MutualOne Bank vs. SoFi Bank
Comparing MutualOne Bank and SoFi Bank for high-yield savings: MutualOne Bank's Mo Premium Savings pays 4.07% 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? SoFi Bank pays $365 more than MutualOne Bank annually ($365 vs $0).
Choose MutualOne Bank if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, you value in-person banking, or you're an Android user. Choose SoFi Bank if getting the best rate matters most.
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%). MutualOne Bank's 4.07% 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 MutualOne Bank offers its savings account standalone.
| Metric | MutualOne BankMo Premium Savings Feb 21, 2026 | SoFi BankSoFi Savings Feb 21, 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® SupportedStable Rate | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing MutualOne Bank vs. SoFi Bank
Executive Summary
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, providing straightforward access to higher returns. In comparison, SoFi Bank's SoFi Savings account provides a slightly lower APY of 4.00%, which includes a temporary boost and requires either a direct deposit or a $10/month subscription fee. SoFi's account is bundled with a checking account that offers a 0.50% APY, but it may not be as appealing for those looking solely for high-yield savings. Both options are online-only.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
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: 2/21/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 2/21/2026 ↘︎ 0.30%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 |
| Compound Frequency | Monthly | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | Full-service banking offices in Framingham, MA, and Natick, MA | 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 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 | -13.4 |
Days Since Change | 162 | 162 | 60 |
5-Month High | 0.40% | 4.07% | 4.50% |
5-Month Low | 0.40% | 4.07% | 4.00% |
Adjustments / Mo | 0.00 | 0.00 | 0.37 |
Volatility Score | 0.000 | 0.000 | 0.051 |
How to read these metrics(Click to expand)
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Compare MutualOne Bank's APY of 4.07% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| MutualOne Bank vs Ally Bank | 3.20% | $0 |
| MutualOne Bank vs American Express | 3.30% | $0 |
| MutualOne Bank vs Axos Bank | 4.21% | $0 |
| MutualOne Bank vs Bank of America | 0.01% | $100 |
| MutualOne Bank vs Barclays | 3.85% | $0 |
| MutualOne Bank vs Capital One | 3.30% | $0 |
| MutualOne Bank vs Chase Bank | 0.01% | $0 |
| MutualOne Bank vs Chime | 3.00% | $0 |
| MutualOne Bank vs CIT Bank | 3.75% | $100 |
| MutualOne Bank vs Citibank | 3.20% | $0 |
| MutualOne Bank vs Discover Bank | 3.30% | $0 |
| MutualOne Bank vs EverBank | 3.90% | $0 |
| MutualOne Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| MutualOne Bank vs Newtek Bank | 4.20% | $0.01 |
| MutualOne Bank vs Openbank | 4.09% | $500 |
| MutualOne Bank vs Pibank | 4.60% | $0 |
| MutualOne Bank vs Synchrony Bank | 3.50% | $0 |
| MutualOne Bank vs Varo Bank | 5.00% | $0 |
| MutualOne Bank vs Wealthfront | 3.95% | $0 |
| MutualOne Bank vs Wells Fargo | 0.05% | $25 |