Sofi Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of SoFi Bank vs. Synchrony Bank
As of 7/15/2025 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 has no minimum deposit or balance requirements.
- SoFi Bank offers a competitive 3.80% APY.
Potential Drawbacks
- SoFi Savings requires a direct deposit or $5,000 qualifying deposit for the 3.80% APY.
Synchrony Bank
Strengths
- Synchrony Bank offers a competitive 3.80% APY without direct deposit requirements.
- Synchrony Bank has a higher Google Play rating of 4.6.
Potential Drawbacks
- Synchrony Bank is not rated by the BBB, indicating potential trust issues.
Summary: Both SoFi Bank and Synchrony Bank offer a 3.80% APY on their high-yield savings accounts. However, SoFi requires a direct deposit or a $5,000 qualifying deposit for this rate, while Synchrony has no such requirement. SoFi Bank holds a strong A+ BBB rating, whereas Synchrony Bank lacks a BBB rating, which may affect customer trust. Both banks have similar app ratings, but Synchrony has a slight edge on Google Play.
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 7/15/2025) | 3.80% (as of 7/15/2025) | |
| 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 6 Months)
| SoFi Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | SoFi Savings | vs | High Yield Savings |
| Latest APY | 3.80 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -0.3 | -4.6 | |
| Rate Changes / Mo | 0.17 | 0.34 | |
| Days Since Last Change | 173 | 43 | |
| High (-6 m) | 4.00 % | 4.10 % | |
| Low (-6 m) | 3.80 % | 3.80 % | |
| Draw-down from High | -5.0 % | -7.3 % | |
| Volatility (CV) | 0.007 | 0.024 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 175 days.
- Low (-6 m)
- Lowest APY in the last 175 days.
- Draw-down from High
- How far today sits below the 6-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 | 3.50% | $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 | 5.00% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| 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 | 3.60% | $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 | 3.50% | $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 | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
| Synchrony Bank vs Wells Fargo | 2.51% | $25 |