Santander Bank vs. SoFi Bank
Comparing Santander Bank and SoFi Bank for savings: Santander Bank's Santander Savings pays 0.01% 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? SoFi Bank pays $364 more than Santander Bank annually ($365 vs $1).
Choose Santander Bank if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you value in-person banking. Choose SoFi Bank if getting the best rate matters most.
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%). Santander Bank's 0.01% 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 Santander Bank offers its savings account standalone.
| Metric | Santander BankSantander Savings Jan 29, 2026 | SoFi BankSoFi Savings Apr 21, 2026 |
|---|---|---|
| APY | 0.01% | 3.30% - 4.00% |
Est. Earnings | $5,000+$1 $10,000+$1 $25,000+$3 | $5,000+$183 $10,000+$365 $25,000+$913 |
Min Deposit | $25 | $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 AppIn-Person AccessZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing Santander Bank vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive savings product, the SoFi Savings account, with an impressive APY of 4.00%, which includes a temporary 0.70% boost for six months when funded through direct deposit or a $10/month subscription. This account is online-only and comes bundled with a checking account that has a 0.50% APY. In contrast, Santander Bank provides a basic Santander Savings account with a significantly lower APY of 0.01%. While Santander's account has a low minimum deposit of $25 and no maintenance fees, it pales in comparison to the returns available through SoFi. Overall, SoFi Bank is the clear winner for those seeking higher yields.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Santander Bank?
- ✓No checking account or direct deposit required
- ✓Physical branch access (Primarily in the Northeast and Miami, Florida)
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 0.01%) on all balances
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $1/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $3/yr).
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $364 more interest on a $10,000 balance than Santander Bank's Santander 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
Santander Bank vs. SoFi Bank Savings Calculator
You earn $363.9 more with SoFi Bank than Santander 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.
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
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 | Santander Bank | SoFi Bank |
|---|---|---|
| APY | 0.01% Verified: 1/29/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 4/21/2026 Stable (90d) |
| Product Name | Santander Savings | SoFi Savings |
| Minimum Deposit | $25 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $1 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Physical Branches | Primarily in the Northeast and Miami, Florida | 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 Branch-based retail accounts only. | Available Native support added in 2024 for banking members. |
| BBB Rating | Not Rated | 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 Santander 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 | Santander Bank | SoFi Bank |
|---|---|---|
| Santander Savings | SoFi Savings | |
Current APY | 0.01% | 4.00% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.2 | 2.5 |
Days Since Change | 132 | 37 |
12-Month High | 0.03% | 4.50% |
12-Month Low | 0.01% | 3.80% |
Adjustments / Mo | 0.08 | 0.25 |
Volatility Score | 0.462 | 0.061 |
How to read these metrics(Click to expand)
Compare Similar Alternatives
Compare Santander Bank vs...
Comparing against Standard Savings
Compare SoFi Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Santander Bank's APY of 0.01% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Santander Bank vs Ally Bank | 3.10% | $0 |
| Santander Bank vs American Express | 3.20% | $0 |
| Santander Bank vs Axos Bank | 4.21% | $0 |
| Santander Bank vs Barclays | 3.75% | $0 |
| Santander Bank vs Capital One | 3.20% | $0 |
| Santander Bank vs Chime | 3.00% | $0 |
| Santander Bank vs CIT Bank | 3.75% | $100 |
| Santander Bank vs Discover Bank | 3.30% | $0 |
| Santander Bank vs EverBank | 3.90% | $0 |
| Santander Bank vs Marcus by Goldman Sachs | 3.50% | $0 |
| Santander Bank vs Newtek Bank | 4.20% | $0.01 |
| Santander Bank vs Openbank | 4.00% | $500 |
| Santander Bank vs Pibank | 4.40% | $0 |
| Santander Bank vs Synchrony Bank | 3.40% | $0 |
| Santander Bank vs Varo Bank | 5.00% | $0 |
| Santander Bank vs Wealthfront | 4.20% | $0 |