Advertiser Disclosure

Reviews

Associated Bank Review: Checking, Savings, CD and Money Market Accounts

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Year Established1874
Total Assets$33.6B
LEARN MORE Associated Bank, NA’s secure websiteMember FDIC

Associated Bank is based in Green Bay, Wis., the largest bank headquartered in the state. Established in 1970 — the result of a merger between three local banks, whose operations dated back as far as 1861 — it has grown to more than 4,500 employees, with more than 200 locations across several local states.

Associated Bank currently offers checking, savings, money market and CD accounts for its personal banking products. Rates may vary by region — the ones listed in this review are for the bank’s headquarters in Green Bay. Associated has preferred rates for all of their accounts for account holders with a qualifying checking account, and for those with certain relationship levels with the bank. However, you will have to contact the bank for more information about these programs.

Read on to help determine if one of these accounts may be the right product for you.

Associated Bank, NA’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.05%

Savings

Associated Bank, NA Associated Savings - Standard

2.10%

American Express National Bank High Yield Savings Account

on American Express National Bank’s secure website

Member FDIC

0.10%

CD Rates

Associated Bank, NA 12 Month Fixed Rate CD - Standard

2.75%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.10%

CD Rates

Associated Bank, NA 36 Month Fixed Rate CD - Standard

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Associated Bank’s checking account options

Associated Checking

The bank’s basic, non-interest bearing checking account.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $11; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account does not have the ability to earn interest. It is, however, fairly easy to avoid its monthly fee; you can do so by having direct deposits of at least $500 total per statement cycle, maintaining a $1,000 minimum daily balance, maintaining a combined balance of at least $2,500 in your deposit accounts within the same statement cycle (or have an HSA or investment account) or if you’re under the age of 24 and opt for eStatements instead of paper. This account also offers cash back rewards with certain purchases, mobile and online banking and bill pay services and a free debit Mastercard. Lastly, since the bank charges account holders various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this is a concern.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

Elite Checking

This account allows you to earn interest on high balances.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.01N/A0.05%
$25,000N/A0.10%
$250,000N/A0.15%
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $25; can be waived if you maintain a combined balance of $10,000 in deposit accounts within the same statement cycle, or have either an HSA or investment account
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account allows holders to earn interest on balances of at least $10,000 — however, you’ll have to contact the bank to find out what standard rates are available in your area. This account also comes with mobile and online banking and bill pay services, a free debit Mastercard, free personal and traveler’s checks and cash back rewards on certain purchases.

How to get Associated Bank’s checking accounts

Both of Associated Bank’s checking accounts can be opened online or in person. To do so, you’ll need to be prepared to provide your Social Security number and a government-issued I.D. (e.g. a driver’s license, state I.D. or passport). Account holders under age 18 must have a parent open the account with them as a joint owner.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

magnifying glass

How Associated Bank’s checking accounts compare

At first glance, these two accounts don’t beat out those on our list of the best online checking accounts. For starters, one doesn’t earn interest, while the other doesn’t even have its rate readily available — and both have pretty high monthly fees. Neither of these accounts make it particularly easy to avoid the fees, as even $1,000 might be challenging for some people to maintain on the basic checking account. It’s difficult to compare the Elite Checking account to those on our list without knowing the rate you’ll be getting, but the high balance needed to earn it might be a drawback to some.

Associated Bank’s savings account options

Associated Savings

A basic savings account earning a small amount of interest.
Minimum Balance to Earn APYAPY (Standard)APY (Preferred)
$0.010.05%0.05%
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

The monthly fee on this account can be waived with a $300 minimum daily balance or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. This account also comes with free online banking services. Additionally, since the bank charges various fees for using out-of-network ATMs, you may want to contact customer service to clarify what they are if this could be an issue. As a savings account, this one is subject to Federal Reserve Regulation D, which limits certain types of withdrawals and transfers to six per month.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

Zero Interest Savings

As the name suggests, this account earns absolutely no interest.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $5; can be waived (see below)
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This account has a lot of the same requirements as the bank’s other savings account, though it earns absolutely no interest. Its monthly fee can be waived with a minimum daily balance of $300 or at least $25 per month in recurring direct deposits or online banking transfers, or if you are under age 18. As with the bank’s other accounts, Associated Bank charges various ATM fees when you use an out-of-network ATM, so you may want to contact the bank to clarify what they are before using one. As with all savings accounts, this one is subject to Federal Reserve Regulation D, which allows certain types of limits withdrawals and transfers to six per month.

How to get Associated Bank’s savings accounts

Both of the bank’s savings accounts can be opened online or in person. To do so, you’ll need to provide your government-issued ID and Social Security number. Account holders under age 18 must have a parent open the account with them as a joint owner.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

magnifying glass

How Associated Bank’s savings accounts compare

Based on interest rates alone, Associated Bank’s savings accounts lose hard to those on our list of the best online savings accounts. Not only that, but these two bare-bones accounts don’t offer anything in the way of perks and additional services. Plus, the only difference between the two accounts appears to be the fact that you can earn interest (albeit a very small amount) on the Associated Savings account, so we don’t know why anyone would opt for the Zero Interest Savings, given the choice. Do yourself a favor and shop around, or consider one of the accounts on our list instead.

Associated Bank’s CD rates

Regular Term CDs

The bank’s standard CDs, requiring a $1,000 opening deposit in exchange for pretty dismal rates.
TermAPY (Standard)APY (Preferred)
3 months0.10%0.10%
6 months0.10%0.10%
9 months0.10%0.10%
12 months0.10%0.15%
18 months0.10%0.26%
24 months0.10%0.28%
30 months1.05%1.30%
36 months0.10%0.35%
48 months0.15%0.40%
60 months0.35%0.60%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest
The bank’s regular CDs are available in a wide range of terms with a relatively low deposit requirement. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be automatically renewed.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

Fixed-Rate Add-On CDs

This CD is meant to give you a bit more flexibility.
TermAPY (Standard)APY (Preferred)
12 months0.10%0.15%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: 181 days’ worth of interest
This fixed-rate CD requires a lower minimum deposit compared to the bank’s other offerings, and comes with the flexibility of making additional deposits throughout your term. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty. Otherwise, the CD term will be automatically renewed.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

Special Term CDs

Promotional CDs with a $5,000 minimum opening deposit.
TermAPY (Standard)APY (Preferred)
7 monthsN/A0.75%
13 monthsN/A2.00%
26 monthsN/A2.45%
42 monthsN/A2.50%
61 monthsN/A2.75%
  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: For terms less than 12 months, it’s 90 days’ worth of interest; for terms greater than or equal to 12 months but less than 24 months, it’s 181 days’ worth of interest; for terms greater than or equal to 24 months but less than 36 months, it’s 270 days’ worth of interest; for terms 36 months and longer, it’s 365 days’ worth of interest

These CDs are available in term lengths of 7, 13, 26, 42 or 61 months; however, you’ll need to contact the bank to find out the rates for these promotional CDs. Interest is compounded at maturity quarterly, and you can choose to have it transferred to another Associated Bank account or issued by check if your CD balance is $5,000 or more. CD holders have 10 calendar days after maturity to withdraw their funds without penalty; otherwise, the CD term will be renewed as follows:

  • the 7 month CD will renew to a 6 month CD
  • the 13 month CD will renew to a 12 month CD
  • the 26 month will renew to a 24 month CD
  • the 42 month will renew to a 36 month CD
  • the 61 month will renew to a 60 month CD

How to get Associated Bank’s CDs

All of Associated Bank’s available CD accounts can be opened in person or online. To do so, you’ll need to be ready to provide your Social Security number and a government-issued ID.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

magnifying glass

How Associated Bank’s CD rates compare

Although Associated Bank’s CDs come with a good range of terms and deposit requirements, the rates just don’t stack up against those on our list of the best CD rates. Do your due diligence and shop around for the best product to get the biggest bang for your buck.

Associated Bank’s money market account option

Money Market account

The bank’s money market account offers a less-than-impressive rate.
Minimum Balance to Earn APYAPY (Preffered)APY (Standard)
$0.010.05%0.05%
$10,0000.05%0.15%
$25,0000.10%0.15%
$50,0000.10%0.20%
$150,0000.10%0.50%
$250,0000.10%0.75%
$1,000,0000.10%1.00%
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies; see table
  • Monthly account maintenance fee: $16; can be waived if minimum balance of $1,000 is maintained
  • ATM fee: None on Associated Bank and MoneyPass ATMs; various fees for withdrawals and balance inquiries on out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35

This money market account has a pretty high monthly fee, but it can be avoided if you keep the balance at or above the minimum opening deposit. The account also comes with free online banking services, and interest is compounded monthly. Additionally, you may also have the chance to earn a higher rate if you combine this account with an Associated Bank checking account; you’ll have to talk to a bank representative to find out more information.

Since Associated Bank charges various fees for out-of-network ATM usage, you may want to contact customer service to find out what they are before using one. Plus, as a savings account, this one is subject to Federal Reserve Regulation D — allows certain types of withdrawals and transfers up to six per month.

How to get Associated Bank’s money market account

Customers can open Associated Bank’s money market account in person or online. You’ll need to have your Social Security number and government-issued ID on hand to do so.

LEARN MORE Secured

on Associated Bank, NA’s secure website

Member FDIC

magnifying glass

How Associated Bank’s money market account compares

There are many money market accounts that offer pretty mediocre rates when compared to the competition — and this one is no exception. Not only that, but it doesn’t really come with any perks or features. Consider one of the accounts on our list of the best money market rates instead.

Overall review of Associated Bank’s banking products

Not surprisingly, between sub-par rates and fees aplenty, we wouldn’t rate any of Associated Bank’s personal accounts as must-have products. Take the time to shop around for an account that will earn you a decent interest rate, will let you easily avoid fees, and possibly offer other perks.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Emilia Benton
Emilia Benton |

Emilia Benton is a writer at MagnifyMoney. You can email Emilia here

TAGS:

Advertiser Disclosure

Reviews

SoFi Money Cash Management Account Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

SoFi Money review
iStock

SoFi, the financial institution known for low rates and low fees on student loans and mortgages, is making a foray into consumer cash management accounts. SoFi Money™ will offer a high-yield checking account with no account fees.

We looked at every aspect of SoFi’s new checking account offering to see how it stacks up to competitors.

What sets Money apart from the competition is that SoFi clearly wants this account to be a one-stop shop for both savings and checking. Basically, the SoFi Money account will offer an interest rate that’s much higher than the rate on most checking accounts. This means you can keep your savings in your checking account rather than a savings account. This sounds convenient, but it’s not always the best idea.

Some people may manage to save more money when they separate their money into a different account, even if the account doesn’t have a great interest rate. And you can certainly find savings accounts with higher yields than the 2.25% APY SoFi Money is offering.

We dug into the details that are available at this time to see who should consider replacing their current checking account with SoFi Money.

SoFi Money vs Ally and Simple

The SoFi Money account offers an excellent blend of low fees and high interest rates, but it won’t be perfect for everyone. We’re highlighting a few accounts that shine where the SoFi Money account is a bit weaker.

“The important thing about this account is that it’s not a checking or savings account,” said Ken Tumin, editor of DepositAccounts.com, another LendingTree-owned site. “This appears to have more risk than a checking or savings account.” Why is it riskier? Instead of providing FDIC insurance directly, SoFi sweeps your deposits into one or more partner banks for the FDIC coverage. Your money isn’t FDIC-insured until the funds arrive at a partner bank, nor is it SIPC-insured when held with SoFi.

Banking with competitor Ally provides immediate and direct FDIC insurance for your banking deposits. “Its checking account rates may be a little lower than SoFi’s account for most balances, but they also offer savings and money market accounts which offer much higher interest rates. Savings and money market rates have risen much more than checking account rates since the Fed began raising interest rates.”

Bank

APY (Checking)

APY (savings)

SoFi Money

2.25%

N/A

Pros:

  • No monthly fee
  • No overdraft fees
  • High APY on checking
  • No ATM fees and unlimited ATM fee reimbursements, worldwide (as long as the ATM accepts Visa)
  • No foreign transaction fees

Cons:

  • Honestly, we can't find any! Just be sure to read the fine print to thoroughly understand everything.
Checking Account + Protected Goals Account*

2.02%

N/A

Pros:

  • Connected Savings Goal
  • Zero fees, even for non-sufficient funds and overdrafts
  • Built-in budgeting tools
  • Free Allpoint® ATM use

Cons:

  • No ATM fee refunds
  • No check-writing abilities
Online Savings Account from Ally Bank

0.10% on account balances up to $14,999.99.



0.60% on account balances of $15,000 or more.

2.20%

Pros:

  • Up to $10 ATM reimbursement
  • Free use of Allpoint® ATMs
  • High-yield savings
  • Instant transfers between checking and savings (including free transfers to protect against overdrafts)

Cons:

  • $25 overdraft fee (one per item)
  • Up to 1% foreign transaction fees
  • ATM reimbursement only available in the United States

What’s exciting about the SoFi Money account

No account fees. This will be a huge benefit to people who tend to keep low balances or live paycheck to paycheck, as fee-free accounts are few and far between among traditional big banks these days. With SoFi Money, you won’t pay a monthly maintenance fee and you won’t have to worry about paying non-sufficient funds fee (NSF) or overdraft fees either. You’ll also get free checks, free automatic bill pay and free mobile funds transfers. SoFi won’t even charge you a foreign transaction fee whenever you use your debit card to make a purchase in a foreign currency. Very few banks offer this level of “fee free,” and those that do often offer paltry interest rates.

High yield without complicated account requirements. Some high-yield checking accounts require account holders to maintain minimum balances, use their debit card a certain number of times or set up direct deposit. SoFi has no such requirements. The interest rate on the account is currently 2.25% APY, and it is a variable interest rate that is subject to change. In a rising rate environment, you could easily see that rate go up over time, as many other banks have been raising their rates in response to the rising federal funds rate.

Up to $1.5 million in FDIC insurance. One of the unique features of the SoFi Money account is in its design. Money kept in the SoFi Money account is actually “swept” into one of six program banks. All six banks give account holders up to $250,000 in FDIC insurance, so SoFi Money™ holders get up to $1.5 million in total FDIC insurance. While not many people will need that much insurance, it is a notable feature.

ATM fee reimbursement. SoFi doesn’t charge any ATM fees. Plus, SoFi will reimburse you for any ATM fees you pay worldwide when you use your Visa Debit card at any ATM with the Visa, Plus or NYCE logos. In contrast, other banks may reimburse for ATM fees up to a set dollar limit, like $10 at Ally.

Membership with SoFi. Opening a SoFi Money account makes you a member of SoFi. SoFi isn’t an exclusive club, but it provides its members with unique services like career coaching, local networking events and an entrepreneurship accelerator. If you’re looking to grow in your career, spruce up your resume, network with local career-minded individuals or just put a face with your bank, SoFi provides events that can help you out.

Digital first banking. Most people will interact with their SoFi Money account through the digital app. The app will include mobile banking features such as bill pay, photo check deposit, and mobile cash transfers. Although SoFi promises a digital-first experience, it remains to be seen if they can deliver. SoFi had a rocky update to its current app at the end of 2017, but has resolved the issues. Hopefully, the addition of SoFi Money to the SoFi app goes smoothly.

No account minimums. You do not need to maintain any particular balance to avoid fees or to earn interest.

Free checks. Plenty of SoFi Money account holders will forgo physical checks altogether, but those that need them can request checks for free.

There isn’t much not to like about SoFi Money™, to be honest. But there are a few areas where we think taking a closer look at the fine print is necessary. Although, considering that SoFi doesn’t charge any fees, plus the relatively high APY it offers, some of the items in the fine print might be okay to overlook, depending on how you use your account.

magnifying glass

What’s in the fine print?

  • Visa 1% foreign transaction fee. Although SoFi won’t charge you for making purchases in a foreign currency with your SoFi Money Visa® Debit Card, Visa will. You’ll pay a 1% fee to have the transaction converted to U.S. dollars.
  • Note that SoFi offers unlimited reimbursement on ATM fees, but only when you use your SoFi Money Visa® Debit Card at any ATM with the Visa®, Plus® or NYCE® logos. SoFi can also choose to limit or revoke ATM reimbursements at any time without notice.
  • To open up a SoFi Money account, you must be 18 years old and a U.S. citizen or permanent resident.

Accounts with better interest rates

Smaller banks that have “reward” checking accounts offer superior interest rates to the rates offered by SoFi. These banks limit their high interest rates to a subset of balances. They also require account holders to meet certain account usage requirements (such as debit card use minimums or direct deposits). Despite these requirements, these checking accounts may be superior savings vehicles.

For example, people with low checking account balances should consider an account at America’s Credit Union rather than SoFi. America’s Credit Union offers a 5.00% APY on balances up to $1,000. (After that, rates drop to 0.10% on balances between $1,000.01 and $15,000 and 0.25% on balances over $15,000.01). This account doesn’t have any monthly service fee, but it doesn’t offer any ATM refunds. Plus, earning the high interest rate requires you to meet several standards including 10 monthly uses of the debit card, at least $15,000 in loans or deposits with ACU, and at least $500 in direct deposits monthly.

Still, with a massive 5.00% APY on the first $1,000, many people can earn more interest by checking with America’s Credit Union. You can learn more about the details, requirements and limitations of America’s Credit Union here.

People with larger account balances (up to $20,000) may prefer holding their account at Consumers Credit Union. This account has no monthly service fees, unlimited ATM reimbursement and high-yield accounts. You’ll earn 3.09% APY on balances up to $10,000, 4.09% APY on balances up to $15,000 and 5.09% APY on balances up to $20,000.

Consumers Credit Union requires account holders to meet four requirements to earn interest. The requirements include making 12 point-of-sale debit purchases (without using a PIN number), having a direct deposit or bill pay, signing onto the online banking system once per month and signing up for eStatements. The requirements may be annoying, but the interest is shockingly high. Learn more about the account here.

Comparable accounts that reimburse all ATM fees worldwide

One of the huge perks to the SoFi Money account is the unlimited ATM fee reimbursements per month. If you’re a heavy ATM user (especially while abroad), this should be a huge advantage for you.

The Charles Schwab High Yield Checking account is probably the best example of a comparable account with this feature. Not only will you receive unlimited ATM reimbursements, you’ll also avoid paying any foreign transaction fees. However, a huge downside is that this account has an APY of 0.40% compared with SoFi’s 2.25% APY.

Similarly, the Save & Spend Account at Aspiration Bank has unlimited reimbursement on ATMs worldwide. This account also offers a 2.00% APY on all balances. Aspiration also doesn’t charge foreign transaction fees or overdraft fees. However, SoFi’s rate is still higher.

Comparable accounts with no foreign transaction fees

The SoFi Money account doesn’t have a foreign transaction fee, which some major banks have but often waive if you meet certain requirements. Once again, the Charles Schwab High Yield Checking account waives all foreign transaction fees. It also offers unlimited reimbursements on ATM fees worldwide. This is likely the premier account for international travelers, but it offers a paltry 0.40% APY, while SoFi Money stands out with a 2.25%.

Capital One also waives all foreign transaction fees on its checking accounts. However, these accounts carry a number of other fees and a lower interest rate than the SoFi Money account. Plus, Capital One won’t reimburse ATM fees charged by other banks.

Final take on SoFi Money

SoFi Money is a cash management account that will make a lot of sense for a lot of people. It’s one of the simplest accounts, and it offers unique benefits. The blend of no fees and higher interest rates should appeal to plenty of people. It’s an account that beats out most checking accounts from large banks, and it beats out accounts from most smaller banks, too (especially on the low-fee front).

If SoFi manages to implement the account without messing up its app, this account will quickly become a favorite account among people seeking accounts that don’t charge unnecessary fees.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Hannah Rounds
Hannah Rounds |

Hannah Rounds is a writer at MagnifyMoney. You can email Hannah here

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

TAGS: , ,

Advertiser Disclosure

Reviews

Barclays Personal Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

Barclays
APR

5.74%
To
18.99%

Credit Req.

700

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

None

SEE OFFERS Secured

on LendingTree’s secure website

Barclays is a global bank with customers in 40 countries. ... Read More

Barclays Personal Loan Details
TermsFees and Penalties
  • Term lengths: 36 to 60 months
  • APR range: 5.74% to 18.99%
  • Loan amounts: $5,000 to $35,000
  • Time to funding: A few business days
  • Credit check: Soft Pull
  • Origination fee: None
  • Prepayment fee: None
  • Late payment fee: None

Barclays product details

One of the most unique features of the Barclays personal loan is the complete lack of late fees — your balance will still accrue interest if your payment is late, which could increase your total loan payment, but you won’t incur a penalty.

When you check your personal loan rate, Barclays performs a soft pull that won’t affect your credit score. This allows you to comparison shop, without lowering your score. Do note, the bank will check your credit score to determine your creditworthiness after you submit an application.

Eligibility requirements

  • Minimum credit score: 700
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Specific eligibility requirements for personal loans are not available on the Barclays website.

Applying for a personal loan from Barclays

The Barclays personal loan application is entirely online. To begin the process, click “Check your rate,” follow the prompts and choose the options that best meet your needs. You do not need an invitation code to apply, but if you have one, click “Use my invitation code” at the top of the page to receive your customized rate.

During the application process, you’ll be asked to provide your name, address, contact information, Social Security number, employment details, and personal financial information. Barclays will send you a message through its secure application center to request written documents needed to evaluate your application. These items can be uploaded through the bank’s secure application center.

Before you sign your loan application, you’re free to cancel it at any time. If you choose to accept your loan, Barclays will issue the money within a few business days. You’re able to have the funds deposited in a U.S. checking or savings account or direct the bank to pay off up to five of your credit card balances without touching the funds yourself.

Pros and Cons of a Barclays Personal Loan
ProsCons
  • No fees: Barclays personal loans come with zero fees. This includes origination fees, prepayment penalties and late fees, which can result in significant savings.
  • Soft pulls: Checking your rate will not impact your credit score, because Barclays uses a soft credit inquiry that is not reported to creditors or credit reporting agencies.
  • Flexible terms: Choose a repayment period that fits your budget, as Barclays offers terms of 36, 48 and 60 months.
  • Competitive baseline APR: Barclays offers a baseline APR of 5.74%, which is lower than most lenders. However, rates are based on creditworthiness and length of term requested, so depending on your unique situation, you could end up with the maximum 18.99% APR.
  • Loan amounts: Barclays only offers loans between $5,000 to $35,000. This can be problematic if you’re looking for a smaller amount.
  • Time to funding: After you’re approved for a Barclays loan, it takes at least few business days to get you the money. The bank notes that delays are possible based on the policies and procedures of your financial institution.

Who’s the best fit for a Barclays personal loan?

A Barclays personal loan might be a great fit if you’re opposed to paying fees of any kind. The lack of origination fees, prepayment penalties and even late fees can result in serious savings.

Considering loan amounts range from $5,000 to $35,000, this product will only work if you need to borrow a substantial amount of cash. Due to the seriously competitive baseline 5.74% APR, it’s also a better choice if you have a low credit score. Rates are based on creditworthiness and length of term requested, so if your credit isn’t the best, you could end up with the highest rate, which tops out at 18.99% APR.

Since Barclays’s personal loans offer a fully digital experience, this is also a better choice for the tech savvy crowd. While a customer service team is always a phone call away, you might become frustrated with the self-service features and the lack of face-to-face interaction if you prefer more a more personalized banking experience.

Before deciding on a personal loan, it’s smart to read Barclays reviews and comparison shop to see what other lenders have to offer. LendingTree has a personal loan tool that can be used to quickly and efficiently explore your options. Barclays loans have no origination fees, and below are a few alternatives that also offer this benefit.

Alternative personal loan options

LightStream

APR

3.99%
To
16.99%

Credit Req.

660

Minimum Credit Score

Terms

24 to 144

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates under the invoicing option are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream, a division of SunTrust Bank, offers personal loans from $5,000 to $100,000. Rates are extremely competitive — the bank is willing to beat any qualifying lower rate offered by another lender by 0.10% — and vary by loan purpose. There are no fees attached to the loan, including prepayment penalties. This can be a good choice if you’re looking for a fee-free loan, but need a higher amount than Barclays offers.

SoFi

SoFi
APR

5.99%
To
16.99%

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.

See Consumer Licenses.

SoFi Personal Loans are not available to residents of MS. Minimum loan requirements might be higher than $5,000 in specific states due to legal requirements. Fixed and variable-rate caps may be lower in some states due to legal requirements and may impact your eligibility to qualify for a SoFi loan.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

SoFi grants personal loans from $5,000 to $50,000. There are zero fees attached to the loans and SoFi’s unemployment protection benefit allows you to temporarily pause payments, while helping you find work if you lose your job. If you’re looking to borrow more than the maximum Barclays personal loan limit or want to spread your payments out across a longer term, a SoFi personal loan can be solid option.

Earnest

Earnest
APR

6.99%
To
18.24%

Credit Req.

680

Minimum Credit Score

Terms

36 to 60

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.... Read More

Earnest offers personal loans that range from $5,000 to $75,000 and you’re able to choose your desired monthly payment. You might also score a more competitive rate with Earnest, as the lender analyzes your entire financial profile to calculate your APR, instead of relying solely on your credit score. Earnest could be a good choice if you need more money than the maximum Barclays limit or you feel like your credit score doesn’t properly represent your financial standing.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here

TAGS: