Barclays vs. SoFi Bank
Barclays and SoFi Bank both offer 4.00% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? Barclays pays $20 more than SoFi Bank annually ($385 vs $365).
The Barclays and SoFi Bank savings accounts are very similar. Choose Barclays if getting the best rate matters most, you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Barclays's 4.00% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while Barclays offers its savings account standalone.
| Metric | BarclaysTiered Savings Feb 6, 2026 | SoFi BankSoFi Savings Feb 6, 2026 |
|---|---|---|
| APY | 3.85% - 4.00% | 3.30% - 4.00% |
Est. Earnings | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The 4.00% APY is only available for balances over $250,000. For lower balances, the APY is 3.85%. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Features | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
Barclays offers a Tiered Savings account with a competitive 4.00% APY for balances over $250,000, while lower balances earn 3.85%. This account is online-only and has no maintenance fees or direct deposit requirements. Alternatively, their Online Savings account provides a simpler option with a 3.60% APY. SoFi Bank also features a savings account with a 4.00% APY, but this includes a temporary boost and requires either a direct deposit or a $10 monthly subscription fee. SoFi's account comes bundled with a checking account that has a 0.50% APY. Both banks provide appealing savings options, but Barclays's Tiered Savings account stands out for higher balances.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Barclays?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.7 vs 3.9)
- ✓Offers 2 different high-yield savings options
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
BarclaysBarclays's Tiered Savings earns more on smaller deposits (approx. $385 vs $365/yr).
Better Returns at $25,000
BarclaysBarclays's Tiered Savings pulls ahead with larger amounts (approx. $963 vs $913/yr).
Best for Simplicity
BarclaysBarclays's Online Savings offers 3.60% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
BarclaysBarclays offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.7 (vs. 3.9)
Shared Benefits
Over a 1-year period, Barclays's Tiered Savings pays $20 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Barclays's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Barclays vs. SoFi Bank Savings Calculator
You earn $20.1 more with Barclays than SoFi Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Barclays
Tiered Savings
Higher APY requires $250,000
Savings Breakdown
- Interest Earned+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $364 per year in interest.
Both Barclays and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Barclays | SoFi Bank |
|---|---|---|
| APY | 4.00% Range: 3.85% - 4.00% Verified: 2/6/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 2/6/2026 ↘︎ 0.50%90d Change |
| Product Name | Tiered Savings | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $250,000 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | None | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | The 4.00% APY is only available for balances over $250,000. For lower balances, the APY is 3.85%. | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | Visit SiteVerify at Barclays Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Barclays | SoFi Bank | |
|---|---|---|---|
| Online Savings | Tiered Savings | SoFi Savings | |
Current APY | 3.60% | 4.00% | 4.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -2.6 | -3.8 | 4.7 |
Days Since Change | 72 | 79 | 45 |
12-Month High | 3.90% | 4.50% | 4.50% |
12-Month Low | 3.60% | 4.00% | 3.80% |
Adjustments / Mo | 0.41 | 0.58 | 0.25 |
Volatility Score | 0.027 | 0.035 | 0.069 |
How to read these metrics(Click to expand)
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