My Banking Direct vs. SoFi Bank
Comparing My Banking Direct and SoFi Bank for high-yield savings: My Banking Direct's High Yield Savings Account pays 4.02% 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? My Banking Direct pays $37 more than SoFi Bank annually ($402 vs $365).
Choose My Banking Direct 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.
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%). My Banking Direct's 4.02% 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 My Banking Direct offers its savings account standalone.
| Metric | My Banking DirectHigh Yield Savings Account Feb 24, 2026 | SoFi BankSoFi Savings Feb 24, 2026 |
|---|---|---|
| APY | 4.02% | 3.30% - 4.00% |
Est. Earnings | $5,000+$201 $10,000+$402 $25,000+$1,005 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $500 | $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 InsuredLow MinimumsGreat iOS AppGreat Android AppZelle® SupportedRate 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 4.15% APY.
Comparison Analysis
Comparing My Banking Direct vs. SoFi Bank
Executive Summary
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the standout option compared to SoFi Bank's savings account, which has an APY of 4.00%. My Banking Direct's account requires a minimum deposit of $500 but has no maintenance fees or direct deposit requirements, providing a straightforward savings solution. In contrast, SoFi's account includes a temporary promotional boost and requires either a direct deposit or a $10 monthly subscription fee to maintain the higher rate. Both accounts are online-only and FDIC insured.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why My Banking Direct?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.2 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
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $365/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $913/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $37 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet My Banking Direct'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
My Banking Direct vs. SoFi Bank Savings Calculator
You earn $37.1 more with My Banking Direct 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.
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
SoFi Bank
SoFi Savings
Promo Rate: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
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 $364 per year in interest.
Both My Banking Direct and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | My Banking Direct | SoFi Bank |
|---|---|---|
| APY | 4.02% Verified: 2/24/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 2/24/2026 ↘︎ 0.30%90d Change |
| Product Name | High Yield Savings Account | SoFi Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of Flagstar Bank's branches. | 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 Uses Flagstar/NYCB parent infrastructure. | 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 My Banking Direct 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 | My Banking Direct | SoFi Bank |
|---|---|---|
| High Yield Savings Account | SoFi Savings | |
Current APY | 4.02% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.1 | 4.1 |
Days Since Change | 101 | 63 |
12-Month High | 4.45% | 4.50% |
12-Month Low | 4.02% | 3.80% |
Adjustments / Mo | 0.41 | 0.25 |
Volatility Score | 0.037 | 0.067 |
How to read these metrics(Click to expand)
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Compare My Banking Direct's APY of 4.02% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| My Banking Direct vs Ally Bank | 3.20% | $0 |
| My Banking Direct vs American Express | 3.30% | $0 |
| My Banking Direct vs Axos Bank | 4.21% | $0 |
| My Banking Direct vs Bank of America | 0.01% | $100 |
| My Banking Direct vs Barclays | 3.85% | $0 |
| My Banking Direct vs Capital One | 3.30% | $0 |
| My Banking Direct vs Chase Bank | 0.01% | $0 |
| My Banking Direct vs Chime | 3.00% | $0 |
| My Banking Direct vs CIT Bank | 3.75% | $100 |
| My Banking Direct vs Citibank | 3.20% | $0 |
| My Banking Direct vs Discover Bank | 3.30% | $0 |
| My Banking Direct vs EverBank | 3.90% | $0 |
| My Banking Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| My Banking Direct vs Newtek Bank | 4.20% | $0.01 |
| My Banking Direct vs Openbank | 4.09% | $500 |
| My Banking Direct vs Pibank | 4.60% | $0 |
| My Banking Direct vs Synchrony Bank | 3.50% | $0 |
| My Banking Direct vs Varo Bank | 5.00% | $0 |
| My Banking Direct vs Wealthfront | 3.95% | $0 |
| My Banking Direct vs Wells Fargo | 0.05% | $25 |