Openbank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 12, 2025
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Summary of Openbank vs. SoFi Bank
Key Metrics at a Glance
| Feature | Openbank | SoFi Bank |
|---|---|---|
| Top Savings APY | 4.20% High-Yield Savings Account | 4.30% SoFi Savings |
| Minimum to Open | $500 | $0 |
| Minimum Balance for Top APY | $0 | $0 |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. |
Openbank
Strengths
- Openbank offers a competitive APY of 4.20%, unchanged from 30 days ago.
- No maintenance fees for the High-Yield Savings Account.
Potential Drawbacks
- Openbank is not BBB Accredited and has no rating.
- App Store and Google Play ratings are both low at 3.2.
SoFi Bank
Strengths
- SoFi Bank has a higher APY of 4.30%, though it decreased from 4.50% in the last 30 days.
- SoFi Bank has a strong BBB rating of A+.
Potential Drawbacks
- SoFi Bank requires direct deposit or qualifying deposits to maintain the higher APY.
- App Store rating is good at 4.8, but Google Play rating is lower at 4.1.
→ As of November 12, 2025 Openbank offers an APY of 4.20% for its High-Yield Savings Account, with a minimum balance of $0, compared to SoFi Bank's 4.30% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $10 more than Openbank on a $10,000 balance after one year. Openbank pays $420, while SoFi Bank pays $430 - an APY advantage for SoFi Bank.
Calculate Savings Growth for Openbank vs SoFi Bank
Openbank - High-Yield Savings Account
Total savings breakdown:
- Interest earned: $2,564.3 (12.47%)
- Total contributions: $13,000 (63.22%)
- Initial deposit: $5,000 (24.31%)
Your total balance
$20,564.30
Total balance: $20,564.3
Earnings: $2,564.3
Bank OverviewSoFi Bank - SoFi Savings
Total savings breakdown:
- Interest earned: $2,629.4 (12.75%)
- Total contributions: $13,000 (63.02%)
- Initial deposit: $5,000 (24.24%)
Your total balance
$20,629.40
Total balance: $20,629.4
Earnings: $2,629.4
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Openbank's total earnings would be $65.1 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Openbank's vs SoFi Bank's Savings Accounts
| Openbank | SoFi Bank | ||
|---|---|---|---|
| Product | High-Yield Savings Account | vs | SoFi Savings |
| APY | 4.20% (as of 11/12/2025) | 4.30% (as of 11/12/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $500 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.30%. This requires either 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. | ||
| App Store Rating | 3.2/5 | 4.8/5 | |
| Google Play Rating | 3.2/5 | 4.1/5 | |
| BBB Rating | Not Rated | A+ |
Comparative Historical APY Insights (Last 9 Months)
| Openbank | SoFi Bank | ||
|---|---|---|---|
| Product | High-Yield Savings Account | vs | SoFi Savings |
| Latest APY | 4.20 % | 4.30 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -4.0 | 9.1 | |
| Rate Changes / Mo | 0.35 | 0.23 | |
| Days Since Last Change | 114 | 1 | |
| High (-9 m) | 4.75 % | 4.50 % | |
| Low (-9 m) | 4.20 % | 3.80 % | |
| Draw-down from High | -11.6 % | -4.4 % | |
| Volatility (CV) | 0.028 | 0.077 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-9 m)
- Highest APY in the last 260 days.
- Low (-9 m)
- Lowest APY in the last 260 days.
- Draw-down from High
- How far today sits below the 9-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.