Peak Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Peak BankEnvision High Yield Savings Jan 21, 2026 | SoFi BankSoFi Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.99% | 3.30% - 4.00% |
Est. Earnings | $5,000+$200 $10,000+$399 $25,000+$998 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $100 | $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 App | 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.
As of Peak Bank offers an APY of 3.99% for its Envision High Yield Savings account, with a minimum balance of , compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
Peak Bank pays $34 more than SoFi Bank on a $10,000 balance after one year. Peak Bank pays $399, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for Peak Bank.
Why Peak Bank?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.6 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
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Peak BankPeak Bank's Envision High Yield Savings earns more on smaller deposits (approx. $399 vs $365/yr).
Better Returns at $25,000
Peak BankPeak Bank's Envision High Yield Savings pulls ahead with larger amounts (approx. $998 vs $913/yr).
Best for Simplicity
Peak BankPeak Bank's Envision High Yield Savings offers 3.99% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Peak Bank's Envision High Yield Savings pays $34 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Peak Bank's standard rate still yields a higher 1-year return.
Executive Summary as of
Peak Bank offers the Envision High Yield Savings account with a competitive APY of 3.99%, making it a strong option for savers looking for simplicity, as there are no direct deposit requirements or maintenance fees. In contrast, SoFi Bank's Savings account provides a slightly higher APY of 4.00%, but this rate includes a temporary promotional boost and requires either a direct deposit of regular income or a $10/month subscription fee. Both accounts are online-only and have no maintenance fees, but Peak Bank's product stands out for its straightforward terms.
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
Peak Bank vs. SoFi Bank Savings Calculator
You earn $34.1 more with Peak Bank 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.
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$399.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,399.00
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 | Peak Bank | SoFi Bank |
|---|---|---|
| APY | 3.99% Verified: 1/21/2026 ↘︎ 0.21%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | Envision High Yield Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | N/A | $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 | iOS4.8 Android4.6 | iOS4.8 Android3.9 |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | 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 Peak Bank 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 | Peak Bank | SoFi Bank |
|---|---|---|
| Envision High Yield Savings | SoFi Savings | |
Current APY | 3.99% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.3 | 5.6 |
Days Since Change | 20 | 29 |
11-Month High | 4.54% | 4.50% |
11-Month Low | 3.99% | 3.80% |
Adjustments / Mo | 0.62 | 0.26 |
Volatility Score | 0.037 | 0.071 |
How to read these metrics(Click to expand)
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