Barclays vs. SoFi Bank
SoFi Bank edges out Barclays slightly at 4.00% vs 3.65% APY. On a $10,000 balance, the difference is just $5 per year, so other factors may matter more.
The Bottom Line
The Barclays and SoFi Bank savings accounts are very similar. Choose Barclays if you want a no-strings-attached account, or you're an Android user. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Barclays's Tiered Savings stands alone.
| Metric | BarclaysTiered Savings Sep 4, 2026 | SoFi BankSoFi Savings Sep 4, 2026 |
|---|---|---|
| APY | 3.50% - 3.65% | 3.10% - 4.00% |
Earns in a year | $5,000+$175 $10,000+$350 $25,000+$875 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The top APY is only available for balances over $250,000. For lower balances, a lower APY applies. | Limited offer: The stated APY 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 an interest-bearing checking account. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Executive Summary
SoFi Bank offers a competitive APY of 3.80% on its SoFi Savings account, which requires eligible direct deposit or $5,000 in qualifying deposits every 31 days to maintain the rate. This account is bundled with an interest-bearing checking account, providing additional convenience. In contrast, Barclays provides an Online Savings account with a lower APY of 3.20%, but it has no direct deposit requirement or balance caps, making it simpler for users. Both banks operate online only and are nationally available, but SoFi's higher yield makes it the preferred option for those who can meet the eligibility criteria.
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 (4.6 vs 3.8)
- 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+.
- Higher potential APY (4.00% vs 3.20%-3.65%) on all balances
- Fast transfers via Zelle®
Key Feature Differences
Better for Simplicity
BarclaysBarclays's Online Savings offers 3.20% APY with no bundling, direct deposit requirement or caps.
Better Mobile App Experience
BarclaysBarclays offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.6 (vs. 3.8)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $5 more interest on a $10,000 balance than Barclays's Tiered Savings.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Barclays vs. SoFi Bank Savings Calculator
You earn $4.9 more with SoFi Bank than Barclays 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
Savings Breakdown
- Interest Earned+$350.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,350.00
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$354.90(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,354.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $345 a year in interest.
Both Barclays and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | Barclays | SoFi Bank |
|---|---|---|
| APY | 3.65% Range: 3.50% - 3.65% Observed: 9/4/2026 0.35%90-day change | 4.00% Range: 3.10% - 4.00% Observed: 9/4/2026 0.20%90-day change |
| Product Name | Tiered Savings | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | 1 (DE) | 4 (CA, UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA 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 top APY is only available for balances over $250,000. For lower balances, a lower APY applies. | Limited offer: The stated APY 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 an interest-bearing checking account. |
| 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 | |
|---|---|---|---|
| Tiered Savings | Online Savings | SoFi Savings | |
Current APY | 3.65% | 3.20% | 4.00% |
Trend | Stable | Stable | Stable |
Speed of change | -0.04 | -0.04 | -0.08 |
Days Since Change | 72 | 1 | 0 |
12-Month High | 4.10% | 3.70% | 4.50% |
12-Month Low | 3.65% | 3.20% | 3.80% |
Changes per month | 0.33 | 0.41 | 0.41 |
Steadiness | 0.019 | 0.023 | 0.051 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 364-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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