Santander Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: September 5, 2025
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Summary of Santander Bank vs. SoFi Bank
As of September 5, 2025 Santander Bank offers an APY of 0.03% for its Santander Savings account, with a minimum balance of $0, compared to SoFi Bank's 3.80% APY for its SoFi Savings account, with a minimum balance of $0.
SoFi Bank yields $377 more than Santander Bank on a $10,000 balance after one year. Santander Bank pays $3, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
Santander Bank
Strengths
- Santander Bank has a solid BBB rating of A-.
- Santander Savings has a low minimum deposit of $25.
- Santander Bank has a high App Store rating of 4.8.
Potential Drawbacks
- Santander Savings offers a low APY of 0.03%.
- Santander Bank charges a maintenance fee of $1.
- No direct deposit option available for higher APY.
SoFi Bank
Strengths
- SoFi Savings offers a competitive APY of 3.80%.
- SoFi Bank has no maintenance fees.
- SoFi Bank has a superior BBB rating of A+.
Potential Drawbacks
- SoFi Savings requires direct deposit or a Qualifying Deposit for high APY.
- SoFi Bank has no physical branches.
- SoFi Bank's Google Play rating is slightly lower at 4.4.
Summary: SoFi Bank offers a significantly higher APY of 3.80% compared to Santander Bank's 0.03%. Santander Bank has a better BBB rating of A- but charges a $1 maintenance fee, while SoFi Bank has no fees and a superior BBB rating of A+. However, SoFi requires direct deposit or a $5,000 deposit for the high APY, and lacks physical branches, unlike Santander.
Compare Santander Bank's vs SoFi Bank's Savings Accounts
| Santander Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | SoFi Savings |
| APY | 0.03% (as of 9/5/2025) | 3.80% (as of 9/5/2025) | |
| 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 | The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account. | ||
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.3/5 | 4.4/5 | |
| BBB Rating | A- | A+ |
Comparative Historical APY Insights (Last 7 Months)
| Santander Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Santander Savings | vs | SoFi Savings |
| Latest APY | 0.03 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | -0.1 | |
| Rate Changes / Mo | 0.00 | 0.13 | |
| Days Since Last Change | 225 | 224 | |
| High (-7 m) | 0.03 % | 4.00 % | |
| Low (-7 m) | 0.03 % | 3.80 % | |
| Draw-down from High | 0.0 % | -5.0 % | |
| Volatility (CV) | 0.000 | 0.004 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 7 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 (-7 m)
- Highest APY in the last 226 days.
- Low (-7 m)
- Lowest APY in the last 226 days.
- Draw-down from High
- How far today sits below the 7-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.
Calculate Savings Growth for Santander Bank vs SoFi Bank
All calculations are based on APY.
Santander Bank
APY: 0.03%
Total savings breakdown:
- Interest earned: $17.2 (0.10%)
- Total contributions: $13,000 (72.15%)
- Initial deposit: $5,000 (27.75%)
Your total balance
$18,017.20
Effective APY: 0.03% (based on your deposit and contributions)
Total balance: $18,017.2
Earnings: $17.2
Bank OverviewSoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Santander Bank's total earnings would be $2,288.7 lower than SoFi Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare Santander Bank's APY of 0.03% with other banks
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.50% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.46% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.30% | $5,000 |
| SoFi Bank vs Capital One | 3.50% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 4.00% | $100 |
| SoFi Bank vs Discover Bank | 3.50% | $0 |
| SoFi Bank vs Elevault | 4.60% | $0 |
| SoFi Bank vs EverBank | 4.30% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.35% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.60% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.35% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |
| SoFi Bank vs Zynlo Bank | 4.35% | $10 |