Bank Of America vs. Sofi Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Bank of America vs. SoFi Bank
Key Metrics at a Glance
| Feature | Bank of America | SoFi Bank |
|---|---|---|
| Top Savings APY | 0.01% Advantage Savings | 4.50% SoFi Savings |
| Minimum to Open | $100 | $0 |
| Minimum Balance for APY | $0 |
Bank of America
Strengths
- Bank of America has a high App Store rating of 4.8.
- No direct deposit required for the Advantage Savings account.
- Access to physical branches for in-person banking.
Potential Drawbacks
- Advantage Savings offers a low APY of 0.01%.
- Monthly maintenance fee of $8 may apply.
SoFi Bank
Strengths
- SoFi Bank offers a competitive APY of 4.50%.
- No minimum deposit or balance requirements for the SoFi Savings account.
- No maintenance fees for the SoFi Savings account.
Potential Drawbacks
- SoFi Bank has a lower Google Play rating of 4.2.
- Direct deposit or qualifying deposits required for higher APY.
Summary: SoFi Bank provides a significantly higher APY of 4.50% for its savings account, with no fees or minimum balance requirements. In contrast, Bank of America's Advantage Savings account has a minimal APY of 0.01% and incurs an $8 monthly fee. However, Bank of America offers the convenience of physical branches and a higher App Store rating. Both banks have an A+ BBB rating, indicating trustworthiness.
→ As of October 14, 2025 Bank of America offers an APY of 0.01% for its Advantage Savings account, with a minimum balance of , compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $449 more than Bank of America on a $10,000 balance after one year. Bank of America pays $1, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
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: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Effective APY: 0.01% (based on your deposit and contributions)
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewSoFi Bank
APY: 4.50%
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Bank of America's total earnings would be $2,754.4 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 10/14/2025) | 4.50% (as of 10/14/2025) | |
| 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. | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.6/5 | 4.2/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 8 Months)
| Bank of America | SoFi Bank | ||
|---|---|---|---|
| Product | Advantage Savings | vs | SoFi Savings |
| Latest APY | 0.01 % | 4.50 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -0.0 | 5.5 | |
| Rate Changes / Mo | 0.00 | 0.12 | |
| Days Since Last Change | 259 | 34 | |
| High (-8 m) | 0.01 % | 4.50 % | |
| Low (-8 m) | 0.01 % | 3.80 % | |
| Draw-down from High | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.060 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 259 days.
- Low (-8 m)
- Lowest APY in the last 259 days.
- Draw-down from High
- How far today sits below the 8-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.
More Comparisons
Compare Bank of America's APY of 0.01% with other banks
Compare SoFi Bank's APY of 4.50% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.40% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.51% | $0 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.20% | $5,000 |
| SoFi Bank vs Capital One | 3.40% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 3.85% | $100 |
| SoFi Bank vs Discover Bank | 3.40% | $0 |
| SoFi Bank vs Elevault | 4.34% | $0 |
| SoFi Bank vs EverBank | 4.05% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.10% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.50% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.20% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Santander Bank | 0.01% | $25 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 3.96% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 0.05% | $25 |
| SoFi Bank vs Zynlo Bank | 4.20% | $10 |