Santander Bank vs. Sofi Bank
High-Yield Savings Account Comparison
By Aviel Fahl|Last Updated: October 21, 2025
We earn a commission if you open an account through some links on this page.
Summary of Santander Bank vs. SoFi Bank
Key Metrics at a Glance
| Feature | Santander Bank | SoFi Bank |
|---|---|---|
| Top Savings APY | 0.01% Santander Savings | 4.50% SoFi Savings |
| Minimum to Open | $25 | $0 |
| Minimum Balance for Top APY | $0 | $0 |
| Note | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. 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. |
Santander Bank
Strengths
Potential Drawbacks
- Santander Savings offers a low APY of 0.01%, unchanged from 30 days ago.
- Santander Bank is not BBB accredited, which may raise trust concerns.
- Santander Savings has a $1 monthly maintenance fee.
SoFi Bank
Strengths
- SoFi Savings offers a competitive APY of 4.50%, unchanged from 30 days ago.
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- SoFi Savings has no monthly maintenance fees.
Potential Drawbacks
- SoFi Savings requires direct deposit or a subscription for the highest APY.
- SoFi Bank operates online only, lacking physical branches.
- SoFi Savings requires a $0 minimum deposit to open an account.
→ As of October 21, 2025 Santander Bank offers an APY of 0.01% for its Santander Savings account, with a minimum balance of $0, compared to SoFi Bank's 4.50% APY for its SoFi Savings account, with a minimum balance of $0.
→ SoFi Bank yields $449 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $1, while SoFi Bank pays $450 - an APY advantage for SoFi Bank.
Calculate Savings Growth for Santander Bank vs SoFi Bank
Santander Bank - Santander Savings
Total savings breakdown:
- Interest earned: $5.7 (0.03%)
- Total contributions: $13,000 (72.20%)
- Initial deposit: $5,000 (27.77%)
Your total balance
$18,005.70
Total balance: $18,005.7
Earnings: $5.7
Bank OverviewSoFi Bank - SoFi Savings
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Total balance: $20,760.1
Earnings: $2,760.1
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Santander Bank's total earnings would be $2,754.4 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Santander Bank's vs SoFi Bank's Savings Accounts
| Santander Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | SoFi Savings |
| APY | 0.01% (as of 10/21/2025) | 4.50% (as of 10/21/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $25 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $1 | $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 4.50%. 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 | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.1/5 | 4.1/5 | |
| BBB Rating | Not Rated | A+ |
Comparative Historical APY Insights (Last 9 Months)
| Santander Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | SoFi Savings |
| Latest APY | 0.01 % | 4.50 % | |
| Trend | Sideways | Rising | |
| Slope (bps/mo) | -0.1 | 5.7 | |
| Rate Changes / Mo | 0.11 | 0.22 | |
| Days Since Last Change | 32 | 40 | |
| High (-9 m) | 0.03 % | 4.50 % | |
| Low (-9 m) | 0.01 % | 3.80 % | |
| Draw-down from High | -66.7 % | 0.0 % | |
| Volatility (CV) | 0.232 | 0.064 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 273 days.
- Low (-9 m)
- Lowest APY in the last 273 days.
- Draw-down from High
- How far today sits below the 9-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.