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 Express | SoFi Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | SoFi Savings |
| APY | 3.60% (as of 6/20/2025) | 3.80% (as of 6/20/2025) | |
| 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 | High Yield Savings Account | SoFi Savings | |
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 3.8/5 | 4.5/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 5 Months)
| American Express | SoFi Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | SoFi Savings |
| Latest APY | 3.60 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.4 | -0.2 | |
| Rate Changes / Mo | 0.40 | 0.20 | |
| Days Since Last Change | 44 | 148 | |
| High (-5 m) | 3.80 % | 4.00 % | |
| Low (-5 m) | 3.60 % | 3.80 % | |
| Draw-down from High | -5.3 % | -5.0 % | |
| Volatility (CV) | 0.019 | 0.005 |
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 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 American Express would earn you $2 less than SoFi Bank.
More Comparisons
Compare American Express' APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.66% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.60% | $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 | 3.60% | $0 |
| American Express vs Fitness Bank | 5.00% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs Varo Bank | 5.00% | $0 |
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 | 4.66% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
| SoFi Bank vs Fitness Bank | 5.00% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |