Salem Five Direct vs. SoFi Bank
SoFi Bank edges out Salem Five Direct slightly at 4.00% vs 3.61% APY. On a $10,000 balance, the difference is just $4 per year—so other factors may matter more.
The Bottom Line
The Salem Five Direct and SoFi Bank savings accounts are very similar. Choose Salem Five Direct if you want a no-strings-attached account, or you want to avoid a promo rate with a scheduled drop.
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%). Salem Five Direct's 3.61% 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 Salem Five Direct offers its savings account standalone.
| Metric | Salem Five DirecteOne Savings Feb 21, 2026 | SoFi BankSoFi Savings Feb 21, 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® SupportedRate 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 Salem Five 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 six months, provided users set up direct deposit or pay a $10 monthly subscription fee. This account comes bundled with a checking account that has a 0.50% APY. In comparison, Salem Five Direct's eOne Savings provides a slightly lower APY of 3.61% with no direct deposit requirement or maintenance fees, making it a straightforward option for savers. Both accounts are online-only and require no minimum balance, but SoFi's higher APY positions it as the winner.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $360 per year in interest.
Both Salem Five Direct and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Salem Five Direct | SoFi Bank |
|---|---|---|
| APY | 3.61% 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 | eOne Savings | SoFi Savings |
| Minimum Deposit | $10 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | 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 | 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) | -4.2 | 4.2 |
Days Since Change | 66 | 60 |
12-Month High | 4.01% | 4.50% |
12-Month Low | 3.61% | 3.80% |
Adjustments / Mo | 0.25 | 0.25 |
Volatility Score | 0.045 | 0.067 |
How to read these metrics(Click to expand)
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Compare Salem Five Direct's APY of 3.61% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Salem Five Direct vs Ally Bank | 3.20% | $0 |
| Salem Five Direct vs American Express | 3.30% | $0 |
| Salem Five Direct vs Axos Bank | 4.21% | $0 |
| Salem Five Direct vs Bank of America | 0.01% | $100 |
| Salem Five Direct vs Barclays | 3.85% | $0 |
| Salem Five Direct vs Capital One | 3.30% | $0 |
| Salem Five Direct vs Chase Bank | 0.01% | $0 |
| Salem Five Direct vs Chime | 3.00% | $0 |
| Salem Five Direct vs CIT Bank | 3.75% | $100 |
| Salem Five Direct vs Citibank | 3.20% | $0 |
| Salem Five Direct vs Discover Bank | 3.30% | $0 |
| Salem Five Direct vs EverBank | 3.90% | $0 |
| Salem Five Direct vs Marcus by Goldman Sachs | 3.65% | $0 |
| Salem Five Direct vs Newtek Bank | 4.20% | $0.01 |
| Salem Five Direct vs Openbank | 4.09% | $500 |
| Salem Five Direct vs Pibank | 4.60% | $0 |
| Salem Five Direct vs Synchrony Bank | 3.50% | $0 |
| Salem Five Direct vs Varo Bank | 5.00% | $0 |
| Salem Five Direct vs Wealthfront | 3.95% | $0 |
| Salem Five Direct vs Wells Fargo | 0.05% | $25 |