Bank of America vs. SoFi Bank
Comparing Bank of America and SoFi Bank for savings: Bank of America's Advantage Savings pays 0.01% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $364 more than Bank of America annually ($365 vs $1).
Choose Bank of America if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user. Choose SoFi Bank if getting the best rate matters most.
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%). Bank of America's 0.01% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Bank of AmericaAdvantage Savings Feb 25, 2026 | SoFi BankSoFi Savings Mar 7, 2026 |
|---|---|---|
| APY | 0.01% | 3.30% - 4.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Bank of America vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive APY of 4.00% on its SoFi Savings account, which includes a temporary 0.70% boost for six months, making it a strong choice for savers. This account is online-only and comes bundled with a checking account that yields 0.50% APY, providing an all-in-one banking solution. In contrast, Bank of America’s Advantage Savings account offers a significantly lower APY of 0.01%, with a minimum deposit of $100 and a monthly maintenance fee of $8, which can be waived under certain conditions. While both banks do not require direct deposit, SoFi's account offers more attractive returns, especially for those able to meet the conditions for the higher APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 3.9)
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 0.01%) 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 $1/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $3/yr).
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 $364 more interest on a $10,000 balance than Bank of America's Advantage Savings.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Bank of America vs. SoFi Bank Savings Calculator
You earn $363.9 more with SoFi Bank than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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 | Bank of America | SoFi Bank |
|---|---|---|
| APY | 0.01% Verified: 2/25/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 3/7/2026 ↘︎ 0.30%90d Change |
| Product Name | Advantage Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | N/A |
| 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 | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | 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 Bank of America 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 | Bank of America | SoFi Bank |
|---|---|---|
| Advantage Savings | SoFi Savings | |
Current APY | 0.01% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 3.7 |
Days Since Change | 71 | 64 |
12-Month High | 0.03% | 4.50% |
12-Month Low | 0.01% | 3.80% |
Adjustments / Mo | 0.16 | 0.25 |
Volatility Score | 0.116 | 0.066 |
How to read these metrics(Click to expand)
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