SoFi and Barclays are online banks with no-frills accounts and competitive rates. SoFi offers a variety of financial services and has been ranked as one of the top online banks in 2025. Barclays, with a history dating back over 300 years, serves 48 million customers worldwide and offers online savings accounts and CDs.

SoFi’s interest-bearing checking account earns 0.5% APY with no overdraft fees or minimum balance requirements. Barclays does not offer checking accounts. SoFi also offers high-yield savings accounts with a limited-time offer of up to 4.5% APY, while Barclays offers 3.7% APY on savings balances.

SoFi does not offer CDs, but provides various financial services. Barclays offers CDs with competitive rates of up to 4% APY and no minimum opening deposit required. SoFi is better for higher APYs, while Barclays offers specific products like CDs.

SoFi is ideal for those seeking high savings rates and convenience, while Barclays is great for savers interested in top CD rates with no monthly fees. Both banks are low-cost options compared to traditional banks, but SoFi is better for ATM users and those who don’t often perform wire transfers.

Read more at Yahoo Finance: Which online bank is best for your bottom line?