SoFi Bank vs. Synchrony Bank
SoFi Bank edges out Synchrony Bank slightly at 3.80% vs 3.40% APY. On a $10,000 balance, the difference is just $5 per year—so other factors may matter more.
The Bottom Line
The SoFi Bank and Synchrony Bank savings accounts are very similar. Choose SoFi Bank if you want Zelle for quick transfers. Choose Synchrony Bank if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user.
Important Considerations
The key difference? SoFi Bank's 3.80% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.10%). Synchrony Bank's 3.40% 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 Synchrony Bank offers its savings account standalone.
| Metric | SoFi BankSoFi Savings Jun 5, 2026 | Synchrony BankHigh Yield Savings Jun 5, 2026 |
|---|---|---|
| APY | 3.10% - 3.80% | 3.40% |
Est. Earnings | $5,000+$173 $10,000+$345 $25,000+$863 | $5,000+$170 $10,000+$340 $25,000+$850 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The 3.80% 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 BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily CompoundingRate Changes Often |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.10% APY.
Comparison Analysis
Comparing SoFi Bank vs. Synchrony Bank
Executive Summary
SoFi Bank offers a competitive SoFi Savings account with an APY of 3.80%, which includes a temporary 0.70% boost for six months, available with a direct deposit or a $10/month subscription fee. This account is bundled with a checking account that has a 0.50% APY. In contrast, Synchrony Bank's High Yield Savings account provides a solid APY of 3.40% with no direct deposit requirement or account bundling, making it straightforward for users. Both accounts have no maintenance fees and are online-only, but SoFi Bank's higher APY positions it as the preferred option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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 (3.80% vs 3.40%) 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 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $5 more interest on a $10,000 balance than Synchrony Bank's High Yield 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
SoFi Bank vs. Synchrony Bank Savings Calculator
You earn $4.9 more with SoFi Bank than Synchrony 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: 3.80% for 6 months, then 3.10%.
Savings Breakdown
- Interest Earned+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $339 per year in interest.
Both SoFi Bank and Synchrony Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | SoFi Bank | Synchrony Bank |
|---|---|---|
| APY | 3.80% Range: 3.10% - 3.80% Verified: 6/5/2026 ↘︎ 0.20%90d Change | 3.40% Verified: 6/5/2026 ↘︎ 0.10%90d Change |
| Product Name | SoFi Savings | High Yield Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | N/A |
| 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 | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Not Supported |
| BBB Rating | A+ | Not Rated |
| Important Notes | Limited offer: The 3.80% 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 | 3.80% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.1 | -4.2 |
Days Since Change | 8 | 45 |
12-Month High | 4.50% | 3.80% |
12-Month Low | 3.80% | 3.40% |
Adjustments / Mo | 0.33 | 0.25 |
Volatility Score | 0.057 | 0.042 |
How to read these metrics(Click to expand)
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