American Express vs Sofi Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of American Express vs. SoFi Bank

As of June 20, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.

SoFi Bank yields $20 more than American Express on a $10,000 balance after one year. American Express pays $360, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.

American Express

Strengths

  • American Express offers a competitive APY of 3.60% with no direct deposit requirement.
  • American Express has a high App Store rating of 4.9.
  • No maintenance fees for the High Yield Savings Account.

Potential Drawbacks

  • American Express has a BBB rating of F and is not BBB Accredited.
  • American Express has no branches available for in-person banking.
  • The Google Play rating for American Express is lower at 3.8.

SoFi Bank

Strengths

  • SoFi Bank offers a higher APY of 3.80% with a minimum deposit requirement.
  • SoFi Bank has an excellent BBB rating of A+.
  • SoFi Bank has a higher Google Play rating of 4.5.

Potential Drawbacks

  • SoFi Bank requires direct deposit or a Qualifying Deposit to achieve the listed APY.
  • SoFi Bank has no branches available for in-person banking.
  • The App Store rating for SoFi Bank is slightly lower at 4.8.
Summary: American Express provides a 3.60% APY without direct deposit requirements, but has a poor BBB rating. SoFi Bank offers a higher 3.80% APY but requires direct deposit or a $5,000 deposit for this rate and has an A+ BBB rating. Both banks are online-only with no branches, but American Express has a higher App Store rating while SoFi excels in Google Play ratings.

Compare American Express' vs SoFi Bank's Savings Accounts

American ExpressSoFi Bank
ProductHigh Yield Savings AccountvsSoFi Savings
APY
3.60% (as of 6/20/2025)3.80% (as of 6/20/2025)
Bundled Account
NoYes
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$0$0
Direct Deposit Required
NoNo. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower
NoteN/AThe 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 BankHigh Yield Savings AccountSoFi Savings
App Store Rating4.9/54.8/5
Google Play Rating3.8/54.5/5
BBB RatingFA+

Comparative Historical APY Insights (Last 5 Months)

American ExpressSoFi Bank
ProductHigh Yield Savings AccountvsSoFi Savings
Latest APY3.60 %3.80 %
TrendSidewaysSideways
Slope (bps/mo)-4.4-0.2
Rate Changes / Mo0.400.20
Days Since Last Change44148
High (-5 m)3.80 %4.00 %
Low (-5 m)3.60 %3.80 %
Draw-down from High-5.3 %-5.0 %
Volatility (CV)0.0190.005
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 150 days.
Low (-5 m)
Lowest APY in the last 150 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 American Express vs SoFi Bank

All calculations are based on APY.

American Express

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

SoFi 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 Details

After 1 year American Express would earn you $2 less than SoFi Bank.

More Comparisons

Compare American Express' APY of 3.60% with other banks
Compare SoFi Bank's APY of 3.80% with other banks