Betterment vs. SoFi Bank
Comparing Betterment and SoFi Bank for high-yield savings: Betterment's Cash Reserve pays 3.90% 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? Betterment pays $25 more than SoFi Bank annually ($390 vs $365).
Choose Betterment if getting the best rate matters most, 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 you want Zelle for quick transfers.
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%). Betterment's 3.90% 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 Betterment offers its savings account standalone.
| Metric | BettermentCash Reserve Mar 24, 2026 | SoFi BankSoFi Savings Mar 24, 2026 |
|---|---|---|
| APY | 3.25% - 3.90% | 3.30% - 4.00% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $10 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Promo rate for new customers. 3.25% APY applies to existing customers. | 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 AppRate 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 Betterment vs. SoFi Bank
Executive Summary
SoFi Bank offers the highest APY of 4.00% on its SoFi Savings account, which includes a temporary 0.70% APY boost for 6 months, available with a direct deposit or a $10/month subscription fee. In contrast, Betterment's Cash Reserve provides a competitive 3.90% APY, but this rate is restricted to new customers, with existing customers earning a lower rate of 3.25%. Both accounts are online-only and have no maintenance fees, but SoFi's account comes bundled with a checking account that earns 0.50% APY, adding value for customers seeking a comprehensive banking solution.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Betterment?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.7 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
- ✓Fast transfers via Zelle®
- ✓Available to New & Existing Customers
— Key Feature Differences —
Better Returns at $10,000
BettermentBetterment's Cash Reserve earns more on smaller deposits (approx. $390 vs $365/yr).
Better Returns at $25,000
BettermentBetterment's Cash Reserve pulls ahead with larger amounts (approx. $975 vs $913/yr).
Shared Benefits
Over a 1-year period, Betterment's Cash Reserve pays $25 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Betterment's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Betterment vs. SoFi Bank Savings Calculator
You earn $25.1 more with Betterment than SoFi Bank 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.
Betterment
Cash Reserve
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $364 per year in interest.
Both Betterment and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Betterment | SoFi Bank |
|---|---|---|
| APY | 3.90% Range: 3.25% - 3.90% Verified: 3/24/2026 ↗︎ 0.65%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 3/24/2026 Stable (90d) |
| Product Name | Cash Reserve | SoFi Savings |
| Minimum Deposit | $10 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | 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 | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A- | A+ |
| Important Notes | Promo rate for new customers. 3.25% APY applies to existing customers. | 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 Betterment 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 | Betterment | SoFi Bank |
|---|---|---|
| Cash Reserve | SoFi Savings | |
Current APY | 3.90% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -5.8 | 3.1 |
Days Since Change | 32 | 91 |
12-Month High | 4.00% | 4.50% |
12-Month Low | 3.25% | 3.80% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.083 | 0.064 |
How to read these metrics(Click to expand)
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Compare Betterment's APY of 3.90% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Betterment vs Ally Bank | 3.20% | $0 |
| Betterment vs American Express | 3.20% | $0 |
| Betterment vs Axos Bank | 4.21% | $0 |
| Betterment vs Barclays | 3.85% | $0 |
| Betterment vs Capital One | 3.20% | $0 |
| Betterment vs Chime | 3.00% | $0 |
| Betterment vs CIT Bank | 3.75% | $100 |
| Betterment vs Discover Bank | 3.30% | $0 |
| Betterment vs EverBank | 3.90% | $0 |
| Betterment vs Marcus by Goldman Sachs | 3.65% | $0 |
| Betterment vs Newtek Bank | 4.20% | $0.01 |
| Betterment vs Openbank | 4.09% | $500 |
| Betterment vs Pibank | 4.60% | $0 |
| Betterment vs Synchrony Bank | 3.50% | $0 |
| Betterment vs Varo Bank | 5.00% | $0 |
| Betterment vs Wealthfront | 4.20% | $0 |