American Express vs. Sofi Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
We earn a commission if you open an account through some links on this page.
Summary of American Express vs. SoFi Bank
Key Metrics at a Glance
| Feature | American Express | SoFi Bank |
|---|---|---|
| Top Savings APY | 3.50% High Yield Savings Account | 4.50% SoFi Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0 | $0 |
American Express
Strengths
- American Express offers a High Yield Savings Account with a current APY of 3.50%.
- There are no maintenance fees or minimum balance requirements for American Express.
- American Express has a high App Store rating of 4.9.
Potential Drawbacks
- American Express has an F BBB rating and is not BBB Accredited.
- American Express does not have any physical branches.
- The Google Play rating for American Express is lower at 3.7.
SoFi Bank
Strengths
- SoFi Bank provides a competitive APY of 4.50% for its savings account.
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- SoFi Bank's Google Play rating is higher at 4.2.
Potential Drawbacks
- SoFi Bank requires direct deposit or qualifying deposits for the higher APY.
- SoFi Bank does not have any physical branches.
- The App Store rating for SoFi Bank is slightly lower at 4.8.
Summary: SoFi Bank offers a higher APY of 4.50% compared to American Express's 3.50%, along with a better BBB rating of A+. However, SoFi requires direct deposit for the higher APY. American Express has a higher App Store rating but a lower Google Play rating. Both banks have no maintenance fees and no branch locations.
→ As of October 14, 2025 American Express offers an APY of 3.50% for its High Yield Savings Account, with a minimum balance of $0, compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $100 more than American Express on a $10,000 balance after one year. American Express pays $350, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
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: 4.50%
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, American Express's total earnings would be $646 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 10/14/2025) | 4.50% (as of 10/14/2025) | |
| 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 | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. | ||
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 3.7/5 | 4.2/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 9 Months)
| American Express | SoFi Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | SoFi Savings |
| Latest APY | 3.50 % | 4.50 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -3.8 | 5.0 | |
| Rate Changes / Mo | 0.34 | 0.23 | |
| Days Since Last Change | 84 | 34 | |
| High (-9 m) | 3.80 % | 4.50 % | |
| Low (-9 m) | 3.50 % | 3.80 % | |
| Draw-down from High | -7.9 % | 0.0 % | |
| Volatility (CV) | 0.028 | 0.060 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 266 days.
- Low (-9 m)
- Lowest APY in the last 266 days.
- Draw-down from High
- How far today sits below the 9-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.
More Comparisons
Compare American Express' APY of 3.50% with other banks
Compare SoFi Bank's APY of 4.50% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.40% | $0 |
| SoFi Bank vs Axos Bank | 4.51% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.20% | $5,000 |
| SoFi Bank vs Capital One | 3.40% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 3.85% | $100 |
| SoFi Bank vs Discover Bank | 3.40% | $0 |
| SoFi Bank vs Elevault | 4.34% | $0 |
| SoFi Bank vs EverBank | 4.05% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.10% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.50% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.20% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Santander Bank | 0.01% | $25 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 3.96% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 0.05% | $25 |
| SoFi Bank vs Zynlo Bank | 4.20% | $10 |