Ally Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Ally Bank vs. SoFi Bank
As of June 20, 2025 Ally Bank offers an APY of 3.50% for its Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
SoFi Bank yields $30 more than Ally Bank on a $10,000 balance after one year. Ally Bank pays $350, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
Ally Bank
Strengths
- Ally Bank's Savings Account has no direct deposit requirement.
- Ally Bank's App Store rating is 4.7, indicating strong user satisfaction.
- Ally Bank charges no maintenance fees for its accounts.
Potential Drawbacks
- Ally Bank's current APY is 3.50%, down from 3.60% 30 days ago.
SoFi Bank
Strengths
- SoFi Bank offers a higher current APY of 3.80%, unchanged from 30 days ago.
- SoFi Bank's App Store rating is 4.8, the highest among the two banks.
- SoFi Bank has no maintenance fees for its accounts.
Potential Drawbacks
- SoFi Bank requires direct deposit or $5,000 in Qualifying Deposits to earn the listed APY.
Summary: Ally Bank offers a competitive savings account with no direct deposit requirement and a 3.50% APY, while SoFi Bank provides a higher 3.80% APY but requires direct deposit or a significant deposit. Both banks maintain strong BBB ratings and charge no maintenance fees, with SoFi Bank slightly edging out in user ratings.
Compare Ally Bank's vs SoFi Bank's Savings Accounts
Ally Bank | SoFi Bank | ||
---|---|---|---|
Product | Savings Account | vs | SoFi Savings |
APY | 3.50% (as of 6/20/2025) | 3.80% (as of 6/20/2025) | |
Bundled Account | No | Yes | |
FDIC-insured | Yes | Yes | |
Online Only | Yes | Yes | |
Compound Frequency | Daily | Daily | |
Minimum Deposit | $0 | $0 | |
Minimum Balance for APY | $0 | $0 | |
Maintenance Fee | $0 | $0 | |
Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
Note | N/A | 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. | |
Visit Bank | Savings Account | SoFi Savings | |
App Store Rating | 4.7/5 | 4.8/5 | |
Google Play Rating | 4.4/5 | 4.5/5 | |
BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 5 Months)
Ally Bank | SoFi Bank | ||
---|---|---|---|
Product | Savings Account | vs | SoFi Savings |
Latest APY | 3.50 % | 3.80 % | |
Trend | Sideways | Sideways | |
Slope (bps/mo) | -4.7 | 0.0 | |
Rate Changes / Mo | 0.62 | 0.00 | |
Days Since Last Change | 4 | 145 | |
High (-5 m) | 3.80 % | 3.80 % | |
Low (-5 m) | 3.50 % | 3.80 % | |
Draw-down from High | -7.9 % | 0.0 % | |
Volatility (CV) | 0.020 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 145 days.
- Low (-5 m)
- Lowest APY in the last 145 days.
- Draw-down from High
- How far today sits below the 5-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.
Calculate Savings Growth for Ally Bank vs SoFi Bank
All calculations are based on APY.
Ally Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year Ally Bank would earn you $3 less than SoFi Bank.
More Comparisons
Compare Ally Bank's APY of 3.50% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
Ally Bank vs American Express | 3.60% | $0 |
Ally Bank vs Axos Bank | 4.66% | $0 |
Ally Bank vs Bank of America | 0.01% | $100 |
Ally Bank vs Barclays | 4.10% | $0 |
Ally Bank vs Capital One | 3.60% | $0 |
Ally Bank vs Chase Bank | 0.01% | $0 |
Ally Bank vs Chime | 3.75% | $0 |
Ally Bank vs CIT Bank | 4.00% | $100 |
Ally Bank vs Discover Bank | 3.60% | $0 |
Ally Bank vs Fitness Bank | 5.00% | $100 |
Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
Ally Bank vs Synchrony Bank | 3.80% | $0 |
Ally Bank vs Varo Bank | 5.00% | $0 |
Compare SoFi Bank's APY of 3.80% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
SoFi Bank vs American Express | 3.60% | $0 |
SoFi Bank vs Axos Bank | 4.66% | $0 |
SoFi Bank vs Bank of America | 0.01% | $100 |
SoFi Bank vs Barclays | 4.10% | $0 |
SoFi Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
SoFi Bank vs Fitness Bank | 5.00% | $100 |
SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
SoFi Bank vs Synchrony Bank | 3.80% | $0 |
SoFi Bank vs Varo Bank | 5.00% | $0 |