Ivy Bank vs. SoFi Bank
Comparing Ivy Bank and SoFi Bank for high-yield savings: Ivy Bank's High-Yield Savings Account pays 3.85% APY while SoFi Bank's SoFi Savings pays 3.80% 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? Ivy Bank pays $40 more than SoFi Bank annually ($385 vs $345).
Choose Ivy Bank if getting the best rate matters most, you want a no-strings-attached account, or you want to avoid a promo rate with a scheduled drop. Choose SoFi Bank if you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 3.80% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.10%). Ivy 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 Ivy Bank offers its savings account standalone.
| Metric | Ivy BankHigh-Yield Savings Account Jul 6, 2026 | SoFi BankSoFi Savings Jul 6, 2026 |
|---|---|---|
| APY | 0.05% - 3.85% | 3.10% - 3.80% |
Est. Earnings | $5,000+$193 $10,000+$385 $25,000+$963 | $5,000+$173 $10,000+$345 $25,000+$863 |
Min Deposit | $2,500 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | Limited offer: The 3.80% 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 InsuredMod. MinimumGreat iOS AppDaily 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 4.10% APY.
Executive Summary
Ivy Bank offers a High-Yield Savings Account with a competitive APY of 3.85%, making it the superior option compared to SoFi Bank's savings account, which has an APY of 3.80%. Ivy Bank's account requires a minimum deposit of $2,500 and is available only to residents of California and U.S. Territories (excluding the District of Columbia). In contrast, SoFi Bank's account has no minimum deposit requirement and includes a checking account with a lower APY of 0.50%. While SoFi does not mandate direct deposit, an alternative subscription fee of $10/month applies. Both accounts are online-only and have no maintenance fees.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Ivy Bank?
- ✓No checking account or direct deposit required
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
- ✓Fast transfers via Zelle®
- ✓Available Nationwide
— Key Feature Differences —
Better Returns at $10,000
Ivy BankIvy Bank's High-Yield Savings Account earns more on smaller deposits (approx. $385 vs $345/yr).
Better Returns at $25,000
Ivy BankIvy Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $963 vs $863/yr).
Shared Benefits
Over a 1-year period, Ivy Bank's High-Yield Savings Account pays $40 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Ivy 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
Ivy Bank vs. SoFi Bank Savings Calculator
You earn $40.1 more with Ivy 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.
Ivy Bank
High-Yield Savings Account
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: 3.80% for 6 months, then 3.10%.
Savings Breakdown
- Interest Earned+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
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 $344 per year in interest.
Both Ivy Bank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Ivy Bank | SoFi Bank |
|---|---|---|
| APY | 3.85% Range: 0.05% - 3.85% Verified: 7/6/2026 Stable (90d) | 3.80% Range: 3.10% - 3.80% Verified: 7/6/2026 ↘︎ 0.20%90d Change |
| Product Name | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $2,500 | $0 |
| Min. Balance for APY | $2,500 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | 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 | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A- | A+ |
| Important Notes | - | Limited offer: The 3.80% 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 Ivy 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 | Ivy Bank | SoFi Bank |
|---|---|---|
| High-Yield Savings Account | SoFi Savings | |
Current APY | 3.85% | 3.80% |
Trend | Stable | Stable |
Velocity (bps/mo) | -5.6 | -5.4 |
Days Since Change | 138 | 39 |
8-Month High | 4.25% | 4.30% |
8-Month Low | 3.85% | 3.80% |
Adjustments / Mo | 0.38 | 0.26 |
Volatility Score | 0.037 | 0.037 |
How to read these metrics(Click to expand)
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Compare Ivy Bank's APY of 3.85% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Ivy Bank vs Ally Bank | 3.10% | $0 |
| Ivy Bank vs American Express | 3.10% | $0 |
| Ivy Bank vs Axos Bank | 4.21% | $0 |
| Ivy Bank vs Barclays | 3.65% | $0 |
| Ivy Bank vs Capital One | 3.00% | $0 |
| Ivy Bank vs Chime | 3.00% | $0 |
| Ivy Bank vs CIT Bank | 3.75% | $100 |
| Ivy Bank vs Discover Bank | 3.30% | $0 |
| Ivy Bank vs EverBank | 3.90% | $0 |
| Ivy Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Ivy Bank vs Newtek Bank | 4.20% | $0.01 |
| Ivy Bank vs Openbank | 4.00% | $500 |
| Ivy Bank vs Pibank | 4.10% | $0 |
| Ivy Bank vs Synchrony Bank | 3.30% | $0 |
| Ivy Bank vs Varo Bank | 5.00% | $0 |
| Ivy Bank vs Wealthfront | 4.20% | $0 |