Sofi Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of SoFi Bank vs. Synchrony Bank
As of 8/29/2025 both SoFi Bank (SoFi Savings) and Synchrony Bank (High Yield Savings) offer an APY of 3.80% .
Both banks yield $380 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.
SoFi Bank
Strengths
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- SoFi Savings offers a bundled checking account with its savings account.
- SoFi Bank's App Store rating is 4.8, matching Synchrony Bank.
Potential Drawbacks
- SoFi Savings requires a direct deposit or $5,000 in Qualifying Deposits to earn 3.80% APY.
- SoFi Bank's Google Play rating is slightly lower at 4.4 compared to Synchrony Bank.
Synchrony Bank
Strengths
- Synchrony Bank's High Yield Savings offers a competitive 3.80% APY without direct deposit requirements.
- Synchrony Bank's Google Play rating is 4.5, higher than SoFi Bank.
Potential Drawbacks
- Synchrony Bank is not rated by the BBB, which may raise concerns for some customers.
- Synchrony Bank does not offer a checking account with its savings account.
Summary: Both SoFi Bank and Synchrony Bank offer a 3.80% APY on their high-yield savings accounts. SoFi Bank has an A+ BBB rating and includes a checking account, while Synchrony Bank lacks a BBB rating but has a higher Google Play rating. SoFi's account requires a direct deposit or $5,000 in Qualifying Deposits to earn the stated APY, whereas Synchrony does not impose such a requirement.
Compare SoFi Bank's vs Synchrony Bank's Savings Accounts
| SoFi Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High Yield Savings |
| APY | 3.80% (as of 8/29/2025) | 3.80% (as of 8/29/2025) | |
| Bundled Account | Yes | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | No | |
| 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 | 4.4/5 | 4.5/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 7 Months)
| SoFi Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High Yield Savings |
| Latest APY | 3.80 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.2 | -4.4 | |
| Rate Changes / Mo | 0.14 | 0.27 | |
| Days Since Last Change | 218 | 89 | |
| High (-7 m) | 4.00 % | 4.10 % | |
| Low (-7 m) | 3.80 % | 3.80 % | |
| Draw-down from High | -5.0 % | -7.3 % | |
| Volatility (CV) | 0.006 | 0.027 |
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 221 days.
- Low (-7 m)
- Lowest APY in the last 221 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 SoFi Bank vs Synchrony Bank
All calculations are based on APY.
SoFi 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 OverviewSynchrony 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, SoFi Bank's total earnings would be the same as Synchrony Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
More Comparisons
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Best 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 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 Fitness Bank | 4.85% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 2.51% | $25 |
Compare Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.50% | $0 |
| Synchrony Bank vs Axos Bank | 4.46% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.50% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs Chime | 3.75% | $0 |
| Synchrony Bank vs CIT Bank | 4.00% | $100 |
| Synchrony Bank vs Discover Bank | 3.50% | $0 |
| Synchrony Bank vs Fitness Bank | 4.85% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs UFB Direct | 4.21% | $5000 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
| Synchrony Bank vs Wells Fargo | 2.51% | $25 |