered by weak institutions and corrupt governance, it highlighted. Disruptions from civil unrest pose the biggest roadblock to their recovery, the report added.

Maplecroft's measure for corruption scores India, Brazil, and South Africa as high-risk while Russia, Mexico, and Indonesia fall under the "extreme" risk category.

Read More: A $5 billion chief market strategist shares 5 post-pandemic stocks to buy now for gains as COVID-19 cases level off — and 2 big-tech winners to start cashing out of

"Corrupt, ineffective and unstable governments will be limited in their ability to direct funding to where it is most needed, failing to revive the economy even after the immediate crisis is dealt with," the report noted.

The urban population density of such nations is another weak-point as that indicates high exposure to the virus, and difficulty in containing outbreaks.

The consultancy found that India and Indonesia fall under an alarming high-risk category when it comes to connectivity — a measure of the physical distance between populations and the availability of digital infrastructure that indicates the speed of worker and consumer activity.

On that gauge, South, Africa, China, Mexico, and Brazil are comparatively better off at a medium-risk level.

"Even if they manage to avoid the worst, our Recovery Capacity Index suggests that India, South Africa and Brazil still have a long road ahead," the analysts concluded.

Read More: Jefferies says buy these 7 back-to-school stocks poised for big returns with much of the US going remote

SEE ALSO: A senior Fed official says 'Wall Street has called this about right' after stocks rally to record highs even as fears persist about US economic health

Join the conversation about this story »

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The 'Tony Hawk's Pro Skater' legacy: How one franchise helped shape a new generation of skate culture
Publisher:  Mashable
Saturday, 22 August 2020 07:01

The 'Tony Hawk's Pro Skater' legacy: How one franchise helped shape a new generation of skate culture

The first time I picked up a skateboard, I busted my 12-year-old ass over and over again. Slamming onto the pavement, catching the side of my board in the shin or ankle, I experienced all the rite of passage injuries almost every skater will face. Many would have quit the sport in these early stages, but not me. No, I wanted to be just like the skaters I idolized in the Tony Hawk's Pro Skater video games — the ones who inspired me to get that first board, and who I lived through vicariously as I tirelessly churned out the highest-scoring combos I could muster to Goldfinger's "Superman."

I wasn't the avid gamer I am today when the first two Pro Skater games hit consoles (I was only four years old in 1999), but those who were already playing those games at the time were being introduced to a world many of them hadn't been familiar with: the world of skating.  Read more...

More about Tony Hawk S Pro Skater, Skate Culture, Entertainment, Sports, and Gaming

Confusion reigns as Canada turns away American students
Publisher:  POLITICO
Saturday, 22 August 2020 07:00


American students accustomed to easy access to Canadian campuses face unprecedented obstacles to continuing their education as the nation’s borders remain all but closed due to the coronavirus.

Visas once processed in weeks are taking months to secure. Students have been asked to prove that their physical presence is essential — no matter that campuses and dormitories are open even as learning shifts online.

“It’s a mess,� said Christopher Collette, an immigration attorney at Campbell Cohen in suburban Montreal.

The impending school year creates a conundrum for the Canadian government — and for some 500,000 international college students and thousands more who are younger.

Canada’s international student policies are not far from those of the Trump administration, which originally planned to deport foreign students whose courses were fully online this fall. When the plan met with backlash, U.S. Immigration and Customs Enforcement clarified that new foreign students may not enter the country if all of their courses are online.

Were it not for the confusion about Canada’s policies, there might be more of an outcry.

Prime Minister Justin Trudeau has sought to carve out Canada as an attractive option for prospective immigrants given the Trump administration's restrictive immigration policies, and the country has taken pride in drawing students from around the world who may ultimately opt to settle in Canada.

But as the coronavirus pandemic continues its stranglehold on several nations, including the U.S., Ottawa is clamping down on who can enter the country, protecting Canadians who have largely flattened the Covid-19 curve.

Entering Canada to attend school is “generally" considered optional unless there is a requirement for a student to be in the country, Canada Border Services Agency spokesperson Jacqueline Callin said.

"The onus is on the traveler to show that their presence in Canada is required," she said.

Many universities are offering the bulk of their courses online for the fall semester, though some specific programs are running in-person. If a student’s course load is fully online, border agents are unlikely to wave them through.

Americans historically have had an easier time than other foreign students when applying for Canadian study permits. Options have included applying online or in person at a Canadian port at the time of entry. But even now, it’s not clear how exactly Americans applying for student visas should proceed.

Collette said Americans are officially being encouraged to apply online, though some have been allowed into Canada after applying at Canadian ports of entry.


Henry Chang, a Canada-U.S. immigration lawyer at Dentons Canada in Toronto, said Immigration, Refugees and Citizenship Canada recently updated its guidance to clarify that American students who show up at the border and can prove they're traveling for a non-discretionary reason may be permitted to enter Canada, even if they’ve yet to secure a valid permit.

“Can I tell you that every person has gotten in? No," Chang said.

IRCC did not respond to requests for comment.

Meanwhile, other international students need a valid reason to be physically present in Canada and must have permits in hand — or permit approval as of March 18. The requirement means new foreign students are essentially banned from entering.

CBSA officers have largely had to interpret the rules in real time as guidance trickles down from Ottawa, Chang said, and the study permit issue will need further clarification. In the meantime, there likely will be differences among ports in how updated guidance is applied to U.S. students, he said.

Online processing for student visas for Americans is taking about 19 to 20 weeks, attorneys said. It used to take up to a month.

Universities have provided letters to students signed up for in-person coursework, an effort to persuade border officers of their admissibility. Students who have poor internet connections in their home countries, or who face time differences that make it difficult to attend online classes, have also tried to make their cases for entry.

But like all border encounters, CBSA officers wield broad discretion.

"There are many factors that come into play when an officer is allowing a traveler to enter the country,� Callin said. “It is important to note that the final determination is made by a border services officer on a case-by-case basis at the port of entry with the information presented upon time of entry to Canada."

Deena Wang, manager of international recruitment at the University of Windsor in Ontario, said the school has revised its travel support letter about four times since the spring in response to updates in guidance from Canadian immigration regulators.

Requiring a student to prove essential travel "wasn’t very clear at the very beginning," she said.


In recent weeks, IRCC has signaled that processing study permits is the agency's priority, Wang said.

“It took some time to speed up, but the government aims to process the majority of the applications before the program starts" next month, she said.

The ongoing restrictions are also hamstringing younger U.S. citizens from border communities from commuting across the border for school.

Right now, students crossing into Canada must fulfill the country's 14-day quarantine mandate. Commuting students don't fall on Ottawa's list of exceptions, making it impossible for them to simultaneously attend class in Canada and live in the U.S

The requirements prevent some students from Point Roberts, Wash., which borders British Columbia on a peninsula geographically isolated from the rest of the state, from returning to school and extracurriculars in Canada, said Christopher Carleton, the town's fire chief.

"We need to be independently viewed when it comes to this pandemic, because everybody is grouping us in with the rest of the United States, and we don’t have Covid numbers here — we don’t have the attachment to the Lower 48," he said last month. "We are very isolated."

There are no exceptions in Canada's quarantine rules for students — as there are for certain workers, said Health Canada spokesperson Eric Morrissette. "Since they could not reasonably comply with this on a daily basis for the purposes of attending school, such students would be denied entry," he told POLITICO.

The same quarantine mandate applies to Canadian citizens crossing from the U.S., even if they are students, Morrissette said, meaning Canadians who live in the States but attend school in Canada would not be permitted to commute for educational purposes.

Among those exempted from Quarantine Act requirements are residents of an "integrated trans-border community" existing on the border. The Indigenous territory of Akwesasne, straddling Ontario, Quebec and New York, is the only place identified as fitting that definition, according to Health Canada.

That exception has at least one pair of border towns between northern British Columbia and Alaska petitioning to be treated as such a community, given the Alaskan residents' geographical isolation from the rest of the state.

For now, Canadian universities are scrambling to stay on top of the ever-changing immigration guidance so they can communicate to international students what they need to know, should they try to cross the border.

“It’s important to us that we do everything we can to make sure we are well educating them for the process itself, and we have adequate supports in place" for foreign students, said Beth Natale, the University of Windsor's director of student recruitment.


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