Chase Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Chase Bank vs. SoFi Bank
As of July 15, 2025 Chase Bank offers an APY of 0.01% for its Chase Savings℠ account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
SoFi Bank yields $379 more than Chase Bank on a $10,000 balance after one year. Chase Bank pays $1, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
Chase Bank
Strengths
- Chase Bank offers a widely recognized A- BBB rating.
- Chase Savings℠ has a $0 minimum deposit requirement.
- Chase Bank has a high App Store rating of 4.8.
Potential Drawbacks
- Chase Savings℠ has a low APY of 0.01%.
- Chase Bank charges a $5 maintenance fee.
SoFi Bank
Strengths
- SoFi Bank provides a competitive APY of 3.80%.
- SoFi Bank has no maintenance fees.
- SoFi Bank boasts an A+ BBB rating.
Potential Drawbacks
- SoFi Savings requires direct deposit or $5,000 in Qualifying Deposits for the APY.
- SoFi Bank is online-only, lacking physical branches.
Summary: SoFi Bank offers a significantly higher APY of 3.80% compared to Chase Bank's 0.01%. Additionally, SoFi has no maintenance fees and an A+ BBB rating, while Chase charges a $5 fee and has an A- rating. However, SoFi's APY requires direct deposit or a large deposit, while Chase's account has no such requirements. Both banks have high app ratings of 4.8 on the App Store.
Compare Chase Bank's vs SoFi Bank's Savings Accounts
Chase Bank | SoFi Bank | ||
---|---|---|---|
Product | Chase Savings℠ | vs | SoFi Savings |
APY | 0.01% (as of 7/15/2025) | 3.80% (as of 7/15/2025) | |
Bundled Account | No | Yes | |
FDIC-insured | Yes | Yes | |
Online Only | No | Yes | |
Compound Frequency | Monthly | Daily | |
Minimum Deposit | $0 | $0 | |
Minimum Balance for APY | $0 | $0 | |
Maintenance Fee | $5 | $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 maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, 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 Bank | Chase Savings℠ | SoFi Savings | |
App Store Rating | 4.8/5 | 4.8/5 | |
Google Play Rating | 4.5/5 | 4.5/5 | |
BBB Rating | A- | A+ |
Comparative Historical APY Insights (Last 6 Months)
Chase Bank | SoFi Bank | ||
---|---|---|---|
Product | Chase Savings℠ | vs | SoFi Savings |
Latest APY | 0.01 % | 3.80 % | |
Trend | Sideways | Sideways | |
Slope (bps/mo) | 0.0 | -0.0 | |
Rate Changes / Mo | 0.00 | 0.00 | |
Days Since Last Change | 168 | 168 | |
High (-6 m) | 0.01 % | 3.80 % | |
Low (-6 m) | 0.01 % | 3.80 % | |
Draw-down from High | 0.0 % | 0.0 % | |
Volatility (CV) | 0.000 | 0.000 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 168 days.
- Low (-6 m)
- Lowest APY in the last 168 days.
- Draw-down from High
- How far today sits below the 6-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 Chase Bank vs SoFi Bank
All calculations are based on APY.
Chase Bank
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 DetailsSoFi 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 DetailsAfter 1 year Chase Bank would earn you $37.9 less than SoFi Bank.
More Comparisons
Compare Chase Bank's APY of 0.01% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
Chase Bank vs Ally Bank | 3.50% | $0 |
Chase Bank vs American Express | 3.60% | $0 |
Chase Bank vs Axos Bank | 4.66% | $0 |
Chase Bank vs Bank of America | 0.01% | $100 |
Chase Bank vs Barclays | 4.10% | $0 |
Chase Bank vs Capital One | 3.50% | $0 |
Chase Bank vs Chime | 3.75% | $0 |
Chase Bank vs CIT Bank | 4.00% | $100 |
Chase Bank vs Discover Bank | 3.50% | $0 |
Chase Bank vs Fitness Bank | 5.00% | $100 |
Chase Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
Chase Bank vs Presidential Bank | 4.50% | $5,000 |
Chase Bank vs Synchrony Bank | 3.80% | $0 |
Chase Bank vs Varo Bank | 5.00% | $0 |
Chase Bank vs Wells Fargo | 2.51% | $25 |
Compare SoFi Bank's APY of 3.80% with other banks
Bank Pair | Best APY | Min Deposit |
---|---|---|
SoFi Bank vs Ally Bank | 3.50% | $0 |
SoFi Bank vs American Express | 3.60% | $0 |
SoFi Bank vs Axos Bank | 4.66% | $0 |
SoFi Bank vs Bank of America | 0.01% | $100 |
SoFi Bank vs Barclays | 4.10% | $0 |
SoFi Bank vs Capital One | 3.50% | $0 |
SoFi Bank vs Chime | 3.75% | $0 |
SoFi Bank vs CIT Bank | 4.00% | $100 |
SoFi Bank vs Discover Bank | 3.50% | $0 |
SoFi Bank vs Fitness Bank | 5.00% | $100 |
SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
SoFi Bank vs Synchrony Bank | 3.80% | $0 |
SoFi Bank vs Varo Bank | 5.00% | $0 |
SoFi Bank vs Wells Fargo | 2.51% | $25 |