Woman walks past Barclays bank building
DANIEL LEAL-OLIVAS/Getty Images

You might know Barclays for its savings accounts, CDs and credit cards.

In the next year, expect a digital-only checking account to be added to those offerings.

Barclays, which goes by Barclays Bank Delaware for its savings accounts and CDs, is preparing an online checking account for release sometime in 2019, the Financial Times reports.

“The more aspects of the relationship a customer has with us, the happier we are,” Barry Rodrigues, head of cards and payments at Barclays International, told the Financial Times.

Additional details about the checking account, such as whether it will pay interest and what the minimum balance will be, are not currently available, a Barclays spokesperson said via email.

Features of a competitive checking account

While few details about the new Barclays checking account are currently available, in today’s world of online-only banking, there a few things that separate some checking accounts and banks from others.

Two main factors are whether the account is an interest-bearing account and what minimum balance is required. Another is whether the account is insured; currently, Barclays’ savings accounts and CDs are through Barclays Bank Delaware, an FDIC member bank. It also pays to be mindful of fees, such as overdraft and monthly service fees.

It’s unknown whether Barclays will offer an interest-bearing checking account. But if it does, it could separate Barclays from its online competitors. The combination of a recognizable brand and interest could be appealing to customers.

The national average annual percentage yield for checking accounts is just 0.08 percent, but a few banks offer an APY of 0.9 percent or better. Here’s a sampling of some of the top-yielding checking accounts and the minimum balance needed to open the account:

Comparing some of the top-yielding checking accounts
Institution APY Balance to earn APY Balance to open
Source: Bankrate.com
Simple 2.02% $2,000 $1
Axos Bank 1.25% $1,000* $1
TIAA Bank 1.21%** $5,000 $5,000
Radius Bank 1.2% $100,000 $100
NBKC Bank 0.9% $0 $5

* Balances more than $150,000 don’t earn interest. Your APY is based on if you have a direct deposit of at least $1,000 or more (0.4166%), if you make at least 10 point-of-sale debit card transactions of at least $3 (0.4166%) and if you make an additional five point-of-sale transactions of at least $3 with your debit card (0.4166%).

** 1-year intro APY on up to $250,000 for first-time checking clients.