Everbank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of EverBank vs. SoFi Bank
As of September 5, 2025 EverBank offers an APY of 4.30% for its Performance Savings account, with a minimum balance of $0, compared to SoFi Bank's 3.80% APY for its SoFi Savings account, with a minimum balance of $0.
EverBank yields $50 more than SoFi Bank on a $10,000 balance after one year. EverBank pays $430, while SoFi Bank pays $380 - an APY advantage for EverBank.
EverBank
Strengths
- EverBank offers a higher APY of 4.30% compared to SoFi Bank's 3.80%.
- EverBank has 11 physical branches located in Florida and California.
- No maintenance fees for EverBank's Performance Savings account.
Potential Drawbacks
- EverBank has a lower App Store rating of 2.3 compared to SoFi Bank's 4.8.
- EverBank's Google Play rating is 2.6, lower than SoFi Bank's 4.4.
- EverBank is not BBB Accredited despite its A+ rating.
SoFi Bank
Strengths
- SoFi Bank has a higher App Store rating of 4.8 compared to EverBank's 2.3.
- SoFi Bank's Google Play rating is 4.4, better than EverBank's 2.6.
- SoFi Bank's savings account comes bundled with a checking account.
Potential Drawbacks
- SoFi Bank's APY of 3.80% is lower than EverBank's 4.30%.
- SoFi Bank does not have any physical branches.
- SoFi Bank requires direct deposit or a $5,000 deposit for higher APY.
Summary: EverBank offers a higher APY of 4.30% with 11 branches, but has lower app ratings and is not BBB Accredited. SoFi Bank has better app ratings and offers a checking account with savings, but requires a direct deposit for its 3.80% APY and lacks physical branches. Overall, EverBank may appeal more to those prioritizing APY and branch access, while SoFi Bank may attract users valuing app experience and bundled services.
Compare EverBank's vs SoFi Bank's Savings Accounts
| EverBank | SoFi Bank | ||
|---|---|---|---|
| Product | Performance Savings | vs | SoFi Savings |
| APY | 4.30% (as of 9/5/2025) | 3.80% (as of 9/5/2025) | |
| 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 | 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. | ||
| App Store Rating | 2.3/5 | 4.8/5 | |
| Google Play Rating | 2.6/5 | 4.4/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 7 Months)
| EverBank | SoFi Bank | ||
|---|---|---|---|
| Product | Performance Savings | vs | SoFi Savings |
| Latest APY | 4.30 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | -0.1 | |
| Rate Changes / Mo | 0.00 | 0.13 | |
| Days Since Last Change | 225 | 224 | |
| High (-7 m) | 4.30 % | 4.00 % | |
| Low (-7 m) | 4.30 % | 3.80 % | |
| Draw-down from High | 0.0 % | -5.0 % | |
| Volatility (CV) | 0.000 | 0.004 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 226 days.
- Low (-7 m)
- Lowest APY in the last 226 days.
- Draw-down from High
- How far today sits below the 7-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 EverBank vs SoFi Bank
All calculations are based on APY.
EverBank
APY: 4.30%
Total savings breakdown:
- Interest earned: $2,629.4 (12.75%)
- Total contributions: $13,000 (63.02%)
- Initial deposit: $5,000 (24.24%)
Your total balance
$20,629.40
Effective APY: 4.30% (based on your deposit and contributions)
Total balance: $20,629.4
Earnings: $2,629.4
Bank OverviewSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, EverBank's total earnings would be $323.5 higher than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare EverBank's APY of 4.30% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| EverBank vs Ally Bank | 3.50% | $0 |
| EverBank vs American Express | 3.50% | $0 |
| EverBank vs Axos Bank | 4.46% | $0 |
| EverBank vs Bank of America | 0.01% | $100 |
| EverBank vs Barclays | 4.10% | $0 |
| EverBank vs BrioDirect | 4.30% | $5,000 |
| EverBank vs Capital One | 3.50% | $0 |
| EverBank vs Chase Bank | 0.01% | $0 |
| EverBank vs Chime | 3.75% | $0 |
| EverBank vs CIT Bank | 4.00% | $100 |
| EverBank vs Discover Bank | 3.50% | $0 |
| EverBank vs Elevault | 4.60% | $0 |
| EverBank vs Fitness Bank | 4.75% | $100 |
| EverBank vs FVCbank | 4.35% | $500 |
| EverBank vs GO2bank | 4.50% | $0 |
| EverBank vs Marcus by Goldman Sachs | 3.65% | $0 |
| EverBank vs Neighbors Bank | 4.60% | $0 |
| EverBank vs Newtek Bank | 4.35% | $0 |
| EverBank vs Peak Bank | 4.35% | $100 |
| EverBank vs Pibank | 4.60% | $0 |
| EverBank vs Presidential Bank | 4.50% | $5,000 |
| EverBank vs Santander Bank | 0.03% | $25 |
| EverBank vs Synchrony Bank | 3.80% | $0 |
| EverBank vs TIMBR | 4.40% | $1,000 |
| EverBank vs UFB Direct | 4.21% | $5000 |
| EverBank vs Varo Bank | 5.00% | $0 |
| EverBank vs Wells Fargo | 2.51% | $25 |
| EverBank vs Zynlo Bank | 4.35% | $10 |
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.50% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.46% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.30% | $5,000 |
| SoFi Bank vs Capital One | 3.50% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $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 Elevault | 4.60% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.35% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.60% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.35% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Santander Bank | 0.03% | $25 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |
| SoFi Bank vs Zynlo Bank | 4.35% | $10 |