Salem Five Direct vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: November 14, 2025
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Summary of Salem Five Direct vs. SoFi Bank
Key Metrics at a Glance
| Feature | Salem Five Direct | SoFi Bank |
|---|---|---|
| Top Savings APY | 3.71% eOne Savings | 4.30% SoFi Savings |
| Minimum to Open | $10 | $0 |
| Minimum Balance for Top APY | $0.01 | $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. |
Salem Five Direct
Strengths
- Salem Five Direct offers an APY of 3.71%, though it decreased from 4.01% in the last 30 days.
- No maintenance fees for the eOne Savings account.
- Salem Five Direct has a solid App Store rating of 4.7.
Potential Drawbacks
- Salem Five Direct is not BBB Accredited and has a BBB rating of A-.
- Salem Five Direct has no branches, limiting in-person service options.
- The eOne Savings account requires a minimum deposit of $10.
SoFi Bank
Strengths
- SoFi Bank's SoFi Savings account offers a higher APY of 4.3%, though it decreased from 4.5% recently.
- SoFi Bank has a better BBB rating of A+.
- SoFi Bank has a higher App Store rating of 4.8.
Potential Drawbacks
- SoFi Bank is not BBB Accredited.
- The SoFi Savings account has a direct deposit requirement for the highest APY.
- SoFi Bank has no branches, limiting in-person service options.
→ As of November 14, 2025 Salem Five Direct offers an APY of 3.71% for its eOne Savings account, with a minimum balance of $0.01, compared to SoFi Bank's 4.30% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $59 more than Salem Five Direct on a $10,000 balance after one year. Salem Five Direct pays $371, while SoFi Bank pays $430 - an APY advantage for SoFi Bank.
Calculate Savings Growth for Salem Five Direct vs SoFi Bank
Salem Five Direct - eOne Savings
Total savings breakdown:
- Interest earned: $2,248.1 (11.10%)
- Total contributions: $13,000 (64.20%)
- Initial deposit: $5,000 (24.69%)
Your total balance
$20,248.10
Total balance: $20,248.1
Earnings: $2,248.1
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, Salem Five Direct's total earnings would be $381.3 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Salem Five Direct's vs SoFi Bank's Savings Accounts
| Salem Five Direct | SoFi Bank | ||
|---|---|---|---|
| Product | eOne Savings | vs | SoFi Savings |
| APY | 3.71% (as of 11/14/2025) | 4.30% (as of 11/14/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $10 | $0 | |
| Minimum Balance for APY | $0.01 | $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 | 4.7/5 | 4.8/5 | |
| Google Play Rating | 4.2/5 | 4.1/5 | |
| BBB Rating | A- | A+ |
Comparative Historical APY Insights (Last 10 Months)
| Salem Five Direct | SoFi Bank | ||
|---|---|---|---|
| Product | eOne Savings | vs | SoFi Savings |
| Latest APY | 3.71 % | 4.30 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -1.6 | 7.3 | |
| Rate Changes / Mo | 0.20 | 0.30 | |
| Days Since Last Change | 9 | 2 | |
| High (-10 m) | 4.01 % | 4.50 % | |
| Low (-10 m) | 3.71 % | 3.80 % | |
| Draw-down from High | -7.5 % | -4.4 % | |
| Volatility (CV) | 0.020 | 0.075 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 10 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 (-10 m)
- Highest APY in the last 297 days.
- Low (-10 m)
- Lowest APY in the last 297 days.
- Draw-down from High
- How far today sits below the 10-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.