SoFi Bank: Savings Accounts & Rates

Savings rates updated: 8/22/2025

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 Yield

We earn a commission if you open an account through some links on this page.

Savings Overview

SoFi Savings: 3.80% - 3.80% APY(Rank 61 out of 81 tracked HYSAs)

Minimum Deposit: $0 | Bundled Savings & Checking Account | Online Only | Direct Deposit: Without direct deposit or "Qualifying Deposits" the APY will be significantly lower

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

Deposit Insurance: FDIC Cert # 26881

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

Current APY of 3.80%, unchanged from 30 days ago.
No minimum deposit or balance requirements.
No maintenance fees for the savings account.
High App Store rating of 4.8.

Considerations

Direct deposit or $5,000 qualifying deposit required for full APY.
Online-only bank with no physical branches.
Google Play rating of 4.4, lower than App Store.
Limited account options compared to traditional banks.

Summary: SoFi Bank offers a competitive APY of 3.80% for its savings account, with no minimum deposit or maintenance fees. However, to earn the full APY, users must meet direct deposit or qualifying deposit requirements. The bank operates online only, lacking physical branches, which may be a drawback for some. SoFi holds an A+ BBB rating, indicating strong trustworthiness, and enjoys high ratings on both app stores.

Savings Account: In-Depth View

Savings Account Offered by SoFi Bank

Feature	SoFi Savings
APY	3.80% - 3.80% (as of 8/22/2025)
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

All calculations are based on APY.

Savings Product:

SoFi Savings (APY: 3.80% ⎼ 3.80%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

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

Effective APY: 3.80% (based on your deposit and contributions)

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	210
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 212 days.
Low (-7 m): Lowest APY in the last 212 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% - 3.80% (as of 8/22/2025)	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