Barclays Bank Tiered Savings: $200 Bonus on $25,000 Deposit (4.50% APY)

Barclays Bank Delaware is an FDIC-insured US bank with a limited-time offer of a $200 bonus if you deposit $25,000+ in new funds into their Tiered Savings Account. You must open by 1/6/2025, fund within 30 days of opening, and maintain the balance of at least $25,000 for another 120 consecutive days after funding. Bonus arrives after another 60 days. You must be a new Barclays Tiered Savings customer (current and previous Barclays customers with a Savings or CD are not eligible). Note that they have other flavors of savings accounts, so be sure to apply for the right one. Direct deposit is not required. Found via DoC.

Here are the current interest rate tiers, as of 11/12/24. They are subject to change at any time.

Selected fine print:

**$200 Bonus Offer: To qualify for this bonus offer, you must be a new Barclays Tiered Savings customer (current and previous Barclays customers with a Savings or CD are not eligible), open an account 11/7/2024 through 1/6/2025, fund your new Tiered 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 1/6/2025.

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 Tiered Savings account. The funds deposited into your Barclays Tiered Savings account will earn the then current annual percentage yield listed on banking.barclaysus.com/tiered-savings for the Barclays Tiered 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 Tiered Savings account, as described above there is a minimum balance required to earn the bonus offer.

Bonus math. This is a 0.8% bonus on $25,000 if you keep it there for 120 days, which makes it the equivalent of 2.40% APY annualized. Bonus will be paid around Day 180 and the account must be open at that time, but you only need to maintain full balance through Day 120 after funding. The bonus is on top of the standard interest rate, currently a relatively competitive 4.50% APY for a $25,000 balance as of 11/12/24.

The equivalent of roughly 6.90% total APY over 120 days makes it a decent offer for those with compatible balances looking for short-term place to hold their cash for a few months. The total difference over a 5.00% APY savings account would be about $150 in interest over those 120 days.