MutualOne Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | MutualOne BankMo Premium Savings Jan 7, 2026 | SoFi BankSoFi Savings Jan 7, 2026 |
|---|---|---|
| APY | 4.07% | 3.30% - 4.00% |
Est. Earnings | $5,000+$0 $10,000+$0 $25,000+$1,018 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $20,000 | $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 InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing MutualOne Bank vs. SoFi Bank
As of MutualOne Bank offers an APY of 4.07% for its Mo Premium Savings account, with a minimum balance of $20,000, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
MutualOne Bank pays $42 more than SoFi Bank on a $10,000 balance after one year. MutualOne Bank pays $407, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for MutualOne Bank.
In addition, MutualOne Bank also offers 0.40% APY for the Online Savings account, with a minimum balance of 0.
Why MutualOne Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Full-service banking offices in Framingham, MA, and Natick, MA)
- ✓Higher rated Android app (4.4 vs 3.9)
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
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $0/yr).
Better Returns at $25,000
MutualOne BankMutualOne Bank's Mo Premium Savings pulls ahead with larger amounts (approx. $1018 vs $913/yr).
Best for Simplicity
MutualOne BankMutualOne Bank's Mo Premium Savings offers 4.07% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Best Mobile App Experience
MutualOne BankMutualOne Bank offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.4 (vs. 3.9)
Shared Benefits
Over a 1-year period, MutualOne Bank's Mo Premium Savings pays $42 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet MutualOne Bank's standard rate still yields a higher 1-year return.
Executive Summary as of
MutualOne Bank offers a competitive Mo Premium Savings account with a leading APY of 4.07%, making it an attractive option for savers with a minimum deposit of $20,000. This account has no direct deposit requirement and no maintenance fees, making it simple to manage. In comparison, SoFi Bank's SoFi Savings account provides a slightly lower APY of 4.00%, which includes a temporary boost and is bundled with a checking account. While SoFi's account has no minimum deposit, it may involve a $10 monthly fee if not using direct deposit. Overall, MutualOne Bank's Mo Premium Savings stands out as the better choice for higher returns.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
MutualOne Bank vs. SoFi Bank Savings Calculator
You earn $84.1 more with MutualOne Bank than SoFi Bank on a $20,000 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.
MutualOne Bank
Mo Premium Savings
Savings Breakdown
- Interest Earned+$814.00(3.9%)
- Total Contributions$0
- Initial Deposit$20,000
Projected Balance
$20,814.00
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$729.90(3.5%)
- Total Contributions$0
- Initial Deposit$20,000
Projected Balance
$20,729.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | MutualOne Bank | SoFi Bank |
|---|---|---|
| APY | 4.07% Verified: 1/7/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 1/7/2026 ↘︎ 0.50%90d Change |
| Product Name | Mo Premium Savings | SoFi Savings |
| Minimum Deposit | $20,000 | $0 |
| Min. Balance for APY | $20,000 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| 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 | iOS4.9 Android4.4 | iOS4.8 Android3.9 |
| Zelle® Support | Available Verified via website and app descriptions. | 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 MutualOne 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 | MutualOne Bank | SoFi Bank | |
|---|---|---|---|
| Online Savings | Mo Premium Savings | SoFi Savings | |
Current APY | 0.40% | 4.07% | 4.00% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 0.0 | -0.0 | -13.9 |
Days Since Change | 114 | 114 | 15 |
4-Month High | 0.40% | 4.07% | 4.50% |
4-Month Low | 0.40% | 4.07% | 4.00% |
Adjustments / Mo | 0.00 | 0.00 | 0.51 |
Volatility Score | 0.000 | 0.000 | 0.040 |
How to read these metrics(Click to expand)
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