Affirm vs. SoFi Bank
Comparing Affirm and SoFi Bank for high-yield savings: Affirm's Affirm Money Account pays 3.20% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $45 more than Affirm annually ($365 vs $320).
Choose Affirm if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user. Choose SoFi Bank if getting the best rate matters most, or you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Affirm's 3.20% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while Affirm offers its savings account standalone.
| Metric | AffirmAffirm Money Account Mar 18, 2026 | SoFi BankSoFi Savings Mar 24, 2026 |
|---|---|---|
| APY | 3.20% | 3.30% - 4.00% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Executive Summary
SoFi Bank offers a competitive APY of 4.00% on its SoFi Savings account, which includes a temporary 0.70% boost for six months, available with direct deposit or a $10/month subscription fee. This account is bundled with a checking account that earns 0.50% APY. In comparison, Affirm's Affirm Money Account provides a lower APY of 3.20% but stands out for its simplicity, requiring no direct deposit or maintenance fees. Both accounts are online-only and FDIC-insured, making them accessible without physical branches. Overall, SoFi Bank is the winner based on the higher APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Affirm?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.8 vs 3.9)
Why SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Earn 0.50% APY on checking account with access to 55,000+ fee free ATMs
- ✓Higher potential APY (4.00% vs 3.20%) on all balances
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $320/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $800/yr).
Best for Simplicity
AffirmAffirm's Affirm Money Account offers 3.20% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Best Mobile App Experience
AffirmAffirm offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $45 more interest on a $10,000 balance than Affirm's Affirm Money Account.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Affirm vs. SoFi Bank Savings Calculator
You earn $44.9 more with SoFi Bank than Affirm on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Affirm
Affirm Money Account
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $319 per year in interest.
Both Affirm and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Affirm | SoFi Bank |
|---|---|---|
| APY | 3.20% Verified: 3/18/2026 ↘︎ 0.40%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 3/24/2026 Stable (90d) |
| Product Name | Affirm Money Account | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | None | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | While Affirm is not a bank, it is FDIC-insured through partner Cross River Bank. | 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 | Visit SiteVerify at Affirm Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Affirm | SoFi Bank |
|---|---|---|
| Affirm Money Account | SoFi Savings | |
Current APY | 3.20% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -6.1 | 3.1 |
Days Since Change | 71 | 85 |
12-Month High | 3.85% | 4.50% |
12-Month Low | 3.20% | 3.80% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.073 | 0.064 |
How to read these metrics(Click to expand)
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Compare Affirm's APY of 3.20% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Affirm vs Ally Bank | 3.20% | $0 |
| Affirm vs American Express | 3.20% | $0 |
| Affirm vs Axos Bank | 4.21% | $0 |
| Affirm vs Barclays | 3.85% | $0 |
| Affirm vs Capital One | 3.20% | $0 |
| Affirm vs Chime | 3.00% | $0 |
| Affirm vs CIT Bank | 3.75% | $100 |
| Affirm vs Discover Bank | 3.30% | $0 |
| Affirm vs EverBank | 3.90% | $0 |
| Affirm vs Marcus by Goldman Sachs | 3.65% | $0 |
| Affirm vs Newtek Bank | 4.20% | $0.01 |
| Affirm vs Openbank | 4.09% | $500 |
| Affirm vs Pibank | 4.60% | $0 |
| Affirm vs Synchrony Bank | 3.50% | $0 |
| Affirm vs Varo Bank | 5.00% | $0 |
| Affirm vs Wealthfront | 4.20% | $0 |