Sallie Mae Bank vs. SoFi Bank
Comparing Sallie Mae Bank and SoFi Bank for high-yield savings: Sallie Mae Bank's High-Yield Savings Account 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? Sallie Mae Bank pays $25 more than SoFi Bank annually ($390 vs $365).
Choose Sallie Mae Bank 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%). Sallie Mae Bank'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 Sallie Mae Bank offers its savings account standalone.
| Metric | Sallie Mae BankHigh-Yield Savings Account Feb 7, 2026 | SoFi BankSoFi Savings Feb 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 | $0 | $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 InsuredNo MinimumsDaily CompoundingStable Rate | 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 Sallie Mae Bank vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive savings option with its SoFi Savings account, boasting a 4.00% APY, which includes a temporary 0.70% boost for six months. This account requires either a direct deposit of regular income or a $10/month subscription fee, and it comes bundled with a checking account that yields 0.50% APY. In comparison, Sallie Mae Bank's High-Yield Savings Account provides a solid 3.90% APY with no direct deposit requirement or maintenance fees, making it a straightforward choice for savers. Both accounts are online-only and have no minimum deposit or 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.
Why Sallie Mae Bank?
- ✓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 1.5)
- ✓Fast transfers via Zelle®
— Key Feature Differences —
Better Returns at $10,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account earns more on smaller deposits (approx. $390 vs $365/yr).
Better Returns at $25,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $913/yr).
Best for Simplicity
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account offers 3.90% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Sallie Mae Bank's High-Yield Savings Account 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 Sallie Mae Bank'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
Sallie Mae Bank vs. SoFi Bank Savings Calculator
You earn $25.1 more with Sallie Mae Bank 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.
Sallie Mae Bank
High-Yield Savings Account
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 Sallie Mae Bank and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Sallie Mae Bank | SoFi Bank |
|---|---|---|
| APY | 3.90% Verified: 2/7/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 2/7/2026 ↘︎ 0.50%90d Change |
| Product Name | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | 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 Sallie Mae Bank 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 | Sallie Mae Bank | SoFi Bank |
|---|---|---|
| High-Yield Savings Account | SoFi Savings | |
Current APY | 3.90% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | 4.7 |
Days Since Change | 365 | 46 |
12-Month High | 3.90% | 4.50% |
12-Month Low | 3.90% | 3.80% |
Adjustments / Mo | 0.00 | 0.25 |
Volatility Score | 0.000 | 0.068 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Sallie Mae Bank vs...
Comparing against Standard Savings
Compare SoFi Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Sallie Mae Bank's APY of 3.90% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Sallie Mae Bank vs Ally Bank | 3.30% | $0 |
| Sallie Mae Bank vs American Express | 3.30% | $0 |
| Sallie Mae Bank vs Axos Bank | 4.21% | $0 |
| Sallie Mae Bank vs Bank of America | 0.01% | $100 |
| Sallie Mae Bank vs Barclays | 4.00% | $0 |
| Sallie Mae Bank vs Capital One | 3.30% | $0 |
| Sallie Mae Bank vs Chase Bank | 0.01% | $0 |
| Sallie Mae Bank vs Chime | 3.00% | $0 |
| Sallie Mae Bank vs CIT Bank | 3.75% | $100 |
| Sallie Mae Bank vs Citibank | 3.20% | $0 |
| Sallie Mae Bank vs Discover Bank | 3.30% | $0 |
| Sallie Mae Bank vs EverBank | 3.90% | $0 |
| Sallie Mae Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Sallie Mae Bank vs Newtek Bank | 4.20% | $0.01 |
| Sallie Mae Bank vs Openbank | 4.09% | $500 |
| Sallie Mae Bank vs Pibank | 4.60% | $0 |
| Sallie Mae Bank vs Synchrony Bank | 3.50% | $0 |
| Sallie Mae Bank vs Varo Bank | 5.00% | $0 |
| Sallie Mae Bank vs Wealthfront | 3.95% | $0 |
| Sallie Mae Bank vs Wells Fargo | 0.05% | $25 |