Ivy Bank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Ivy Bank vs. SoFi Bank
Key Metrics at a Glance
| Feature | Ivy Bank | SoFi Bank |
|---|---|---|
| Top Savings APY | 4.25% High-Yield Savings Account | 4.30% SoFi Savings |
| Minimum to Open | $2,500 | $0 |
| Minimum Balance for Top APY | $2,500 | $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. |
Ivy Bank
Strengths
- Ivy Bank offers a competitive APY of 4.25%.
- No minimum balance requirement for the High-Yield Savings Account.
- Ivy Bank has a solid App Store rating of 4.7.
Potential Drawbacks
- Ivy Bank's APY is lower than SoFi Bank's 4.30%.
- Not BBB Accredited, with a rating of A-.
- Ivy Bank has no branches.
SoFi Bank
Strengths
- SoFi Bank has a higher APY of 4.30%, despite a recent drop from 4.50%.
- No minimum deposit or balance required for the SoFi Savings account.
- SoFi Bank has a better BBB rating of A+.
Potential Drawbacks
- SoFi Bank's APY requires a direct deposit or subscription for the higher rate.
- SoFi Bank's App Store rating is slightly lower at 4.8.
- SoFi Bank has no branches.
→ As of November 12, 2025 Ivy Bank offers an APY of 4.25% for its High-Yield Savings Account, with a minimum balance of $2,500, compared to SoFi Bank's 4.30% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $5 more than Ivy Bank on a $10,000 balance after one year. Ivy Bank pays $425, while SoFi Bank pays $430 - an APY advantage for SoFi Bank.
Calculate Savings Growth for Ivy Bank vs SoFi Bank
Ivy Bank - High-Yield Savings Account
Total savings breakdown:
- Interest earned: $2,596.8 (12.61%)
- Total contributions: $13,000 (63.12%)
- Initial deposit: $5,000 (24.28%)
Your total balance
$20,596.80
Total balance: $20,596.8
Earnings: $2,596.8
Bank OverviewSoFi Bank - SoFi Savings
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
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, Ivy Bank's total earnings would be $32.6 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Ivy Bank's vs SoFi Bank's Savings Accounts
| Ivy Bank | SoFi Bank | ||
|---|---|---|---|
| Product | High-Yield Savings Account | vs | SoFi Savings |
| APY | 0.05% - 4.25% (as of 11/12/2025) | 4.30% (as of 11/12/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $2,500 | $0 | |
| Minimum Balance for APY | $2,500 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Eligibility | Residents of California and U.S. Territories (except District of Columbia) are ineligible to apply. | United States | |
| 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. | ||
| App Store Rating | 4.7/5 | 4.8/5 | |
| Google Play Rating | 3.5/5 | 4.1/5 | |
| BBB Rating | A- | A+ |
No historical data available.