Bank Of America vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Bank of America vs. SoFi Bank
As of June 20, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
SoFi Bank yields $379 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
Bank of America
Strengths
- Bank of America has an App Store rating of 4.8.
- No direct deposit requirement for Advantage Savings account.
- Bank of America has a BBB rating of A.
Potential Drawbacks
- The current APY for Advantage Savings is only 0.01%.
- Advantage Savings has an $8 monthly maintenance fee.
- No branches available for in-person banking.
SoFi Bank
Strengths
- SoFi Bank offers a high APY of 3.80% with qualifying deposits.
- SoFi Bank has a BBB rating of A+.
- No monthly maintenance fees for the SoFi Savings account.
Potential Drawbacks
- SoFi Bank requires direct deposit or $5,000 in qualifying deposits for the highest APY.
- SoFi Bank has a slightly lower Google Play rating of 4.5.
- No branches available for in-person banking.
Summary: Bank of America offers a low APY of 0.01% with an $8 maintenance fee, while SoFi Bank provides a significantly higher APY of 3.80%, without fees but with a direct deposit requirement. Both banks lack physical branches, but SoFi has a better BBB rating. Their App Store ratings are similar, with Bank of America slightly ahead.
Compare Bank of America's vs SoFi Bank's Savings Accounts
| Bank of America | SoFi Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | SoFi Savings |
| APY | 0.01% (as of 6/20/2025) | 3.80% (as of 6/20/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $0 | |
| Maintenance Fee | $8 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | 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. | 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 | Advantage Savings | SoFi Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.6/5 | 4.5/5 | |
| BBB Rating | A | A+ |
Comparative Historical APY Insights (Last 5 Months)
| Bank of America | SoFi Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | SoFi Savings |
| Latest APY | 0.01 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | -0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | |
| Days Since Last Change | 143 | 143 | |
| High (-5 m) | 0.01 % | 3.80 % | |
| Low (-5 m) | 0.01 % | 3.80 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 |
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 144 days.
- Low (-5 m)
- Lowest APY in the last 144 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 Bank of America vs SoFi Bank
All calculations are based on APY.
Bank of America
APY: 0.01%
Total savings breakdown:
- Interest earned: $0.1 (0.01%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (99.99%)
Your total balance
$1,000.10
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $1,000.1
Earnings: $0.1
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 Bank of America would earn you $37.9 less than SoFi Bank.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.50% | $0 |
| Bank of America vs American Express | 3.60% | $0 |
| Bank of America vs Axos Bank | 4.66% | $0 |
| Bank of America vs Barclays | 4.10% | $0 |
| Bank of America vs Capital One | 3.60% | $0 |
| Bank of America vs Chase Bank | 0.01% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 4.00% | $100 |
| Bank of America vs Discover Bank | 3.60% | $0 |
| Bank of America vs Fitness Bank | 5.00% | $100 |
| Bank of America vs Marcus by Goldman Sachs | 3.65% | $0 |
| Bank of America vs Synchrony Bank | 3.80% | $0 |
| Bank of America 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 American Express | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $0 |
| 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 |