Ally Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Ally Bank vs. SoFi Bank
As of July 15, 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 offers a competitive APY of 3.50%, though it decreased from 3.60% last month.
- No maintenance fees or minimum balance requirements at Ally Bank.
- Ally Bank has a solid App Store rating of 4.7.
Potential Drawbacks
- Ally Bank's APY is lower than SoFi Bank's 3.80%.
- Ally Bank has no physical branches for in-person banking.
- Ally Bank's Google Play rating is lower at 4.4 compared to SoFi Bank.
SoFi Bank
Strengths
- SoFi Bank's APY of 3.80% is higher than Ally Bank's.
- SoFi Bank has a higher Google Play rating of 4.5.
- No maintenance fees or minimum balance requirements at SoFi Bank.
Potential Drawbacks
- SoFi Bank requires direct deposit or a $5,000 qualifying deposit for the listed APY.
- SoFi Bank's App Store rating is slightly lower at 4.8 compared to Ally Bank.
- SoFi Bank has no physical branches for in-person banking.
Summary: SoFi Bank offers a higher APY of 3.80% compared to Ally Bank's 3.50%, though SoFi requires direct deposit or a qualifying deposit. Both banks have no maintenance fees and no minimum balance requirements. Ally Bank has a slightly better App Store rating at 4.7, while SoFi excels in its Google Play rating at 4.5. Both banks operate online only, lacking physical branches.
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 7/15/2025) | 3.80% (as of 7/15/2025) | |
| 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 6 Months)
| Ally Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Savings Account | vs | SoFi Savings |
| Latest APY | 3.50 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.9 | -0.0 | |
| Rate Changes / Mo | 0.54 | 0.00 | |
| Days Since Last Change | 27 | 167 | |
| High (-6 m) | 3.80 % | 3.80 % | |
| Low (-6 m) | 3.50 % | 3.80 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.024 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 168 days.
- Low (-6 m)
- Lowest APY in the last 168 days.
- Draw-down from High
- How far today sits below the 6-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 | 3.50% | $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 | 3.50% | $0 |
| Ally Bank vs Fitness Bank | 5.00% | $100 |
| Ally Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Ally Bank vs Presidential Bank | 4.50% | $5,000 |
| Ally Bank vs Synchrony Bank | 3.80% | $0 |
| Ally Bank vs Varo Bank | 5.00% | $0 |
| Ally Bank vs Wells Fargo | 2.51% | $25 |
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 | 3.50% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |