A state of charge (SOC) balancing system includes: first and second batteries; first and second capacitors; an SOC module configured to determine first and second SOCs of the first and second batteries, respectively; and a switching module configured to selectively, when the first SOC is greater than the second SOC: (i) electrically connect the first and second capacitors in parallel; (ii) electrically connect the first battery to the first and second capacitors while the first and second capacitors are electrically connected in parallel; (iii) electrically disconnect the first battery from the first and second capacitors; (iv) electrically connect the first and second capacitors in series; (v) electrically connect the second battery to the first and second capacitors while the first and second capacitors are electrically connected in series; and (vi) electrically disconnect the second battery from the first and second capacitors.