American Express vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of American Express vs. SoFi Bank
As of July 15, 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%.
- No maintenance fees or minimum balance requirements.
- American Express has a high App Store rating of 4.9.
Potential Drawbacks
- American Express has an F BBB rating and is not accredited.
- Only offers online banking with no physical branches.
- Google Play rating is lower at 3.8.
SoFi Bank
Strengths
- SoFi Bank offers a higher APY of 3.80%.
- SoFi has an A+ BBB rating, indicating strong trustworthiness.
- Google Play rating is higher at 4.5.
Potential Drawbacks
- SoFi requires direct deposit or qualifying deposits for the listed APY.
- No physical branches available for in-person banking.
- App Store rating is slightly lower at 4.8.
Summary: SoFi Bank provides a higher APY of 3.80% compared to American Express's 3.60%, along with a stronger A+ BBB rating. However, SoFi's APY requires direct deposit or qualifying deposits, while American Express does not have such a requirement. Both banks have no maintenance fees and no minimum balance, 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 7/15/2025) | 3.80% (as of 7/15/2025) | |
| 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 6 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) | -3.9 | -0.3 | |
| Rate Changes / Mo | 0.34 | 0.17 | |
| Days Since Last Change | 69 | 173 | |
| High (-6 m) | 3.80 % | 4.00 % | |
| Low (-6 m) | 3.60 % | 3.80 % | |
| Draw-down from High | -5.3 % | -5.0 % | |
| Volatility (CV) | 0.019 | 0.007 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 175 days.
- Low (-6 m)
- Lowest APY in the last 175 days.
- Draw-down from High
- How far today sits below the 6-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 | 3.50% | $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 | 5.00% | $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 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 | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |