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 Yield

We 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)

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

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
Summary: SoFi Bank offers a competitive 3.80% APY on its savings account, contingent on a direct deposit or a $5,000 qualifying deposit. With no maintenance fees and an A+ BBB rating, it reflects strong reliability. However, it operates online only, which may deter those preferring in-person banking. The App Store rating is high at 4.8, while the Google Play rating is slightly lower at 4.4, indicating overall positive user experiences.

Savings Account: In-Depth View

Savings Account Offered by SoFi Bank

FeatureSoFi Savings
APY
3.80% (as of 8/15/2025)
APY TrendStable for the last quarter
Minimum Deposit$0
Minimum Balance for APY$0
FDIC-insured
Yes
Online OnlyYes
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
EligibilityUnited States
NoteThe 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.

SoFi Savings (APY: 3.80%)

Deposit Frequency:

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

MetricSoFi Savings
Latest APY3.80 %
TrendSideways
Slope (bps/mo)-0.2
Rate Changes / Mo0.14
Days Since Last Change205
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
FeatureSoFi BankSelect a bank...
ProductSoFi Savings N/A
APY
3.80% (as of 8/15/2025)N/A
Bundled Account
YesN/A
FDIC-insured
YesN/A
Online OnlyYesN/A
Compound Frequency
DailyN/A
Minimum Deposit$0N/A
Minimum Balance for APY$0N/A
Maintenance Fee$0N/A
Direct Deposit Required
NoN/A
NoteThe 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

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