Axos Bank vs. SoFi Bank
Comparing Axos Bank and SoFi Bank for high-yield savings: Axos Bank's Axos ONE pays 4.21% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Axos Bank pays $56 more than SoFi Bank annually ($421 vs $365).
Choose Axos Bank if getting the best rate matters most, you want to avoid a promo rate with a scheduled drop, or you're an Android user. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Axos Bank's 4.21% rate has no scheduled drop, though all rates are subject to change.
Both banks require a checking account to access their highest savings rates.
| Metric | Axos BankAxos ONE Apr 21, 2026 | SoFi BankSoFi Savings Apr 21, 2026 |
|---|---|---|
| APY | 4.21% | 3.30% - 4.00% |
Est. Earnings | $5,000+$211 $10,000+$421 $25,000+$1,053 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The 4.21% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | 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 AppGreat Android AppChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Executive Summary
Axos ONE and SoFi Savings are both primarily meant for those ready to move their "financial lives" (checking, direct deposits) to a new institution and meeting requirements in the checking accounts.
The Real Difference:
SoFi Saving's current 4.00% APY includes a temporary boost that expires after 6 months after which it reverts to 3.30% based on today's data. Axos ONE's 4.21% APY is their standard rate for users who meet requirements. Recent Banksparency data shows Axos consistently tracks slightly above SoFi without the risk of a "rate cliff" half a year later.
The Verdict
- Choose Axos ONE if you want the highest sustainable rate, expanded FDIC coverage (up to $265M with VIP Banking), and greater ATM access.
- Choose SoFi if you want the greater product ecosystem and don't mind the 6-month boost expiration. It's likely that SoFi will keep its rates farily competitive.
- Just want a savings account? If you don't want to switch checking accounts, skip both and go with Axos Summit which offers an APY of 3.75%.
The bottom line: you can't really go wrong with either Axos or SoFi, especially when compared to the near zero interest rates at many brick-and-mortar or big banks. But don't think of them as merely savings accounts separate from your normal banking, but as replacements for your overall banking needs.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Axos Bank?
- ✓Earn 0.51% APY on checking account
- ✓Access to 95,000 fee-free ATMs
- ✓Higher potential APY (3.75%-4.21% vs 4.00%) on all balances
- ✓Higher rated Android app (4.7 vs 3.9)
- ✓Offers 2 different high-yield savings options
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
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Axos BankAxos Bank's Axos ONE earns more on smaller deposits (approx. $421 vs $365/yr).
Better Returns at $25,000
Axos BankAxos Bank's Axos ONE pulls ahead with larger amounts (approx. $1053 vs $913/yr).
Best for Simplicity
Axos BankAxos Bank's Summit Savings offers 3.75% APY with no bundling, direct deposit requirement or caps.
Requires Banking Relationship
Both banks require a checking account bundle and qualifying requirements to access their highest rates.
Shared Benefits
Over a 1-year period, Axos Bank's Axos ONE pays $56 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Axos Bank's standard rate still yields a higher 1-year return.
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Axos Bank vs. SoFi Bank Savings Calculator
You earn $56.1 more with Axos Bank than SoFi Bank 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.
Axos Bank
Axos ONE
Savings Breakdown
- Interest Earned+$421.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,421.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $364 per year in interest.
Both Axos Bank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Axos Bank | SoFi Bank |
|---|---|---|
| APY | 4.21% Verified: 4/21/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 4/21/2026 Stable (90d) |
| Product Name | Axos ONE | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | N/A |
| Direct Deposit Req. | Not required, but is the easiest way to earn the highest APY. | While direct deposit is not required, the alternative is a subscription fee of $10/month |
| Checking Bundle | Yes | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | The 4.21% APY is available with the Axos ONE savings and checking bundle. The checking account earns 0.51% APY. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | 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 SiteGo to Axos Bank * Secure link to our partner | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Axos Bank | SoFi Bank | ||
|---|---|---|---|---|
| Summit Savings | Axos ONE | High Yield Savings | SoFi Savings | |
Current APY | 3.75% | 4.21% | 0.61% | 4.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -3.8 | -4.6 | -0.0 | 2.0 |
Days Since Change | 131 | 80 | 365 | 119 |
12-Month High | 4.00% | 4.66% | 0.61% | 4.50% |
12-Month Low | 3.75% | 4.21% | 0.61% | 3.80% |
Adjustments / Mo | 0.08 | 0.33 | 0.00 | 0.25 |
Volatility Score | 0.032 | 0.038 | 0.000 | 0.061 |
How to read these metrics(Click to expand)
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