Openbank vs. SoFi Bank
Openbank and SoFi Bank both offer 4.00% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? Openbank pays $35 more than SoFi Bank annually ($400 vs $365).
The Openbank and SoFi Bank savings accounts are very similar. Choose Openbank 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. Choose SoFi Bank if you're an Android user, or you want Zelle for quick transfers.
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%). Openbank's 4.00% 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 Openbank offers its savings account standalone.
| Metric | OpenbankHigh-Yield Savings Account May 20, 2026 | SoFi BankSoFi Savings May 22, 2026 |
|---|---|---|
| APY | 4.00% | 3.30% - 4.00% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $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 AppRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 4.00%, providing better returns on both smaller and larger deposits compared to SoFi Bank. Openbank's account does not require direct deposit or a checking account, making it straightforward for users. In contrast, SoFi Bank's savings account also features a 4.00% APY, but this includes a temporary 0.70% boost for the first six months and requires either a direct deposit or a $10/month subscription fee, along with a bundled checking account that yields 0.50% APY. Both accounts are online-only, with 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.
Why Openbank?
- ✓No checking account or direct deposit required
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
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $400 vs $365/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1000 vs $913/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $35 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Openbank'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
Openbank vs. SoFi Bank Savings Calculator
You earn $35.1 more with Openbank 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.
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
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 Openbank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Openbank | SoFi Bank |
|---|---|---|
| APY | 4.00% Verified: 5/20/2026 ↘︎ 0.09%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 5/22/2026 Stable (90d) |
| Product Name | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | 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 | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | Not Rated | 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 Openbank 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 | Openbank | SoFi Bank |
|---|---|---|
| High-Yield Savings Account | SoFi Savings | |
Current APY | 4.00% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -2.4 | 0.8 |
Days Since Change | 50 | 148 |
12-Month High | 4.40% | 4.50% |
12-Month Low | 4.00% | 3.80% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.021 | 0.058 |
How to read these metrics(Click to expand)
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