Santander Bank vs. SoFi Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Santander BankSantander Savings Jan 21, 2026 | SoFi BankSoFi Savings Jan 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® Supported | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Santander Bank vs. SoFi Bank
As of Santander Bank offers an APY of 0.01% for its Santander Savings account, with a minimum balance of $0, compared to SoFi Bank's 4.00% APY for its SoFi Savings account, with a minimum balance of $0.
SoFi Bank pays $364 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $1, while SoFi Bank pays $365 (with an effective APY of 3.65%) - an APY advantage for SoFi Bank.
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.
Executive Summary as of
SoFi Bank offers a significantly higher APY of 4.00% on its SoFi Savings account, which is available online and requires no minimum deposit or maintenance fees. This rate includes a temporary 0.70% boost for the first six months, contingent upon direct deposit or a $10 monthly subscription fee. In contrast, Santander Bank's Santander Savings account provides a minimal APY of 0.01%, with a $25 minimum deposit and a $1 monthly maintenance fee. While both accounts are FDIC insured, SoFi Bank's offering stands out for its superior returns and bundled checking account option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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: 1/21/2026 Stable (90d) | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change |
| Product Name | Santander Savings | SoFi Savings |
| Minimum Deposit | $25 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $1 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | 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 | iOS4.8 Android4.0 | iOS4.8 Android3.9 |
| 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 | 5.1 |
Days Since Change | 124 | 29 |
12-Month High | 0.03% | 4.50% |
12-Month Low | 0.01% | 3.80% |
Adjustments / Mo | 0.08 | 0.33 |
Volatility Score | 0.450 | 0.070 |
How to read these metrics(Click to expand)
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