SoFi and Barclays are both online banks offering no-frills accounts with minimal fees and competitive interest rates. If you have simple banking needs and prefer to manage your accounts online, both SoFi and Barclays are worthwhile options.
That said, is one bank better than the other? Here’s a closer look at what SoFi and Barclays have to offer, and what type of customer each bank is best suited for.
Social Finance Inc. — better known as SoFi — is an online financial technology company founded in 2011 by a group of Stanford business school students. In 2012, SoFi launched its Student Loan Refinancing program for federal and private student loans. Currently, SoFi serves more than 6.9 million customers and has expanded its product offering to include lending, investing, personal banking, insurance, and more. SoFi is ranked as one of the 10 best online banks of 2025.
Read our full review of SoFi
Barclays Bank’s history dates back more than 300 years to London, and it has since expanded to serve 48 million customers worldwide. It offers retail banking, credit cards, and investment and wealth management services. The U.S. division of Barclays Bank offers online savings accounts and a wide range of CD terms.
Read our full review of Barclays Bank
Barclays does not currently offer a checking account.
SoFi offers an interest-bearing checking account that earns 0.5% APY. This account does not charge overdraft fees, and there’s no minimum opening deposit or minimum balance requirement. There are also no monthly fees to maintain your account.
Note that SoFi customers cannot open a standalone checking account — it is bundled with the SoFi high-yield savings account.
Additionally, new and existing checking and savings members who have not previously enrolled in direct deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total eligible direct deposits received during the direct deposit bonus period) or $300 (with at least $5,000 total eligible direct deposits received during the direct deposit bonus period). Cash bonus will be based on the total amount of eligible direct deposit.
Read more: Best new bank account promotions and bonuses: Earn up to $3,000
Both SoFi and Barclays offer high-yield savings accounts with competitive interest rates and no monthly fees.
However, while Barclays offers 3.7% APY on savings balances, SoFi is running a limited-time offer that allows customers to earn up to 4.5% APY for up to six months. This rate includes a 0.7% savings boost on top of its standard maximum rate of 3.8% APY.*
*SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
SoFi does not currently offer Certificates of deposit (CDs).
Barclays, on the other hand, offers CDs with terms ranging from six months to five years with competitive interest rates of up to 4% APY. There is no minimum opening deposit required.
Read more: These 8 banks offer CDs with no minimum deposit requirement
In addition to savings and checking accounts, SoFi also offers student loan refinancing, private student loans, home equity loans, personal loans, mortgage loans, auto loan refinancing, investing products, credit cards, insurance products, business solutions, and more.
Barclays’ product offering is more limited; the U.S. banking division only offers savings accounts and CDs.
Overall, SoFi offers higher APYs when compared to Barclays on the products both banks provide. However, Barclays offers specific products that SoFi does not, such as CDs, with competitive APYs.
For many customers, SoFi and Barclays are both low-cost banking options, especially compared to traditional brick-and-mortar banks. However, SoFi has an edge over Barclays if you use ATMs often and don’t typically perform outgoing wire transfers.
SoFi is a solid option for those who are interested in earning the highest rate possible on their savings. Its online bank account is also a convenient option for those who prefer to have their checking and savings accounts held at the same bank.
Barclays is a great option for savers who want to take advantage of today’s top CD rates. It’s also a good bank for savers who are just starting out; Barclays has no monthly service fees, and there are no minimum balance requirements to open or maintain savings and CD accounts.
Read the full article here
