Barclays vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: June 16, 2025
Summary of Barclays vs. SoFi Bank
As of June 16, 2025 Barclays offers an APY of 4.20% for its Tiered Savings account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
Barclays yields $40 more than SoFi Bank on a $10,000 balance after one year. Barclays pays $420, while SoFi Bank pays $380 - an APY advantage for Barclays.
In addition, Barclays also offers 3.70% APY for the Online Savings account.
Barclays
Strengths
- Barclays offers a higher APY of 4.20% for balances over $250,000.
- Barclays has an A+ BBB rating and is BBB Accredited.
- Barclays has no maintenance fees for its savings accounts.
Potential Drawbacks
- Only offers the high APY for balances over $250,000.
- Barclays has no branches, limiting in-person service.
- Barclays' Online Savings APY decreased from 3.80% to 3.70%.
SoFi Bank
Strengths
- SoFi Bank has no minimum balance requirement for its savings account.
- SoFi Bank's APY is stable at 3.80% without recent changes.
- SoFi Bank offers a bundled checking account with its savings account.
Potential Drawbacks
- SoFi's APY requires direct deposit or a $5,000 Qualifying Deposit.
- SoFi Bank has no branches, limiting in-person service.
- SoFi Bank's Google Play rating is lower at 4.5 compared to Barclays.
Summary: Barclays provides a higher APY of 4.20% but only for large balances, while SoFi Bank offers a stable 3.80% with no minimum balance. Both banks lack branches, but Barclays has a strong A+ BBB rating. SoFi's APY requires specific conditions, which may be a drawback for some customers. Overall, Barclays may be better for high balances, while SoFi is more flexible for lower amounts.
Compare Barclays' vs SoFi Bank's Savings Accounts
| Barclays | SoFi Bank | |||
|---|---|---|---|---|
| Product | Tiered Savings | Online Savings | vs | SoFi Savings |
| APY | 4.00% - 4.20% (as of 6/16/2025) | 3.70% (as of 6/16/2025) | 3.80% (as of 6/16/2025) | |
| Bundled Account | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | |
| Minimum Balance for APY | $250,000 | Enough to earn $0.01 in interest | $0 | |
| Maintenance Fee | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | The 4.20% APY is only available for balances over $250,000. For lower balances, the APY is 4.00%. | N/A | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | |
| Visit Bank | Tiered Savings | Online Savings | SoFi Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | ||
| Google Play Rating | 4.7/5 | 4.5/5 | ||
| BBB Rating | A+ | A+ | ||
Comparative Historical APY Insights (Last 5 Months)
| Barclays | SoFi Bank | |||
|---|---|---|---|---|
| Product | Online Savings | Tiered Savings | vs | SoFi Savings |
| Latest APY | 3.70 % | 4.20 % | 3.80 % | |
| Trend | Sideways | Falling | Sideways | |
| Slope (bps/mo) | -3.9 | -6.8 | -0.5 | |
| Rate Changes / Mo | 1.03 | 1.03 | 0.21 | |
| Days Since Last Change | 6 | 6 | 143 | |
| High (-5 m) | 4.00 % | 4.50 % | 4.00 % | |
| Low (-5 m) | 3.70 % | 4.20 % | 3.80 % | |
| Draw-down from High | -7.5 % | -6.7 % | -5.0 % | |
| Volatility (CV) | 0.017 | 0.023 | 0.007 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-5 m)
- Highest APY in the last 145 days.
- Low (-5 m)
- Lowest APY in the last 145 days.
- Draw-down from High
- How far today sits below the 5-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Barclays vs SoFi Bank
All calculations are based on APY.
Barclays
APY: 4.20%
Total savings breakdown:
- Interest earned: $42 (4.03%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (95.97%)
Your total balance
$1,042.00
Effective APY: 4.20% (based on your deposit and contributions)
Total balance: $1,042
Earnings: $42
Bank DetailsSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year Barclays would earn you $4 more than SoFi Bank.
More Comparisons
Compare Barclays' APY of 4.20% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Barclays vs Ally Bank | 3.60% | $0 |
| Barclays vs American Express | 3.60% | $0 |
| Barclays vs Axos Bank | 4.66% | $0 |
| Barclays vs Bank of America | 0.01% | $100 |
| Barclays vs Capital One | 3.60% | $0 |
| Barclays vs Chase Bank | 0.01% | $0 |
| Barclays vs Chime | 3.75% | $0 |
| Barclays vs CIT Bank | 4.00% | $100 |
| Barclays vs Discover Bank | 3.60% | $0 |
| Barclays vs Fitness Bank | 5.00% | $100 |
| Barclays vs Marcus by Goldman Sachs | 3.65% | $0 |
| Barclays vs Synchrony Bank | 3.80% | $0 |
| Barclays vs Varo Bank | 5.00% | $0 |
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.60% | $0 |
| SoFi Bank vs American Express | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Capital One | 3.60% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 4.00% | $100 |
| SoFi Bank vs Discover Bank | 3.60% | $0 |
| SoFi Bank vs Fitness Bank | 5.00% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |