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 AmericaSoFi Bank
ProductAdvantage SavingsvsSoFi Savings
APY
0.01% (as of 6/20/2025)3.80% (as of 6/20/2025)
Bundled Account
NoYes
FDIC-insured
YesYes
Online OnlyNoYes
Compound Frequency
MonthlyDaily
Minimum Deposit$100$0
Minimum Balance for APYN/A$0
Maintenance Fee$8$0
Direct Deposit Required
NoNo. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower
NoteAPY 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 BankAdvantage SavingsSoFi Savings
App Store Rating4.8/54.8/5
Google Play Rating4.6/54.5/5
BBB RatingAA+

Comparative Historical APY Insights (Last 5 Months)

Bank of AmericaSoFi Bank
ProductAdvantage SavingsvsSoFi Savings
Latest APY0.01 %3.80 %
TrendSidewaysSideways
Slope (bps/mo)-0.0-0.0
Rate Changes / Mo0.000.00
Days Since Last Change143143
High (-5 m)0.01 %3.80 %
Low (-5 m)0.01 %3.80 %
Draw-down from High0.0 %0.0 %
Volatility (CV)0.0000.000
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 Details

SoFi 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 Details

After 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
Compare SoFi Bank's APY of 3.80% with other banks