Peak Bank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
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Summary of Peak Bank vs. SoFi Bank
Key Metrics at a Glance
| Feature | Peak Bank | SoFi Bank |
|---|---|---|
| Top Savings APY | 4.20% Envision High Yield Savings | 4.50% SoFi Savings |
| Minimum to Open | $100 | $0 |
| Minimum Balance for Top APY | $0 | |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. 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. |
Peak Bank
Strengths
- Peak Bank offers a competitive APY of 4.20%, though it decreased from 4.35% in the last 30 days.
- Peak Bank has a high App Store rating of 4.8 and a Google Play rating of 4.7.
- There are no maintenance fees for the Envision High Yield Savings account.
Potential Drawbacks
- Peak Bank has no branches, which may limit in-person support.
- The Envision High Yield Savings account requires a minimum deposit of $100.
SoFi Bank
Strengths
- SoFi Bank provides a higher APY of 4.50%, unchanged from 30 days ago.
- SoFi Bank has no minimum deposit or balance requirements for the savings account.
- SoFi Bank also has no maintenance fees for the SoFi Savings account.
Potential Drawbacks
- SoFi Bank's App Store rating is 4.8, but its Google Play rating is lower at 4.1.
- SoFi Bank's account requires direct deposit or qualifying deposits for a higher APY boost.
→ As of October 21, 2025 Peak Bank offers an APY of 4.20% for its Envision High Yield Savings account, with a minimum balance of , compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $30 more than Peak Bank on a $10,000 balance after one year. Peak Bank pays $420, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
Calculate Savings Growth for Peak Bank vs SoFi Bank
Peak Bank - Envision High Yield Savings
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: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Peak Bank's total earnings would be $195.8 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Peak Bank's vs SoFi Bank's Savings Accounts
| Peak Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Envision High Yield Savings | vs | SoFi Savings |
| APY | 4.20% (as of 10/21/2025) | 4.50% (as of 10/21/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $100 | $0 | |
| Minimum Balance for APY | N/A | $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 4.50%. 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 | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.7/5 | 4.1/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 8 Months)
| Peak Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Envision High Yield Savings | vs | SoFi Savings |
| Latest APY | 4.20 % | 4.50 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -3.2 | 7.0 | |
| Rate Changes / Mo | 0.48 | 0.12 | |
| Days Since Last Change | 20 | 40 | |
| High (-8 m) | 4.54 % | 4.50 % | |
| Low (-8 m) | 4.20 % | 3.80 % | |
| Draw-down from High | -7.5 % | 0.0 % | |
| Volatility (CV) | 0.022 | 0.066 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 8 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 (-8 m)
- Highest APY in the last 249 days.
- Low (-8 m)
- Lowest APY in the last 249 days.
- Draw-down from High
- How far today sits below the 8-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.