SoFi Bank vs. Upgrade
Compare rates, requirements, and features side-by-side to find the best option for you.
SoFi Bank
SoFi Savings
Up to4.30%APYDec 10, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Upgrade
Premier Savings
3.05%APYDec 10, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Upgrade
Premier Savings
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
SoFi Bank vs. Upgrade Savings Calculator
SoFi Bank earns $370.7 more than Upgrade.
SoFi Bank
SoFi Savings
Promo Rate: 4.30% for 6 months, then 3.60%.
Savings Breakdown
- Interest Earned+$2,200.30(10.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,200.30
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$1,829.60(9.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$19,829.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing SoFi Bank vs. Upgrade
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 (4.30% vs 3.05%) on all balances
Why Upgrade?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.5 vs 4.0)
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $395 vs $305/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $988 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. 4.0)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $90 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
SoFi Bank's SoFi Savings account stands out with a competitive APY of 4.30%, bolstered by a temporary promotional boost, making it an attractive option for those who also open a checking account. This account has no minimum deposit or maintenance fees, although a $10 monthly subscription fee applies if direct deposit is not utilized. In contrast, Upgrade's Premier Savings account offers a lower APY of 3.05% with similar no-fee structures and no direct deposit requirement. While Upgrade excels in simplicity and mobile app experience, SoFi Bank is the clear winner in terms of higher yield potential.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both SoFi Bank and Upgrade.
| Feature | SoFi Bank | Upgrade |
|---|---|---|
| APY | 4.30% Range: 3.60% - 4.30% Verified: 12/10/2025 ↘︎ 0.20%90d Change | 3.05% Verified: 12/10/2025 ↘︎ 0.97%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 Android4.0 | iOS4.9 Android4.5 |
| BBB Rating | A+ | A+ |
| Important Notes | Limited offer: The 4.30% 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 |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Upgrade |
|---|---|---|
| SoFi Savings | Premier Savings | |
Current APY | 4.30% | 3.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | 7.1 | -10.3 |
Days Since Change | 28 | 39 |
11-Month High | 4.50% | 4.14% |
11-Month Low | 3.80% | 3.05% |
Adjustments / Mo | 0.28 | 0.28 |
Volatility Score | 0.074 | 0.105 |
How to read these metrics(Click to expand)
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