Popular Direct vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Popular DirectPopular Direct Select Savings Jan 7, 2026 | SoFi BankSoFi Savings Jan 7, 2026 |
|---|---|---|
| APY | 3.90% | 3.30% - 4.00% |
Est. Earnings | $5,000+$195 $10,000+$390 $25,000+$975 | $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 Minimums | 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 4.21% APY.
Comparison Analysis
Comparing Popular Direct vs. SoFi Bank
As of Popular Direct offers an APY of 3.90% for its Popular Direct Select Savings account, with a minimum balance of $0.01, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
Popular Direct pays $25 more than SoFi Bank on a $10,000 balance after one year. Popular Direct pays $390, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for Popular Direct.
Why Popular Direct?
- ✓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 1.3)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Popular DirectPopular Direct's Popular Direct Select Savings earns more on smaller deposits (approx. $390 vs $365/yr).
Better Returns at $25,000
Popular DirectPopular Direct's Popular Direct Select Savings pulls ahead with larger amounts (approx. $975 vs $913/yr).
Best for Simplicity
Popular DirectPopular Direct's Popular Direct Select Savings offers 3.90% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Popular Direct's Popular Direct Select Savings pays $25 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Popular Direct's standard rate still yields a higher 1-year return.
Executive Summary as of
SoFi Bank offers a competitive 4.00% APY on its SoFi Savings account, which includes a temporary boost for six months, available with direct deposit or a $10/month subscription fee. This account is bundled with a checking account that yields 0.50% APY. In comparison, Popular Direct features the Popular Direct Select Savings account with a 3.90% APY, requiring a minimum deposit of $100 but with no direct deposit or maintenance fees. Both banks operate online only, making them accessible without physical branches. While SoFi Bank's APY is slightly higher, Popular Direct provides a simpler option without additional conditions.
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
Popular Direct vs. SoFi Bank Savings Calculator
You earn $25.1 more with Popular Direct 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.
Popular Direct
Popular Direct Select Savings
Savings Breakdown
- Interest Earned+$390.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,390.00
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 | Popular Direct | SoFi Bank |
|---|---|---|
| APY | 3.90% Verified: 1/7/2026 ↘︎ 0.15%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/7/2026 ↘︎ 0.50%90d Change |
| Product Name | Popular Direct Select Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $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 | iOS1.3 Android1.3 | 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 Popular Direct 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 | Popular Direct | SoFi Bank |
|---|---|---|
| Popular Direct Select Savings | SoFi Savings | |
Current APY | 3.90% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -2.6 | 5.9 |
Days Since Change | 23 | 15 |
11-Month High | 4.50% | 4.50% |
11-Month Low | 3.90% | 3.80% |
Adjustments / Mo | 0.77 | 0.34 |
Volatility Score | 0.030 | 0.072 |
How to read these metrics(Click to expand)
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