Forbright Bank vs. SoFi Bank
Comparing Forbright Bank and SoFi Bank for high-yield savings: Forbright Bank's Growth Savings pays 3.85% 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? Forbright Bank pays $20 more than SoFi Bank annually ($385 vs $365).
Choose Forbright Bank if getting the best rate matters most, you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user.
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%). Forbright Bank's 3.85% 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 Forbright Bank offers its savings account standalone.
| Metric | Forbright BankGrowth Savings Apr 7, 2026 | SoFi BankSoFi Savings Apr 7, 2026 |
|---|---|---|
| APY | 3.85% | 3.30% - 4.00% |
Est. Earnings | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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.
Comparison Analysis
Comparing Forbright Bank vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive APY of 4.00% on its SoFi Savings account, which includes a temporary boost for six months and requires either a direct deposit or a $10 monthly subscription fee. This account is bundled with a checking account that has a 0.50% APY. In comparison, Forbright Bank's Growth Savings account provides a slightly lower APY of 3.85% with no direct deposit requirement or maintenance fees, making it a straightforward option for savers. Both banks operate online-only, but Forbright's other savings products may require branch access in the Washington, D.C. area.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Forbright Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Locations in the Washington D.C. area (Maryland and Virginia))
- ✓Higher rated Android app (4.5 vs 3.9)
- ✓Offers 3 different high-yield savings options
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 3.45%-3.85%) for a duration of 6 months (requires checking bundle)
— Key Feature Differences —
Better Returns at $10,000
Forbright BankForbright Bank's Growth Savings earns more on smaller deposits (approx. $385 vs $365/yr).
Better Returns at $25,000
Forbright BankForbright Bank's Growth Savings pulls ahead with larger amounts (approx. $963 vs $913/yr).
Best for Simplicity
Forbright BankForbright Bank's Growth Savings offers 3.85% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Forbright Bank's Growth Savings pays $20 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Forbright Bank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Forbright Bank vs. SoFi Bank Savings Calculator
You earn $20.1 more with Forbright Bank than SoFi Bank 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.
Forbright Bank
Growth Savings
Savings Breakdown
- Interest Earned+$385.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,385.00
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 $364 per year in interest.
Both Forbright Bank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Forbright Bank | SoFi Bank |
|---|---|---|
| APY | 3.85% Verified: 4/7/2026 ↘︎ 0.15%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 4/7/2026 Stable (90d) |
| Product Name | Growth Savings | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | Locations in the Washington D.C. area (Maryland and Virginia) | 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 Branch accounts only; Growth Savings online does NOT support. | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | - | 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 Forbright Bank 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 | Forbright Bank | SoFi Bank | ||
|---|---|---|---|---|
| Sprout Savings | Bright Savings | Growth Savings | SoFi Savings | |
Current APY | 3.45% | 3.45% | 3.85% | 4.00% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | -4.9 | -4.9 | -4.5 | 2.6 |
Days Since Change | 88 | 88 | 88 | 105 |
12-Month High | 3.90% | 3.90% | 4.25% | 4.50% |
12-Month Low | 3.45% | 3.45% | 3.85% | 3.80% |
Adjustments / Mo | 0.16 | 0.16 | 0.16 | 0.25 |
Volatility Score | 0.051 | 0.051 | 0.042 | 0.063 |
How to read these metrics(Click to expand)
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Compare Forbright Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Forbright Bank vs Ally Bank | 3.20% | $0 |
| Forbright Bank vs American Express | 3.20% | $0 |
| Forbright Bank vs Axos Bank | 4.21% | $0 |
| Forbright Bank vs Barclays | 3.85% | $0 |
| Forbright Bank vs Capital One | 3.20% | $0 |
| Forbright Bank vs Chime | 3.00% | $0 |
| Forbright Bank vs CIT Bank | 3.75% | $100 |
| Forbright Bank vs Discover Bank | 3.30% | $0 |
| Forbright Bank vs EverBank | 3.90% | $0 |
| Forbright Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Forbright Bank vs Newtek Bank | 4.20% | $0.01 |
| Forbright Bank vs Openbank | 4.00% | $500 |
| Forbright Bank vs Pibank | 4.60% | $0 |
| Forbright Bank vs Synchrony Bank | 3.50% | $0 |
| Forbright Bank vs Varo Bank | 5.00% | $0 |
| Forbright Bank vs Wealthfront | 4.20% | $0 |