SoFi Bank: Savings Accounts & Rates
Savings rates updated: 8/15/2025
Mission statement: Banksparency aims to make SoFi Bank's savings accounts transparent and comparable to those of other banks. Learn more about Banksparency.
Note: Interest rates below are reported as APY, or Annual Percentage YieldWe earn a commission if you open an account through some links on this page.
Savings Overview
SoFi Savings: 3.80% APY(Rank 61 out of 81 tracked HYSAs)
National Savings Interest Rate: 0.38% (as of 7/21/2025)
Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.
(Source: FDIC)Bank Overview
Location: San Francisco, California
Founded: 2011
BBB Rating: A+
App Store Rating: 4.8/5
Google Play Rating: 4.4/5
Website: Visit SoFi Bank
Our Take on SoFi Bank
Highlights
- 3.80% APY with direct deposit or $5,000 deposit requirement
- No maintenance fees or minimum balance requirements
- A+ BBB rating indicates strong trustworthiness
- High App Store rating of 4.8
Considerations
- Requires direct deposit or $5,000 deposit for highest APY
- Online-only bank may lack in-person support
- No physical branches available
- Google Play rating of 4.4 is lower than App Store
Savings Account: In-Depth View
Savings Account Offered by SoFi Bank
Feature | SoFi Savings |
---|---|
APY | 3.80% (as of 8/15/2025) |
APY Trend | Stable for the last quarter |
Minimum Deposit | $0 |
Minimum Balance for APY | $0 |
FDIC-insured | Yes |
Online Only | Yes |
Bundled Account | Yes |
Direct Deposit Required | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower |
Compound Frequency | Daily |
Maintenance Fee | $0 |
Eligibility | United States |
Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. |
Sponsored Link | |
No deposit agreement summary available for this bank. |
Calculate Savings for SoFi Bank
SoFi Savings (APY: 3.80%)
Total savings breakdown:
- Interest earned: $1,485.9 (9.60%)
- Total contributions: $13,000 (83.95%)
- Initial deposit: $1,000 (6.46%)
Your total balance
$15,485.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
SoFi Bank Savings Rates Over Time
Historical APY Insights
Metric | SoFi Savings |
---|---|
Latest APY | 3.80 % |
Trend | Sideways |
Slope (bps/mo) | -0.2 |
Rate Changes / Mo | 0.14 |
Days Since Last Change | 205 |
High (-7 m) | 4.00 % |
Low (-7 m) | 3.80 % |
Draw-down from High | -5.0 % |
Volatility (CV) | 0.006 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-7 m)
- Highest APY in the last 207 days.
- Low (-7 m)
- Lowest APY in the last 207 days.
- Draw-down from High
- How far today sits below the 7-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Compare SoFi Bank's Savings Account
- Affirm - 3.85% APY
- All America Bank - 1.50-3.25% APY
- Ally Bank - 3.50% APY
- Amalgamated Bank - 2.25% APY
- American Express - 3.50% APY
- Ameriprise Bank - 3.15-3.15% APY
- Axos Bank - 4.46% APY
- Bank5 Connect - 4.05% APY
- Bank of America - 0.01% APY
- Barclays - 3.90-4.10% APY
- Bask Bank - 4.20% APY
- Betterment - 4.00% APY
- BMO Alto - 3.50% APY
- Bread Savings - 4.25% APY
- BrioDirect - 4.30% APY
- Capital One - 3.50% APY
- Carver Bank - 4.00% APY
- Charles Schwab Bank - 0.15% APY
- Chase Bank - 0.01% APY
- Chime - 1.25-3.75% APY
- CIBC Bank USA - 4.02% APY
- CIT Bank - 0.25-4.00% APY
- Citibank - 3.50% APY
- Citizens Access™ - 3.50% APY
- Colorado Federal Savings Bank - 4.15% APY
- ConnectOne Bank - 4.00% APY
- Customers Bank - 4.23% APY
- Discover Bank - 3.50% APY
- Elevault - 4.60% APY
- E*TRADE from Morgan Stanley - 4.00% APY
- EverBank - 4.30% APY
- Evergreen Bank Group - 4.25% APY
- First Foundation Bank - 4.25% APY
- Fitness Bank - 4.85% APY
- Flagstar Bank - 4.00% APY
- FNBO Direct - 3.25% APY
- Forbright Bank - 4.25% APY
- FVCbank - 4.35% APY
- GO2bank - 4.50% APY
- High Plains Bank - 0.23-3.82% APY
- Jenius Bank - 4.20% APY
- LendingClub - 3.20-4.20% APY
- Live Oak Bank - 4.10% APY
- Marcus by Goldman Sachs - 3.65% APY
- My Banking Direct - 4.30% APY
- MySavingsDirect - 3.75% APY
- Neighbors Bank - 4.60% APY
- Newtek Bank - 4.35% APY
- OMB Bank - 1.00% APY
- Openbank - 4.20% APY
- Peak Bank - 4.35% APY
- Pibank - 4.60% APY
- PNC - 3.95% APY
- Poppy Bank - 4.25% APY
- Popular Direct - 4.05% APY
- Presidential Bank - 4.00-4.50% APY
- Prime Alliance Bank - 4.05% APY
- Primis Bank - 4.20% APY
- Quontic Bank - 3.75% APY
- RBMAX - 4.15% APY
- Rising Bank - 4.30% APY
- ROGER - 4.12% APY
- Salem Five Direct - 4.01% APY
- Sallie Mae Bank - 3.90% APY
- Santander Bank - 0.03% APY
- Synchrony Bank - 3.80% APY
- TAB Bank - 4.15% APY
- TD Bank - 0.05-3.00% APY
- The State Exchange Bank - 3.05% APY
- TIMBR - 4.40% APY
- UFB Direct - 4.01-4.21% APY
- Upgrade - 4.02% APY
- Valley Direct - 4.30% APY
- Varo Bank - 2.50-5.00% APY
- Wells Fargo - 0.05-2.51% APY
- Western Alliance Bank - 4.30% APY
- Zynlo Bank - 4.35% APY
Feature | SoFi Bank | Select a bank... |
---|---|---|
Product | SoFi Savings | N/A |
APY | 3.80% (as of 8/15/2025) | N/A |
Bundled Account | Yes | N/A |
FDIC-insured | Yes | N/A |
Online Only | Yes | N/A |
Compound Frequency | Daily | N/A |
Minimum Deposit | $0 | N/A |
Minimum Balance for APY | $0 | N/A |
Maintenance Fee | $0 | N/A |
Direct Deposit Required | No | N/A |
Note | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | N/A |
Bank-to-Bank Comparisons
Compare SoFi Bank's APY of 3.80% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
SoFi Bank vs Ally Bank | 3.50% | $0 |
SoFi Bank vs American Express | 3.50% | $0 |
SoFi Bank vs Axos Bank | 4.46% | $0 |
SoFi Bank vs Bank of America | 0.01% | $100 |
SoFi Bank vs Barclays | 4.10% | $0 |
SoFi Bank vs Capital One | 3.50% | $0 |
SoFi Bank vs Chase Bank | 0.01% | $0 |
SoFi Bank vs Chime | 3.75% | $0 |
SoFi Bank vs CIT Bank | 4.00% | $100 |
SoFi Bank vs Discover Bank | 3.50% | $0 |
SoFi Bank vs Fitness Bank | 4.85% | $100 |
SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
SoFi Bank vs Synchrony Bank | 3.80% | $0 |
SoFi Bank vs UFB Direct | 4.21% | $5000 |
SoFi Bank vs Varo Bank | 5.00% | $0 |
SoFi Bank vs Wells Fargo | 2.51% | $25 |
Alternatives to SoFi Bank
Banks with Higher/Similar Savings APY
For a top list of the highest savings rates, see all HYSA top rates
Affirm
Affirm Money Account: 3.85% APY
Minimum Deposit: $0
Online Only
Carver Bank
High Yield Savings: 4.00% APY
Minimum Deposit: $5,000
Online Only
Jenius Bank
Jenius Savings: 4.20% APY
Minimum Deposit: $0
Online Only
Evergreen Bank Group
High-Yield Online Savings: 4.25% APY (Inactive)
Minimum Deposit: $100
Online Only
Synchrony Bank
High Yield Savings: 3.80% APY
Minimum Deposit: $0
Online Only
Bank5 Connect
Connect Savings: 1.50% APY
Minimum Deposit: $10
Online Only
Jumbo Savings: 4.05% APY
Minimum Deposit: $25,000
Online Only
Presidential Bank
Advantage Savings: 4.50% APY
Bundled Savings & Checking Account
Minimum Deposit: $5,000
Direct Deposit: To earn the higher APY you need a monthly direct deposit into an Advantage Checking Account of $500.
Discover Bank
Online Savings Account: 3.50% APY
Minimum Deposit: $0
Online Only
Varo Bank
High-Yield Savings Account: 5.00% APY
Minimum Deposit: $0
Online Only
Direct Deposit: Min. $1,000/month
Sallie Mae Bank
High-Yield Savings Account: 3.90% APY
Minimum Deposit: $0
Online Only
Poppy Bank
Poppy Personal Savings: 0.10% APY
Minimum Deposit: $1,000
Poppy Premier Online Savings: 4.25% APY
Minimum Deposit: $1,000
Online Only
Poppy Premier Personal Savings: 0.50% APY
Minimum Deposit: $1,000
E*TRADE from Morgan Stanley
Premium Savings Account: 4.00% APY
Minimum Deposit: $0
Online Only