Forbright Bank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Forbright Bank vs. SoFi Bank
Key Metrics at a Glance
| Feature | Forbright Bank | SoFi Bank |
|---|---|---|
| Top Savings APY | 4.00% Growth Savings | 4.30% 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 4.30%. 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. |
Forbright Bank
Strengths
- Forbright Bank offers a Growth Savings account with a competitive APY of 4.00%.
- Forbright Bank has a higher App Store rating of 4.8 compared to SoFi Bank's 4.8.
- Forbright Bank has no direct deposit requirement for its savings accounts.
Potential Drawbacks
- Forbright Bank's highest APY is lower than SoFi Bank's at 4.00% vs. 4.30%.
- Forbright Bank has physical branches only in the Washington D.C. area.
SoFi Bank
Strengths
- SoFi Bank's SoFi Savings account offers an APY of 4.30%, higher than Forbright Bank's.
- SoFi Bank has a limited offer for a 0.70% APY boost for 6 months.
- SoFi Bank has a lower APY of 4.50% 30 days ago, indicating a recent decrease.
Potential Drawbacks
- SoFi Bank has a lower Google Play rating of 4.1 compared to Forbright Bank's 4.6.
- SoFi Bank requires direct deposit or qualifying deposits to earn the listed APY.
Summary: Forbright Bank offers a competitive 4.00% APY on its Growth Savings account without direct deposit requirements, while SoFi Bank provides a higher 4.30% APY but mandates direct deposit or qualifying deposits to maintain that rate. Both banks have an App Store rating of 4.8, but SoFi Bank's Google Play rating is lower at 4.1. Forbright Bank has physical branches, whereas SoFi Bank operates online only.
→ As of November 12, 2025 Forbright Bank offers an APY of 4.00% for its Growth Savings account, with a minimum balance of $0, compared to SoFi Bank's 4.30% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $30 more than Forbright Bank on a $10,000 balance after one year. Forbright Bank pays $400, while SoFi Bank pays $430 - an APY advantage for SoFi Bank.
→ In addition, Forbright Bank also offers 3.65% APY for the Bright Savings account.
Calculate Savings Growth for Forbright Bank vs SoFi Bank
All calculations are based on APY.
Forbright Bank - Growth Savings
Top APY: 4.00%
Total savings breakdown:
- Interest earned: $2,434.7 (11.91%)
- Total contributions: $13,000 (63.62%)
- Initial deposit: $5,000 (24.47%)
Your total balance
$20,434.70
Effective APY: 4.00% (based on your deposit and contributions)
Total balance: $20,434.7
Earnings: $2,434.7
Bank OverviewSoFi Bank - SoFi Savings
Top 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 OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Forbright Bank's total earnings would be $194.7 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Forbright Bank's vs SoFi Bank's Savings Accounts
| Forbright Bank | SoFi Bank | ||||
|---|---|---|---|---|---|
| Product | Growth Savings | Bright Savings | Sprout Savings | vs | SoFi Savings |
| APY | 4.00% (as of 11/12/2025) | 2.75% - 3.65% (as of 11/12/2025) | 0.80% - 3.65% (as of 11/12/2025) | 4.30% (as of 11/12/2025) | |
| Bundled Account | No | No | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | Yes | |
| Online Only | Yes | No | No | Yes | |
| Compound Frequency | Daily | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $250 | $1 | $0 | |
| Minimum Balance for APY | $0 | $250,000 | $0.01 | $0 | |
| Maintenance Fee | $0 | $0 | $0 | $0 | |
| Direct Deposit Required | No | No | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Eligibility | United States | This account must be opened in a Forbright branch (Washington, D.C. metro area) | This account is for children under 18 years old, where the account custodian is an existing customer. It must be opened in a Forbright branch (Washington, D.C. metro area) | United States | |
| Note | This is a tiered savings account, where the highest rate is obtained by meeting a minimum balance of $250,000. A lower APY of 2.75% may be obtained with as little as $0.01 in balance. See bank for more details and all tiers. | This is a tiered savings account, where the highest rate is capped at a balance of $9,999. A lower APY of 0.80% is applied to balances above that. See bank for more details. | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. 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 | 4.8/5 | 4.8/5 | |||
| Google Play Rating | 4.6/5 | 4.1/5 | |||
| BBB Rating | A+ | A+ | |||
Comparative Historical APY Insights (Last 10 Months)
| Forbright Bank | SoFi Bank | ||||
|---|---|---|---|---|---|
| Product | Sprout Savings | Bright Savings | Growth Savings | vs | SoFi Savings |
| Latest APY | 3.65 % | 3.65 % | 4.00 % | 4.30 % | |
| Trend | Sideways | Sideways | Sideways | Rising | |
| Slope (bps/mo) | -2.7 | -2.7 | -1.8 | 7.3 | |
| Rate Changes / Mo | 0.10 | 0.10 | 0.10 | 0.31 | |
| Days Since Last Change | 43 | 43 | 35 | 1 | |
| High (-10 m) | 3.90 % | 3.90 % | 4.25 % | 4.50 % | |
| Low (-10 m) | 3.65 % | 3.65 % | 4.00 % | 3.80 % | |
| Draw-down from High | -6.4 % | -6.4 % | -5.9 % | -4.4 % | |
| Volatility (CV) | 0.026 | 0.026 | 0.021 | 0.075 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 295 days.
- Low (-10 m)
- Lowest APY in the last 295 days.
- Draw-down from High
- How far today sits below the 10-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.