SoFi Bank vs. Synchrony Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
SoFi Bank
SoFi Savings
Up to4.30%APYDec 12, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Synchrony Bank
High Yield Savings
3.65%APYDec 12, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Synchrony Bank
High Yield Savings
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
SoFi Bank vs. Synchrony Bank Savings Calculator
You earn $29.9 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: 4.30% for 6 months, then 3.60%.
Savings Breakdown
- Interest Earned+$394.90(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,394.90
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.
Comparison Analysis
Comparing SoFi Bank vs. Synchrony Bank
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 (4.30% vs 3.65%) on all balances
Why Synchrony Bank?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.4 vs 4.0)
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $395 vs $365/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $988 vs $912/yr).
Best for Simplicity
Synchrony BankSynchrony Bank's High Yield Savings offers 3.65% APY with no bundling, direct deposit requirement or caps.
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 $30 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.
Executive Summary
SoFi Bank offers a competitive SoFi Savings account with an APY of 4.30%, 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 lower APY of 0.50%. In comparison, Synchrony Bank provides a High Yield Savings account with a solid APY of 3.65%, with no requirements for direct deposits or account bundling. Both accounts have no minimum deposit or maintenance fees, but SoFi Bank stands out with a higher APY, making it the winner for those looking for better returns.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both SoFi Bank and Synchrony Bank.
| Feature | SoFi Bank | Synchrony Bank |
|---|---|---|
| APY | 4.30% Range: 3.60% - 4.30% Verified: 12/12/2025 ↘︎ 0.20%90d Change | 3.65% Verified: 12/12/2025 ↘︎ 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 Android4.0 | iOS4.8 Android4.4 |
| BBB Rating | A+ | Not Rated |
| Important Notes | Limited offer: The 4.30% 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Synchrony Bank |
|---|---|---|
| SoFi Savings | High Yield Savings | |
Current APY | 4.30% | 3.65% |
Trend | Stable | Stable |
Velocity (bps/mo) | 7.1 | -3.4 |
Days Since Change | 30 | 24 |
11-Month High | 4.50% | 4.10% |
11-Month Low | 3.80% | 3.65% |
Adjustments / Mo | 0.28 | 0.28 |
Volatility Score | 0.074 | 0.032 |
How to read these metrics(Click to expand)
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