Citibank vs. SoFi Bank
Comparing Citibank and SoFi Bank for high-yield savings: Citibank's Citi Accelerate Savings pays 3.20% 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 $45 more than Citibank annually ($365 vs $320).
Choose Citibank if 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 getting the best rate matters most, or BBB rating matters to you.
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%). Citibank's 3.20% 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 Citibank offers its savings account standalone.
Citibank's Accelerate Savings is only available in select states where Citi has no branch presence. Check eligibility before applying.
| Metric | CitibankCiti Accelerate Savings Feb 21, 2026 | SoFi BankSoFi Savings Feb 21, 2026 |
|---|---|---|
| APY | 3.20% | 3.30% - 4.00% |
Est. Earnings | $5,000+$160 $10,000+$320 $25,000+$800 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Eligibility restricted to select states. | 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 AppGreat Android AppZelle® SupportedDaily CompoundingRate 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.
Executive Summary
SoFi Bank's SoFi Savings leads with a competitive APY of 4.00%, which includes a temporary 0.70% boost for six months, available with direct deposit or a $10 monthly subscription fee. This account is bundled with a checking account offering a 0.50% APY. In contrast, Citibank's top product, the Citi Accelerate Savings, offers a lower APY of 3.20% with no direct deposit requirement and no maintenance fees if certain balance conditions are met. However, eligibility for Citibank is restricted to select states, while SoFi Bank operates online without such limitations. Both accounts have no minimum deposit requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Citibank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami.)
- ✓Higher rated Android app (4.8 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
- ✓Higher potential APY (4.00% vs 3.20%) on all balances
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $320/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $800/yr).
Best for Simplicity
CitibankCitibank's Citi Accelerate Savings offers 3.20% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Best Mobile App Experience
CitibankCitibank offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $45 more interest on a $10,000 balance than Citibank's Citi Accelerate 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
Citibank vs. SoFi Bank Savings Calculator
You earn $44.9 more with SoFi Bank than Citibank 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.
Citibank
Citi Accelerate Savings
Savings Breakdown
- Interest Earned+$320.00(3.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,320.00
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 $319 per year in interest.
Both Citibank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Citibank | SoFi Bank |
|---|---|---|
| APY | 3.20% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 2/21/2026 ↘︎ 0.30%90d Change |
| Product Name | Citi Accelerate Savings | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $4.50. Waived for average monthly balances > $500 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | U.S. branches are concentrated in six metropolitan areas, New York City, Chicago, Los Angeles, San Francisco, Washington, D.C., and Miami. | 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 Limit: $2,500/dayTiered limits based on account status (Citigold higher). | Available Native support added in 2024 for banking members. |
| BBB Rating | D- | A+ |
| Important Notes | Eligibility restricted to select states. | 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 Citibank 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 | Citibank | SoFi Bank | |
|---|---|---|---|
| Citi® Savings Account | Citi Accelerate Savings | SoFi Savings | |
Current APY | 0.03% | 3.20% | 4.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -0.0 | -4.7 | 4.2 |
Days Since Change | 365 | 25 | 60 |
12-Month High | 0.03% | 3.80% | 4.50% |
12-Month Low | 0.03% | 3.20% | 3.80% |
Adjustments / Mo | 0.00 | 0.58 | 0.25 |
Volatility Score | 0.000 | 0.049 | 0.067 |
How to read these metrics(Click to expand)
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