Openbank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | OpenbankHigh-Yield Savings Account Jan 21, 2026 | SoFi BankSoFi Savings Jan 21, 2026 |
|---|---|---|
| APY | 4.20% | 3.30% - 4.00% |
Est. Earnings | $5,000+$210 $10,000+$420 $25,000+$1,050 | $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 Minimums | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
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.
As of Openbank offers an APY of 4.20% for its High-Yield Savings Account, with a minimum balance of $0, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
Openbank pays $55 more than SoFi Bank on a $10,000 balance after one year. Openbank pays $420, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for Openbank.
Why Openbank?
- ✓Higher potential APY (4.20% vs 4.00%) on all balances
- ✓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
- ✓Higher rated iOS app (4.8 vs 3.1)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $420 vs $365/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $1050 vs $913/yr).
Best for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 4.20% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $55 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.
Executive Summary as of
Openbank offers a High-Yield Savings Account with an impressive APY of 4.20%, outperforming SoFi Bank's savings product, which has a lower APY of 4.00%. Openbank's account does not require direct deposit and has no maintenance fees, making it a straightforward option for savers. In contrast, SoFi's account includes a temporary APY boost and requires either direct deposit or a $10 monthly subscription fee if direct deposit is not used. Both accounts are online-only, but Openbank's higher yield and simpler terms position it as the more attractive choice.
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
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Openbank vs. SoFi Bank Savings Calculator
You earn $55.1 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+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
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 | Openbank | SoFi Bank |
|---|---|---|
| APY | 4.20% Verified: 1/21/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $0 | $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 | iOS3.1 Android2.8 | iOS4.8 Android3.9 |
| 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 | 4.20% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -2.8 | 5.7 |
Days Since Change | 183 | 29 |
11-Month High | 4.75% | 4.50% |
11-Month Low | 4.20% | 3.80% |
Adjustments / Mo | 0.27 | 0.27 |
Volatility Score | 0.026 | 0.071 |
How to read these metrics(Click to expand)
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