Charles Schwab Bank vs. SoFi Bank
Comparing Charles Schwab Bank and SoFi Bank for savings: Charles Schwab Bank's Schwab Bank Investor Savings™ pays 0.15% 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? SoFi Bank pays $350 more than Charles Schwab Bank annually ($365 vs $15).
Choose Charles Schwab Bank if you want a no-strings-attached account, or you want to avoid a promo rate with a scheduled drop. Choose SoFi Bank if getting the best rate matters most, or you're an Android user.
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%). Charles Schwab Bank's 0.15% 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 Charles Schwab Bank offers its savings account standalone.
| Metric | Charles Schwab BankSchwab Bank Investor Savings™ Feb 6, 2026 | SoFi BankSoFi Savings Feb 6, 2026 |
|---|---|---|
| APY | 0.15% | 3.30% - 4.00% |
Est. Earnings | $5,000+$8 $10,000+$15 $25,000+$38 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 InsuredNo MinimumsGreat iOS AppIn-Person AccessZelle® SupportedDaily CompoundingStable Rate | 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 Charles Schwab Bank vs. SoFi Bank
Executive Summary
SoFi Bank offers a significantly higher APY of 4.00% on its SoFi Savings account, which is an online-only product that requires either a direct deposit of regular income or a $10/month subscription to avoid fees. This account also includes a checking account with a 0.50% APY. In contrast, Charles Schwab Bank's Schwab Bank Investor Savings™ provides a much lower APY of 0.15% with no direct deposit requirement and no maintenance fees. While Schwab's account has no minimum balance requirement, the substantial difference in APY makes SoFi the clear winner for those seeking higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Charles Schwab Bank?
- ✓No checking account or direct deposit required
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 (4.00% vs 0.15%) on all balances
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $15/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $38/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 (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $350 more interest on a $10,000 balance than Charles Schwab Bank's Schwab Bank Investor Savings™.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Charles Schwab Bank vs. SoFi Bank Savings Calculator
You earn $349.9 more with SoFi Bank than Charles Schwab 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.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$15.00(0.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,015.00
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.
| Feature | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| APY | 0.15% Verified: 2/6/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 2/6/2026 ↘︎ 0.50%90d Change |
| Product Name | Schwab Bank Investor Savings™ | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | N/A | 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 | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Integrated into Investor Checking; high liquidity. | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | - | 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 Charles Schwab Bank 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 | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | SoFi Savings | |
Current APY | 0.15% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | 0.0 | 4.7 |
Days Since Change | 365 | 45 |
12-Month High | 0.15% | 4.50% |
12-Month Low | 0.15% | 3.80% |
Adjustments / Mo | 0.00 | 0.25 |
Volatility Score | 0.000 | 0.069 |
How to read these metrics(Click to expand)
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Compare Charles Schwab Bank's APY of 0.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Charles Schwab Bank vs Ally Bank | 3.30% | $0 |
| Charles Schwab Bank vs American Express | 3.30% | $0 |
| Charles Schwab Bank vs Axos Bank | 4.21% | $0 |
| Charles Schwab Bank vs Bank of America | 0.01% | $100 |
| Charles Schwab Bank vs Barclays | 4.00% | $0 |
| Charles Schwab Bank vs Capital One | 3.30% | $0 |
| Charles Schwab Bank vs Chase Bank | 0.01% | $0 |
| Charles Schwab Bank vs Chime | 3.00% | $0 |
| Charles Schwab Bank vs CIT Bank | 3.75% | $100 |
| Charles Schwab Bank vs Citibank | 3.20% | $0 |
| Charles Schwab Bank vs Discover Bank | 3.30% | $0 |
| Charles Schwab Bank vs EverBank | 3.90% | $0 |
| Charles Schwab Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Charles Schwab Bank vs Newtek Bank | 4.20% | $0.01 |
| Charles Schwab Bank vs Openbank | 4.09% | $500 |
| Charles Schwab Bank vs Pibank | 4.60% | $0 |
| Charles Schwab Bank vs Synchrony Bank | 3.50% | $0 |
| Charles Schwab Bank vs Varo Bank | 5.00% | $0 |
| Charles Schwab Bank vs Wealthfront | 3.95% | $0 |
| Charles Schwab Bank vs Wells Fargo | 0.05% | $25 |