SoFi Bank: Savings Account & Rates
Mission: Banksparency aims to make SoFi Bank's savings account transparent and comparable to the market.
Analysis of SoFi Bank
Our verdict
SoFi Bank offers SoFi Savings, a high-yield savings account paying 4.00% APY with no minimum deposit.
At 4.00% APY, SoFi Bank pays 10x the national average (0.39%). Ranks in the top tier of 98+ accounts tracked.
Ideal User Profile
- Best for: keeping checking and savings at one bank, banking without needing a branch, and quick transfers with Zelle.
Important Considerations
Key Differentiators
- Stands out with top-rated iOS app (4.7), A+ BBB rating, Zelle for instant transfers.
Savings Overview
SoFi Savings
| Min. Deposit | $0 |
| Min. Balance | $0 |
| Maintenance Fee | $0 |
Market Reality Check
This bank offers rates below the current top tier. The best rates we track are currently above 4.15% APY.
Bank Overview
- HQ LocationSan Francisco, California
- Founded2011
- Ratings & Trust
- Zelle® SupportAvailableNative support added in 2024 for banking members.
- Deposit InsuranceFDIC Insured(Cert: 26881)
Top Market Contenders
Savings Account: In-Depth View
Savings Account Offered by SoFi Bank
| Feature | SoFi Savings |
|---|---|
APY | 4.00%Range: 3.30% - 4.00%Verified: 4/7/2026 |
APY Trend | Very StableNo rate changes in last 90 days |
Min. Deposit | $0 |
Min. Balance | $0 |
Monthly Fee | $0 |
Direct Deposit | OptionalWhile direct deposit is not required, the alternative is a subscription fee of $10/month |
Checking Bundle | Yes |
Branch Access | None |
Compounding | Daily |
FDIC Insured | Yes |
Eligibility | United States |
Important | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. |
| Next Steps | - |
Calculate Savings for SoFi Bank
Savings Breakdown
- Interest Earned+$1,288.50(8.4%)
- Total Contributions$13,000
- Initial Deposit$1,000
Projected Balance
$15,288.50
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
Last 12 Months| Metric | SoFi Savings |
|---|---|
Latest APY | 4.00% |
Trend | Sideways |
Slope (bps/mo) | 2.6 |
Rate Changes / Mo | 0.25 |
Days Since Last Change | 105 |
High (-12m) | 4.50% |
Low (-12m) | 3.80% |
Draw-down | -11.1% |
Volatility (CV) | 0.063 |
How to read these metrics▼
Trends & Velocity
- Trend
- The general direction of the rate over the analyzed period. Useful for spotting if a bank is currently aggressive or pulling back.
- Slope (bps/mo)
- Speed of change. A high positive number means they raise rates quickly. 10 bps = 0.10%.
- Rate Changes / Mo
- "Twitchiness." High frequency means the rate changes constantly; low frequency means it's stable.
Risk & Range
- High/Low
- The absolute ceiling and floor of the rate during the 365-day window.
- Volatility Score
- Lower is better for predictability. It indicates how wildly the rate swings relative to its average.
- Days Since Change
- If this number is high (e.g., >90), the rate is very sticky. If low, it changed recently.
Why track this? Understanding volatility helps you avoid "bait-and-switch" rates. A steady, rising slope is ideal; high volatility often signals a temporary teaser rate.
Compare with SoFi Bank
| Feature | Current View SoFi Bank | Empty Slot |
|---|---|---|
| Product | SoFi Savings | - |
APY | 3.30% - 4.00%Verified: 4/7/2026 | - |
APY Trend | Very StableNo rate changes in last 90 days | - |
| Min. Deposit | $0 | - |
| Monthly Fee | $0 | - |
Direct Deposit | No | - |
Checking Bundle | Yes | - |
| Branch Access | None | - |
| Eligibility | United States | - |
Compounding | Daily | - |
FDIC Insured | Yes | - |
| Note | Limited offer: The 4.00% includes a temporary 0.70% APY boost for 6 months. It is available with a direct deposit of regular income, or a $10/month subscription. See terms at SoFi Bank. The savings account comes bundled with a checking account with a 0.50% APY. | - |
| Next Steps | - | - |
Bank-to-Bank Comparisons
Compare SoFi Bank's APY of 4.00% with other banks
Alternatives to SoFi Bank
Banks with Higher/Similar Savings APY
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Neighbors Savings Account: 4.20% APY
Minimum Deposit: $0
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MutualOne Bank
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EverBank
Performance Savings: 3.90% APY
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