Yahoo Finance·2025-10-21 23:27Core Insights - SoFi and Barclays are both online banks that offer minimal fee accounts and competitive interest rates, making them suitable for customers with simple banking needs [1] Group 1: Company Overview - SoFi, founded in 2011, is a financial technology company that serves over 6.9 million customers and offers a range of products including lending, investing, and personal banking [2] - Barclays Bank has a history of over 300 years and serves 48 million customers globally, providing retail banking, credit cards, and investment services [3] Group 2: Deposit Account Options - SoFi offers an interest-bearing checking account with a 0.5% APY, no overdraft fees, and no minimum balance requirements, while Barclays does not offer checking accounts [4][5] - Both banks provide high-yield savings accounts, with Barclays offering 3.7% APY and SoFi providing a limited-time offer of up to 4.5% APY for six months [7] Group 3: Additional Products and Services - SoFi has a broader range of products including student loan refinancing, personal loans, and insurance, while Barclays primarily offers savings accounts and CDs [9][10] - Barclays offers CDs with terms from six months to five years and competitive interest rates up to 4% APY, which SoFi does not provide [9] Group 4: APYs and Fees - SoFi generally offers higher APYs compared to Barclays on the products they both provide, but Barclays has competitive rates on CDs [11] - Both banks are low-cost options compared to traditional banks, but SoFi has an advantage for customers who frequently use ATMs [12] Group 5: Customer Suitability - SoFi is ideal for customers looking to earn high rates on savings and prefer having both checking and savings accounts at the same bank [13] - Barclays is suitable for savers interested in top CD rates and those starting out, as it has no monthly service fees or minimum balance requirements [14]