Salem Five Direct vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Salem Five DirecteOne Savings Jan 7, 2026 | SoFi BankSoFi Savings Jan 7, 2026 |
|---|---|---|
| APY | 3.61% | 3.30% - 4.00% |
Est. Earnings | $5,000+$181 $10,000+$361 $25,000+$903 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $10 | $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 AppZelle® Supported | 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 Salem Five Direct vs. SoFi Bank
As of Salem Five Direct offers an APY of 3.61% for its eOne 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.
SoFi Bank pays $4 more than Salem Five Direct on a $10,000 balance after one year. Salem Five Direct pays $361, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for SoFi Bank.
Why Salem Five 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 potential APY (4.00% vs 3.61%) on all balances
— Key Feature Differences —
Best for Simplicity
Salem Five DirectSalem Five Direct's eOne Savings offers 3.61% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $4 more interest on a $10,000 balance than Salem Five Direct's eOne Savings.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Executive Summary as of
SoFi Bank offers a competitive savings product, the SoFi Savings account, with an APY of 4.00%, which includes a temporary 0.70% boost for the first six months. This account can be accessed without a direct deposit requirement, although a $10 monthly subscription fee applies instead. Additionally, it comes bundled with a checking account that has a 0.50% APY. In comparison, Salem Five Direct's eOne Savings provides a solid APY of 3.61% with no direct deposit or maintenance fees, making it a straightforward option for savers. Both banks operate online only and have no minimum balance requirements.
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
Salem Five Direct vs. SoFi Bank Savings Calculator
You earn $3.9 more with SoFi Bank than Salem Five Direct 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.
Salem Five Direct
eOne Savings
Savings Breakdown
- Interest Earned+$361.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,361.00
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 | Salem Five Direct | SoFi Bank |
|---|---|---|
| APY | 3.61% Verified: 1/7/2026 ↘︎ 0.40%90d Change | 4.00% Range: 3.30% - 4.00% Verified: 1/7/2026 ↘︎ 0.50%90d Change |
| Product Name | eOne Savings | SoFi Savings |
| Minimum Deposit | $10 | $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 | iOS4.7 Android4.2 | iOS4.8 Android3.9 |
| Zelle® Support | Available Uses shared Salem Five mobile platform. | 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 Salem Five 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 | Salem Five Direct | SoFi Bank |
|---|---|---|
| eOne Savings | SoFi Savings | |
Current APY | 3.61% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.3 | 5.9 |
Days Since Change | 21 | 15 |
11-Month High | 4.01% | 4.50% |
11-Month Low | 3.61% | 3.80% |
Adjustments / Mo | 0.26 | 0.34 |
Volatility Score | 0.037 | 0.072 |
How to read these metrics(Click to expand)
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