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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.
SoFi vs. Barclays: General overview
About SoFi
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 .
About Barclays
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 vs. SoFi: Deposit account options
Checking accounts
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 $400 (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
Savings accounts
Both SoFi and Barclays offer high-yield savings accounts with competitive interest rates and no monthly fees.
SoFi's HYSA is bundled with checking as part of its online bank account offering. Meanwhile, Barclays offers two HYSAs: the Barclays Online Savings Account, which pays a competitive interest rate on all balances, and the Tiered Savings Account , which awards a higher rate for larger balances.
That said, SoFi is running a limited-time offer that allows customers to earn up to 4% APY for up to six months, which is a bit more than you can earn with Barclays. This rate includes a limited-time 0.7% savings boost on top of its standard maximum rate of 3.3% APY.
Certificates of deposit (CDs)
SoFi does not currently offer certificates of deposit (CDs).
Barclays CDs come in terms terms ranging from six months to five years and competitive interest rates well above national averages. There is no minimum opening deposit required.
Read more: These 8 banks offer CDs with no minimum deposit requirement
SoFi vs. Barclays: Additional products and services
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.
Does SoFi or Barclays have better APYs?
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.
Does SoFi or Barclays have lower fees?
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.
Who should bank with SoFi?
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.
Who should bank with Barclays?
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.
SoFi Disclosures
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking . SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet .
0.70% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.70% APY Boost (added to the 3.30% APY as of 3/31/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2 . SoFi Bank, N.A. Member FDIC.
Fee Policy
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
