American Express vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | American ExpressHigh Yield Savings Account Jan 21, 2026 | SoFi BankSoFi Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 3.30% - 4.00% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 AppZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing American Express vs. SoFi Bank
As of American Express offers an APY of 3.30% for its High Yield Savings Account, with a minimum balance of $0, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
SoFi Bank pays $35 more than American Express on a $10,000 balance after one year. American Express pays $330, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for SoFi Bank.
Why American Express?
- ✓No checking account or direct deposit required
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 3.30%) on all balances
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $330/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $825/yr).
Best for Simplicity
American ExpressAmerican Express's High Yield Savings Account offers 3.30% 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.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $35 more interest on a $10,000 balance than American Express's High Yield Savings Account.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Executive Summary as of
SoFi Bank offers a competitive SoFi Savings account with an APY of 4.00%, which includes a temporary 0.70% boost for six months, available with a direct deposit or a $10/month subscription fee. This account is bundled with a checking account that has a 0.50% APY. In comparison, American Express provides a High Yield Savings Account with a solid APY of 3.30%, featuring no direct deposit requirement or maintenance fees, making it a straightforward option. Both banks operate online only, and while SoFi's account offers higher returns, American Express is noted for its simplicity.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
American Express vs. SoFi Bank Savings Calculator
You earn $34.9 more with SoFi Bank than American Express 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.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
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.
| Feature | American Express | SoFi Bank |
|---|---|---|
| APY | 3.30% Verified: 1/21/2026 ↘︎ 0.20%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | High Yield Savings Account | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| 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 | iOS4.9 Android3.6 | iOS4.8 Android3.9 |
| Zelle® Support | Available Requires Amex Rewards Checking; not available for standalone HYSA. | Available Native support added in 2024 for banking members. |
| BBB Rating | F | A+ |
| Important Notes | - | 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 American Express 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 | American Express | SoFi Bank |
|---|---|---|
| High Yield Savings Account | SoFi Savings | |
Current APY | 3.30% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.6 | 5.1 |
Days Since Change | 22 | 29 |
12-Month High | 3.80% | 4.50% |
12-Month Low | 3.30% | 3.80% |
Adjustments / Mo | 0.41 | 0.33 |
Volatility Score | 0.038 | 0.070 |
How to read these metrics(Click to expand)
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