Charles Schwab Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Charles Schwab Bank
Schwab Bank Investor Savings™
0.15%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppIn-Person AccessShow Fine Print & Trends Hide Details
Charles Schwab Bank
Schwab Bank Investor Savings™
SoFi Bank
SoFi Savings
Up to4.30%APYDec 10, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Charles Schwab Bank vs. SoFi Bank Savings Calculator
SoFi Bank earns $2,114.2 more than Charles Schwab Bank.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$86.10(0.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,086.10
SoFi Bank
SoFi Savings
Promo Rate: 4.30% for 6 months, then 3.60%.
Savings Breakdown
- Interest Earned+$2,200.30(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,200.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Charles Schwab Bank vs. SoFi Bank
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 (4.30% 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. $395 vs $15/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $988 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 $380 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.
Executive Summary
SoFi Bank offers a significantly higher APY of 4.30% on its SoFi Savings account, which is an online-only product that comes bundled with a checking account earning 0.50% APY. This account does not require direct deposit, but an alternative $10/month subscription fee applies. In contrast, Charles Schwab Bank's Schwab Bank Investor Savings™ provides a much lower APY of 0.15%, with no minimum deposit or maintenance fees. While both banks offer FDIC insurance and have no direct deposit requirement, SoFi Bank clearly stands out with its superior savings rate.
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 Charles Schwab Bank and SoFi Bank.
| Feature | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| APY | 0.15% Verified: 12/10/2025 Stable (90d) | 4.30% Range: 3.60% - 4.30% Verified: 12/10/2025 ↘︎ 0.20%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 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| 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 | iOS4.8 Android2.9 | iOS4.8 Android4.0 |
| BBB Rating | A+ | A+ |
| Important Notes | - | 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | SoFi Savings | |
Current APY | 0.15% | 4.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | 7.4 |
Days Since Change | 314 | 28 |
10-Month High | 0.15% | 4.50% |
10-Month Low | 0.15% | 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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