Everbank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
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Summary of EverBank vs. SoFi Bank
Key Metrics at a Glance
| Feature | EverBank | SoFi Bank |
|---|---|---|
| Top Savings APY | 4.05% Performance Savings | 4.50% SoFi Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for Top APY | $0 | $0 |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. |
EverBank
Strengths
- EverBank offers a competitive APY of 4.05%, unchanged from 30 days ago.
- No maintenance fees for the Performance Savings account.
- EverBank has 11 physical branches in Florida and California.
Potential Drawbacks
- EverBank has low App Store and Google Play ratings: 2.3 and 1.8.
- Not BBB Accredited, despite an A+ rating.
SoFi Bank
Strengths
- SoFi Bank provides a higher APY of 4.50%, unchanged from 30 days ago.
- SoFi Bank has a strong App Store rating of 4.8 and a Google Play rating of 4.1.
Potential Drawbacks
- SoFi Bank requires direct deposit or qualifying deposits for the highest APY boost.
- SoFi Bank has no physical branches.
→ As of October 21, 2025 EverBank offers an APY of 4.05% for its Performance Savings account, with a minimum balance of $0, compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $45 more than EverBank on a $10,000 balance after one year. EverBank pays $405, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
Calculate Savings Growth for EverBank vs SoFi Bank
EverBank - Performance Savings
Total savings breakdown:
- Interest earned: $2,467 (12.05%)
- Total contributions: $13,000 (63.52%)
- Initial deposit: $5,000 (24.43%)
Your total balance
$20,467.00
Total balance: $20,467
Earnings: $2,467
Bank OverviewSoFi Bank - SoFi Savings
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, EverBank's total earnings would be $293.1 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare EverBank's vs SoFi Bank's Savings Accounts
| EverBank | SoFi Bank | ||
|---|---|---|---|
| Product | Performance Savings | vs | SoFi Savings |
| APY | 4.05% (as of 10/21/2025) | 4.50% (as of 10/21/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. | ||
| App Store Rating | 2.3/5 | 4.8/5 | |
| Google Play Rating | 1.8/5 | 4.1/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 9 Months)
| EverBank | SoFi Bank | ||
|---|---|---|---|
| Product | Performance Savings | vs | SoFi Savings |
| Latest APY | 4.05 % | 4.50 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -1.7 | 5.8 | |
| Rate Changes / Mo | 0.11 | 0.22 | |
| Days Since Last Change | 32 | 40 | |
| High (-9 m) | 4.30 % | 4.50 % | |
| Low (-9 m) | 4.05 % | 3.80 % | |
| Draw-down from High | -5.8 % | 0.0 % | |
| Volatility (CV) | 0.019 | 0.064 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 272 days.
- Low (-9 m)
- Lowest APY in the last 272 days.
- Draw-down from High
- How far today sits below the 9-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.