Bank of America vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Bank of America
Advantage Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Bank of America
Advantage Savings
SoFi Bank
SoFi Savings
Up to4.30%APYDec 6, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Comparison Analysis
Comparing Bank of America vs. SoFi Bank
Why Bank of America?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 vs 4.0)
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 (4.30% 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. $430 vs $1/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $1075 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, SoFi Bank's SoFi Savings pays $429 more interest on a $10,000 balance than Bank of America's Advantage Savings.
Executive Summary
SoFi Bank offers a significant advantage with its SoFi Savings account, boasting an APY of 4.30%, which includes a temporary 0.70% boost for six months. This account is online-only and requires either a direct deposit of regular income or a $10 monthly subscription to maintain the higher rate. In contrast, Bank of America's Advantage Savings account provides a much lower APY of 0.01% and comes with a maintenance fee of $8 unless certain conditions are met. While Bank of America does not require direct deposit, its savings option pales in comparison to the robust returns available at SoFi Bank.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Bank of America and SoFi Bank.
| Feature | Bank of America | SoFi Bank |
|---|---|---|
| APY | 0.01% Verified: 12/6/2025 Stable (90d) | 4.30% Range: 3.60% - 4.30% Verified: 12/6/2025 ↗︎ 0.50%90d Change |
| Product Name | Advantage Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $0 |
| Monthly Fee | $8 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | Yes |
| Mobile Apps | iOS4.8 Android4.6 | iOS4.8 Android4.0 |
| 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 4.30% 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 |
Savings Comparison
SoFi Bank earns $2,623.7 more than Bank of America.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$2,629.40(12.7%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,629.40
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | SoFi Bank |
|---|---|---|
| Advantage Savings | SoFi Savings | |
Current APY | 0.01% | 4.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | 7.4 |
Days Since Change | 311 | 24 |
10-Month High | 0.01% | 4.50% |
10-Month Low | 0.01% | 3.80% |
Adjustments / Mo | 0.00 | 0.19 |
Volatility Score | 0.000 | 0.075 |
How to read these metrics(Click to expand)
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