SoFi Bank vs. Upgrade
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | SoFi BankSoFi Savings Jan 12, 2026 | UpgradePremier Savings Jan 12, 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 Bundle | FDIC InsuredLow MinimumsGreat iOS AppGreat Android App |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
As of SoFi Bank offers an APY of 4.00% for its SoFi Savings account, with a minimum balance of $0, compared to Upgrade's 3.05% APY for its Premier Savings account, with a minimum balance of $1,000.
SoFi Bank pays $60 more than Upgrade on a $10,000 balance after one year. SoFi Bank pays $365 (with an effective APY of 3.65%), while Upgrade pays $305 - an APY advantage for SoFi 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 (4.00% 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.
Executive Summary as of
SoFi Bank's SoFi Savings account offers a competitive APY of 4.00%, which includes a temporary 0.70% boost for the first six months. This account is bundled with a checking account yielding 0.50% APY, and while direct deposit is not required, a $10 monthly subscription fee applies as an alternative. In contrast, Upgrade's Premier Savings account provides a lower APY of 3.05%, with no direct deposit or bundling requirements. Both accounts are online-only, but SoFi Bank stands out with its higher yield, making it the preferable choice for savers.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
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.
| Feature | SoFi Bank | Upgrade |
|---|---|---|
| APY | 4.00% Range: 3.30% - 4.00% Verified: 1/12/2026 ↘︎ 0.50%90d Change | 3.05% Verified: 1/12/2026 ↘︎ 0.37%90d Change |
| Product Name | SoFi Savings | Premier Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $1,000 |
| 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 Android3.9 | iOS4.9 Android4.5 |
| 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) | 5.7 | -11.2 |
Days Since Change | 20 | 72 |
12-Month High | 4.50% | 4.14% |
12-Month Low | 3.80% | 3.05% |
Adjustments / Mo | 0.34 | 0.25 |
Volatility Score | 0.071 | 0.121 |
How to read these metrics(Click to expand)
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