Popular Direct vs. SoFi Bank
Comparing Popular Direct and SoFi Bank for high-yield savings: Popular Direct's Popular Direct Select Savings pays 3.90% APY while SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost).
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? Popular Direct pays $25 more than SoFi Bank annually ($390 vs $365).
Choose Popular Direct if getting the best rate matters most, you want a no-strings-attached account, or you want to avoid a promo rate with a scheduled drop. Choose SoFi Bank if mobile app quality matters, or you want Zelle for quick transfers.
Important Considerations
The key difference? SoFi Bank's 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Popular Direct's 3.90% rate has no scheduled drop, though all rates are subject to change.
SoFi Bank requires a checking account to unlock its top savings rate, while Popular Direct offers its savings account standalone.
| Metric | Popular DirectPopular Direct Select Savings Feb 21, 2026 | SoFi BankSoFi Savings Feb 21, 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 MinimumsDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.15% APY.
Comparison Analysis
Comparing Popular Direct vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive 4.00% APY on its SoFi Savings account, which includes a temporary 0.70% boost for the first six months, available with a direct deposit or a $10 monthly subscription fee. This account is bundled with a checking account that yields 0.50% APY. In comparison, Popular Direct's Popular Direct Select Savings provides a steady 3.90% APY with no requirements for direct deposit or account bundling, making it a straightforward option. Both accounts are online-only and have no maintenance fees, but SoFi's higher APY makes it the winner for those eligible for the promotional rate.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $364 per year in interest.
Both Popular Direct and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Popular Direct | SoFi Bank |
|---|---|---|
| APY | 3.90% Verified: 2/21/2026 ↘︎ 0.10%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 2/21/2026 ↘︎ 0.30%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 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None. You cannot make use of Popular Bank's branches. | N/A |
| 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 | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| 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) | -1.9 | 4.2 |
Days Since Change | 68 | 60 |
12-Month High | 4.30% | 4.50% |
12-Month Low | 3.90% | 3.80% |
Adjustments / Mo | 0.58 | 0.25 |
Volatility Score | 0.021 | 0.067 |
How to read these metrics(Click to expand)
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More Comparisons
Compare Popular Direct's APY of 3.90% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Popular Direct vs Ally Bank | 3.20% | $0 |
| Popular Direct vs American Express | 3.30% | $0 |
| Popular Direct vs Axos Bank | 4.21% | $0 |
| Popular Direct vs Bank of America | 0.01% | $100 |
| Popular Direct vs Barclays | 3.85% | $0 |
| Popular Direct vs Capital One | 3.30% | $0 |
| Popular Direct vs Chase Bank | 0.01% | $0 |
| Popular Direct vs Chime | 3.00% | $0 |
| Popular Direct vs CIT Bank | 3.75% | $100 |
| Popular Direct vs Citibank | 3.20% | $0 |
| Popular Direct vs Discover Bank | 3.30% | $0 |
| Popular Direct vs EverBank | 3.90% | $0 |
| Popular Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| Popular Direct vs Newtek Bank | 4.20% | $0.01 |
| Popular Direct vs Openbank | 4.09% | $500 |
| Popular Direct vs Pibank | 4.60% | $0 |
| Popular Direct vs Synchrony Bank | 3.50% | $0 |
| Popular Direct vs Varo Bank | 5.00% | $0 |
| Popular Direct vs Wealthfront | 3.95% | $0 |
| Popular Direct vs Wells Fargo | 0.05% | $25 |