American Express vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
We earn a commission if you open an account through some links on this page.
Summary of American Express vs. SoFi Bank
As of August 29, 2025 American Express offers an APY of 3.50% for its High Yield Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
SoFi Bank yields $30 more than American Express on a $10,000 balance after one year. American Express pays $350, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
American Express
Strengths
- American Express offers a competitive APY of 3.50%.
- No maintenance fees for the High Yield Savings Account.
- High App Store rating of 4.9.
Potential Drawbacks
- American Express has an F BBB rating and is not BBB Accredited.
- Only offers online banking with no branches.
- Google Play rating is lower at 3.8.
SoFi Bank
Strengths
- SoFi Bank provides a higher APY of 3.80%.
- SoFi has an A+ BBB rating, indicating strong trustworthiness.
- Google Play rating is higher at 4.4.
Potential Drawbacks
- SoFi's APY requires direct deposit or a $5,000 Qualifying Deposit.
- Only offers online banking with no branches.
- App Store rating is slightly lower at 4.8.
Summary: American Express offers a solid APY of 3.50% with no fees, but lacks BBB accreditation and has a lower Google Play rating. SoFi Bank provides a higher APY of 3.80% with an A+ BBB rating, though it requires direct deposit or a qualifying deposit for the best rate. Both banks operate online-only with no branch presence.
Compare American Express' vs SoFi Bank's Savings Accounts
| American Express | SoFi Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | SoFi Savings |
| APY | 3.50% (as of 8/29/2025) | 3.80% (as of 8/29/2025) | |
| 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 | 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. | ||
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 3.8/5 | 4.4/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 7 Months)
| American Express | SoFi Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | SoFi Savings |
| Latest APY | 3.50 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.2 | -0.1 | |
| Rate Changes / Mo | 0.41 | 0.14 | |
| Days Since Last Change | 38 | 218 | |
| High (-7 m) | 3.80 % | 4.00 % | |
| Low (-7 m) | 3.50 % | 3.80 % | |
| Draw-down from High | -7.9 % | -5.0 % | |
| Volatility (CV) | 0.026 | 0.004 |
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 220 days.
- Low (-7 m)
- Lowest APY in the last 220 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.
Calculate Savings Growth for American Express vs SoFi Bank
All calculations are based on APY.
American Express
APY: 3.50%
Total savings breakdown:
- Interest earned: $2,114.1 (10.51%)
- Total contributions: $13,000 (64.63%)
- Initial deposit: $5,000 (24.86%)
Your total balance
$20,114.10
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $20,114.1
Earnings: $2,114.1
Bank OverviewSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, American Express's total earnings would be $191.8 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare American Express' APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.46% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.50% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs CIT Bank | 4.00% | $100 |
| American Express vs Discover Bank | 3.50% | $0 |
| American Express vs Fitness Bank | 4.85% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Presidential Bank | 4.50% | $5,000 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs UFB Direct | 4.21% | $5000 |
| American Express vs Varo Bank | 5.00% | $0 |
| American Express 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 Ally Bank | 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 |