SoFi Bank vs. Upgrade
Comparing SoFi Bank and Upgrade for high-yield savings: SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost) while Upgrade's Premier Savings pays 3.05% APY.
Note: SoFi Bank requires a checking account.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $60 more than Upgrade annually ($365 vs $305).
Choose SoFi Bank if getting the best rate matters most, or you want Zelle for quick transfers. Choose Upgrade 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 4.00% rate includes a promotional bonus for the first 6 months, after which it reverts to the standard rate (currently 3.30%). Upgrade's 3.05% 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 Upgrade offers its savings account standalone.
| Metric | SoFi BankSoFi Savings Feb 6, 2026 | UpgradePremier Savings Feb 6, 2026 |
|---|---|---|
| APY | 3.30% - 4.00% | 3.05% |
Est. Earnings | $5,000+$183 $10,000+$365 $25,000+$913 | $5,000+$153 $10,000+$305 $25,000+$763 |
Min Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Limited offer: The 4.00% 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 InsuredLow 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 4.15% APY.
Executive Summary
SoFi Bank offers a competitive SoFi Savings account with a promotional APY of 4.00%, which includes a temporary 0.70% boost for six months, available with a direct deposit or a $10/month subscription. This account is bundled with a checking account that earns a lower APY of 0.50%. In contrast, Upgrade's Premier Savings account provides a straightforward APY of 3.05% without any bundling or direct deposit requirements. While both accounts have no maintenance fees and are online-only, SoFi Bank stands out with a significantly higher APY.
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 (4.00% vs 3.05%) on all balances
- ✓Fast transfers via Zelle®
Why Upgrade?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.5 vs 3.9)
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $305/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $763/yr).
Best for Simplicity
UpgradeUpgrade's Premier Savings offers 3.05% 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.
Best Mobile App Experience
UpgradeUpgrade offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.5 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $60 more interest on a $10,000 balance than Upgrade's Premier 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. Upgrade Savings Calculator
You earn $59.9 more with SoFi Bank than Upgrade 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: 4.00% for 6 months, then 3.30%.
Savings Breakdown
- Interest Earned+$364.90(3.5%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,364.90
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$305.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,305.00
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 $304 per year in interest.
Both SoFi Bank and Upgrade dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | SoFi Bank | Upgrade |
|---|---|---|
| APY | 4.00% Range: 3.30% - 4.00% Verified: 2/6/2026 ↘︎ 0.50%90d Change | 3.05% Verified: 2/6/2026 Stable (90d) |
| Product Name | SoFi Savings | Premier Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $1,000 |
| 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+ | A+ |
| Important Notes | Limited offer: The 4.00% 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 Upgrade Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Upgrade |
|---|---|---|
| SoFi Savings | Premier Savings | |
Current APY | 4.00% | 3.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | 4.7 | -11.6 |
Days Since Change | 45 | 97 |
12-Month High | 4.50% | 4.14% |
12-Month Low | 3.80% | 3.05% |
Adjustments / Mo | 0.25 | 0.25 |
Volatility Score | 0.069 | 0.128 |
How to read these metrics(Click to expand)
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Compare SoFi Bank's APY of 4.00% with other banks
Compare Upgrade's APY of 3.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Upgrade vs Ally Bank | 3.30% | $0 |
| Upgrade vs American Express | 3.30% | $0 |
| Upgrade vs Axos Bank | 4.21% | $0 |
| Upgrade vs Bank of America | 0.01% | $100 |
| Upgrade vs Barclays | 4.00% | $0 |
| Upgrade vs Capital One | 3.30% | $0 |
| Upgrade vs Chase Bank | 0.01% | $0 |
| Upgrade vs Chime | 3.00% | $0 |
| Upgrade vs CIT Bank | 3.75% | $100 |
| Upgrade vs Citibank | 3.20% | $0 |
| Upgrade vs Discover Bank | 3.30% | $0 |
| Upgrade vs EverBank | 3.90% | $0 |
| Upgrade vs Marcus by Goldman Sachs | 3.65% | $0 |
| Upgrade vs Newtek Bank | 4.20% | $0.01 |
| Upgrade vs Openbank | 4.09% | $500 |
| Upgrade vs Pibank | 4.60% | $0 |
| Upgrade vs Synchrony Bank | 3.50% | $0 |
| Upgrade vs Varo Bank | 5.00% | $0 |
| Upgrade vs Wealthfront | 3.95% | $0 |
| Upgrade vs Wells Fargo | 0.05% | $25 |