SoFi Bank vs. Synchrony Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | SoFi BankSoFi Savings Jan 21, 2026 | Synchrony BankHigh Yield Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% - 4.00% | 3.65% |
Est. Earnings | $5,000+$183 $10,000+$365 $25,000+$913 | $5,000+$183 $10,000+$365 $25,000+$912 |
Min Deposit | $0 | $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 InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking Bundle | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
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 SoFi Bank vs. Synchrony Bank
As of both SoFi Bank (SoFi Savings) and Synchrony Bank (High Yield Savings) offer an APY of 4.00% .
Both banks yield $365 in interest on a $10,000 balance after one year. Neither has an APY advantage, so consider other features (fees, access, app ratings, etc.) when choosing.
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 3.65%) on all balances
- ✓Fast transfers via Zelle®
Why Synchrony Bank?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.5 vs 3.9)
— Key Feature Differences —
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.65% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Executive Summary as of
SoFi Bank offers a competitive SoFi Savings account with a 4.00% APY, which includes a temporary 0.70% boost for six months, available through direct deposit or a $10/month subscription. This account is bundled with a checking account that yields 0.50% APY. In contrast, Synchrony Bank provides a High Yield Savings account with a slightly lower APY of 3.65%, but it stands out for its simplicity, requiring no bundling or direct deposit. Both accounts are online-only, have no maintenance fees, and require no minimum deposit or balance.
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
SoFi Bank vs. Synchrony Bank Savings Calculator
You earn $0.1 more with Synchrony Bank than SoFi 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.
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
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$365.00(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,365.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | SoFi Bank | Synchrony Bank |
|---|---|---|
| APY | 4.00% Range: 3.30% - 4.00% Verified: 1/21/2026 ↘︎ 0.50%90d Change | 3.65% Verified: 1/21/2026 ↘︎ 0.15%90d Change |
| Product Name | SoFi Savings | High Yield 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. | While direct deposit is not required, the alternative is a subscription fee of $10/month | None |
| Checking Bundle | Yes | No |
| Mobile Apps | iOS4.8 Android3.9 | iOS4.8 Android4.5 |
| Zelle® Support | Available Native support added in 2024 for banking members. | Not Supported |
| BBB Rating | A+ | Not Rated |
| 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 SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Synchrony Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Synchrony Bank |
|---|---|---|
| SoFi Savings | High Yield Savings | |
Current APY | 4.00% | 3.65% |
Trend | Stable | Stable |
Velocity (bps/mo) | 5.1 | -3.5 |
Days Since Change | 29 | 64 |
12-Month High | 4.50% | 4.10% |
12-Month Low | 3.80% | 3.65% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.070 | 0.036 |
How to read these metrics(Click to expand)
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