Sallie Mae Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Sallie Mae Bank
High-Yield Savings Account
3.90%APYDec 10, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Sallie Mae Bank
High-Yield Savings Account
SoFi Bank
SoFi Savings
Up to4.30%APYDec 10, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Sallie Mae Bank vs. SoFi Bank Savings Calculator
Sallie Mae Bank earns $169.9 more than SoFi Bank.
Sallie Mae Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,370.20(11.6%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,370.20
SoFi Bank
SoFi Savings
Promo Rate: 4.30% for 6 months, then 3.60%.
Savings Breakdown
- Interest Earned+$2,200.30(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,200.30
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Sallie Mae Bank vs. SoFi Bank
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 potential APY (4.30% vs 3.90%) on all balances
- ✓Higher rated iOS app (4.8 vs 1.5)
— Key Feature Differences —
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 (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $5 more interest on a $10,000 balance than Sallie Mae Bank's High-Yield Savings Account.
*SoFi Bank's calculation includes their 6-month introductory promotional rate and subsequent standard rate.
Executive Summary
SoFi Bank offers a competitive High-Yield Savings product with an APY of 4.30%, which includes a temporary boost for six months and is available with direct deposit or a $10 monthly subscription fee. This account is bundled with a checking account yielding 0.50% APY. In comparison, Sallie Mae Bank provides a High-Yield Savings Account with a lower APY of 3.90%, but it stands out for its simplicity, requiring no direct deposit or account bundling. Both accounts are online-only and have no minimum deposit or maintenance fees.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Sallie Mae Bank and SoFi Bank.
| Feature | Sallie Mae Bank | SoFi Bank |
|---|---|---|
| APY | 3.90% Verified: 12/10/2025 Stable (90d) | 4.30% Range: 3.60% - 4.30% Verified: 12/10/2025 ↘︎ 0.20%90d Change |
| Product Name | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $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 | iOS1.5 Android1.6 | iOS4.8 Android4.0 |
| BBB Rating | A+ | A+ |
| Important Notes | - | Limited offer: The 4.30% 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Sallie Mae Bank | SoFi Bank |
|---|---|---|
| High-Yield Savings Account | SoFi Savings | |
Current APY | 3.90% | 4.30% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.1 | 7.1 |
Days Since Change | 313 | 28 |
11-Month High | 4.00% | 4.50% |
11-Month Low | 3.90% | 3.80% |
Adjustments / Mo | 0.09 | 0.28 |
Volatility Score | 0.004 | 0.075 |
How to read these metrics(Click to expand)
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