My Banking Direct vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | My Banking DirectHigh Yield Savings Account Jan 9, 2026 | SoFi BankSoFi Savings Jan 9, 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® 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 4.20% APY.
Comparison Analysis
Comparing My Banking Direct vs. SoFi Bank
As of My Banking Direct offers an APY of 4.02% for its High Yield Savings Account, with a minimum balance of $1, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
My Banking Direct pays $37 more than SoFi Bank on a $10,000 balance after one year. My Banking Direct pays $402, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for My Banking Direct.
Why My Banking Direct?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.3 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.
Executive Summary as of
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the standout option between the two banks. This account does not require direct deposit and has no maintenance fees, providing a straightforward savings solution. In contrast, SoFi Bank's SoFi Savings account provides a slightly lower APY of 4.00%, which includes a temporary boost, but requires either a direct deposit or a $10 monthly subscription fee to maintain that rate. Additionally, SoFi's account is bundled with a checking account that has a lower APY of 0.50%. 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.
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.
| Feature | My Banking Direct | SoFi Bank |
|---|---|---|
| APY | 4.02% Verified: 1/9/2026 ↘︎ 0.18%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/9/2026 ↘︎ 0.50%90d Change |
| Product Name | High Yield Savings Account | SoFi Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $1 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | 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 | iOS4.7 Android4.3 | iOS4.8 Android3.9 |
| Zelle® Support | Available Uses Flagstar/NYCB parent infrastructure. | Available Native support added in 2024 for banking members. |
| BBB Rating | F | 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) | -4.0 | 5.8 |
Days Since Change | 55 | 17 |
12-Month High | 4.45% | 4.50% |
12-Month Low | 4.02% | 3.80% |
Adjustments / Mo | 0.43 | 0.34 |
Volatility Score | 0.035 | 0.072 |
How to read these metrics(Click to expand)
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