Sofi Bank vs. Synchrony Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of SoFi Bank vs. Synchrony Bank
Key Metrics at a Glance
| Feature | SoFi Bank | Synchrony Bank |
|---|---|---|
| Top Savings APY | 4.50% SoFi Savings | 3.80% High Yield Savings |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0 | $0 |
SoFi Bank
Strengths
- SoFi Bank offers a higher APY of 4.50% compared to Synchrony Bank's 3.80%.
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- SoFi Bank has a lower App Store rating of 4.8 compared to Synchrony Bank's 4.8, but a higher Google Play rating of 4.2.
Potential Drawbacks
- SoFi Bank's APY requires either direct deposit or a $10/month subscription for the boost.
- SoFi Bank has no physical branches, limiting in-person access.
- SoFi Bank's savings account is bundled with a checking account, which may not appeal to all customers.
Synchrony Bank
Strengths
- Synchrony Bank has a higher Google Play rating of 4.5 compared to SoFi Bank's 4.2.
- Synchrony Bank does not require direct deposit to earn its APY.
- Synchrony Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Synchrony Bank's APY of 3.80% is lower than SoFi Bank's 4.50%.
- Synchrony Bank has no BBB rating, which may raise trust concerns.
- Synchrony Bank has no physical branches, limiting in-person access.
Summary: SoFi Bank offers a higher APY of 4.50%, but requires direct deposit or a subscription for that rate. In contrast, Synchrony Bank provides a lower APY of 3.80% without direct deposit requirements. Both banks lack physical branches, but SoFi has an A+ BBB rating, while Synchrony is not rated. Synchrony has a higher Google Play rating, but SoFi's overall ratings are comparable.
→ As of October 14, 2025 SoFi Bank offers an APY of 4.50% for its SoFi Savings account, with a minimum balance of $0, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account, with a minimum balance of $0.
→ SoFi Bank yields $70 more than Synchrony Bank on a $10,000 balance after one year. SoFi Bank pays $450, while Synchrony Bank pays $380 - an APY advantage for SoFi Bank.
Calculate Savings Growth for SoFi Bank vs Synchrony Bank
All calculations are based on APY.
SoFi Bank
APY: 4.50%
Total savings breakdown:
- Interest earned: $2,760.1 (13.30%)
- Total contributions: $13,000 (62.62%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,760.10
Effective APY: 4.50% (based on your deposit and contributions)
Total balance: $20,760.1
Earnings: $2,760.1
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 $454.2 higher than Synchrony Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare SoFi Bank's vs Synchrony Bank's Savings Accounts
| SoFi Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High Yield Savings |
| APY | 4.50% (as of 10/14/2025) | 3.80% (as of 10/14/2025) | |
| 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 | Limited offer: you can earn a 0.70% APY boost for 6 months, making the total APY 4.50%. This requires either 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. | ||
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.2/5 | 4.5/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 9 Months)
| SoFi Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High Yield Savings |
| Latest APY | 4.50 % | 3.80 % | |
| Trend | Rising | Sideways | |
| Slope (bps/mo) | 5.0 | -3.7 | |
| Rate Changes / Mo | 0.23 | 0.23 | |
| Days Since Last Change | 34 | 134 | |
| High (-9 m) | 4.50 % | 4.10 % | |
| Low (-9 m) | 3.80 % | 3.80 % | |
| Draw-down from High | 0.0 % | -7.3 % | |
| Volatility (CV) | 0.060 | 0.027 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 266 days.
- Low (-9 m)
- Lowest APY in the last 266 days.
- Draw-down from High
- How far today sits below the 9-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.
More Comparisons
Compare SoFi Bank's APY of 4.50% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.40% | $0 |
| SoFi Bank vs American Express | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.51% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs BrioDirect | 4.20% | $5,000 |
| SoFi Bank vs Capital One | 3.40% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 3.85% | $100 |
| SoFi Bank vs Discover Bank | 3.40% | $0 |
| SoFi Bank vs Elevault | 4.34% | $0 |
| SoFi Bank vs EverBank | 4.05% | $0 |
| SoFi Bank vs Fitness Bank | 4.75% | $100 |
| SoFi Bank vs FVCbank | 4.10% | $500 |
| SoFi Bank vs GO2bank | 4.50% | $0 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Neighbors Bank | 4.50% | $0 |
| SoFi Bank vs Newtek Bank | 4.35% | $0 |
| SoFi Bank vs Peak Bank | 4.20% | $100 |
| SoFi Bank vs Pibank | 4.60% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Santander Bank | 0.01% | $25 |
| SoFi Bank vs TIMBR | 4.40% | $1,000 |
| SoFi Bank vs UFB Direct | 3.96% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
| SoFi Bank vs Wells Fargo | 0.05% | $25 |
| SoFi Bank vs Zynlo Bank | 4.20% | $10 |