Sofi Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of SoFi Bank vs. Synchrony Bank
As of 6/20/2025 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.
- SoFi Savings requires no minimum deposit or balance.
Potential Drawbacks
- SoFi Savings APY is contingent on direct deposit or qualifying deposits.
- SoFi Bank has no branches.
Synchrony Bank
Strengths
- Synchrony Bank's High Yield Savings offers a competitive APY of 3.80%.
- Synchrony Bank has a slightly higher Google Play rating of 4.6.
Potential Drawbacks
- Synchrony Bank has no BBB rating.
- Synchrony Bank's APY decreased from 4.00% in the last 30 days.
Summary: Both SoFi Bank and Synchrony Bank offer a 3.80% APY on their high-yield savings accounts. SoFi Bank stands out with an A+ BBB rating, while Synchrony Bank has a higher Google Play rating. However, Synchrony Bank's APY has decreased recently, and it lacks a BBB rating altogether. Additionally, both banks operate online-only, with no branches available.
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 6/20/2025) | 3.80% (as of 6/20/2025) | |
| 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. | N/A | |
| Visit Bank | SoFi Savings | High Yield Savings | |
| App Store Rating | 4.8/5 | 4.8/5 | |
| Google Play Rating | 4.5/5 | 4.6/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 5 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 | -3.7 | |
| Rate Changes / Mo | 0.20 | 0.40 | |
| Days Since Last Change | 148 | 18 | |
| High (-5 m) | 4.00 % | 4.10 % | |
| Low (-5 m) | 3.80 % | 3.80 % | |
| Draw-down from High | -5.0 % | -7.3 % | |
| Volatility (CV) | 0.005 | 0.019 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 150 days.
- Low (-5 m)
- Lowest APY in the last 150 days.
- Draw-down from High
- How far today sits below the 5-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: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsSynchrony Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year SoFi Bank would earn you the same as Synchrony Bank.
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 | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
| SoFi Bank vs Fitness Bank | 5.00% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
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 | 3.60% | $0 |
| Synchrony Bank vs Axos Bank | 4.66% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.60% | $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 | 3.60% | $0 |
| Synchrony Bank vs Fitness Bank | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |