Sofi Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: August 29, 2025
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Summary of SoFi Bank vs. Wells Fargo
As of August 29, 2025 SoFi Bank offers an APY of 3.80% for its SoFi Savings account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.
SoFi Bank yields $375 more than Wells Fargo on a $10,000 balance after one year. SoFi Bank pays $380, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for SoFi Bank.
In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.
SoFi Bank
Strengths
- SoFi Bank offers a competitive APY of 3.80%, significantly higher than Wells Fargo's highest rate.
- SoFi Bank has an excellent BBB rating of A+.
- SoFi Bank has no minimum balance requirement for its savings account.
Potential Drawbacks
- To earn the 3.80% APY, a direct deposit or $5,000 Qualifying Deposit is required.
- SoFi Bank has no physical branches, being an online-only bank.
Wells Fargo
Strengths
- Wells Fargo has a wide branch network with locations in 36 states and D.C.
- Wells Fargo offers a tiered savings account with multiple options for different balances.
- Wells Fargo's Platinum Savings account has a straightforward structure for higher balances.
Potential Drawbacks
- Wells Fargo's highest APY is only 2.51%, significantly lower than SoFi Bank's.
- Wells Fargo has a poor BBB rating of F and is not accredited.
- Wells Fargo's Platinum Savings requires a $1,000,000 minimum balance for the highest APY.
Summary: SoFi Bank stands out with a high APY of 3.80% and an A+ BBB rating, while Wells Fargo offers lower rates and has a poor BBB rating. Wells Fargo provides physical branches and multiple account options, but its highest APY is significantly less than SoFi's. Additionally, Wells Fargo's Platinum Savings requires a substantial minimum balance, making it less accessible for many customers compared to SoFi's no minimum balance requirement.
Compare SoFi Bank's vs Wells Fargo's Savings Accounts
| SoFi Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | SoFi Savings | vs | Way2Save Savings | Platinum Savings |
| APY | 3.80% (as of 8/29/2025) | 0.01% (as of 8/29/2025) | 0.05% - 2.51% (as of 8/29/2025) | |
| Bundled Account | Yes | No | Yes | |
| FDIC-insured | Yes | Yes | Yes | |
| Online Only | Yes | No | No | |
| Compound Frequency | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $25 | $25 | |
| Minimum Balance for APY | $0 | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $5. Waived under some circumstances. | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | No | 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. | This is a tiered savings account where rates vary based on the balance. The 2.51% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. | ||
| App Store Rating | 4.8/5 | 4.9/5 | ||
| Google Play Rating | 4.4/5 | 4.8/5 | ||
| BBB Rating | A+ | F | ||
Comparative Historical APY Insights (Last 2 Months)
| SoFi Bank | Wells Fargo | |||
|---|---|---|---|---|
| Product | SoFi Savings | vs | Platinum Savings | Way2Save Savings |
| Latest APY | 3.80 % | 2.51 % | 0.01 % | |
| Trend | Sideways | Sideways | Sideways | |
| Slope (bps/mo) | -0.0 | 0.0 | -0.0 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.00 | |
| Days Since Last Change | 46 | 47 | 46 | |
| High (-2 m) | 3.80 % | 2.51 % | 0.01 % | |
| Low (-2 m) | 3.80 % | 2.51 % | 0.01 % | |
| Draw-down from High | 0.0 % | 0.0 % | 0.0 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.000 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 2 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 (-2 m)
- Highest APY in the last 47 days.
- Low (-2 m)
- Lowest APY in the last 47 days.
- Draw-down from High
- How far today sits below the 2-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 Wells Fargo
All calculations are based on APY.
SoFi Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $2,305.9 (11.36%)
- Total contributions: $13,000 (64.02%)
- Initial deposit: $5,000 (24.62%)
Your total balance
$20,305.90
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $20,305.9
Earnings: $2,305.9
Bank OverviewWells Fargo
APY: 2.51%
⚠️The higher APY only applies once your balance reaches $1,000,000.
Total savings breakdown:
- Interest earned: $28.6 (0.16%)
- Total contributions: $13,000 (72.11%)
- Initial deposit: $5,000 (27.73%)
Your total balance
$18,028.60
Effective APY: 0.05% (based on your deposit and contributions)
Total balance: $18,028.6
Earnings: $28.6
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, SoFi Bank's total earnings would be $2,277.3 higher than Wells Fargo's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
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 | 3.50% | $0 |
| SoFi Bank vs Axos Bank | 4.46% | $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 | 4.85% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Presidential Bank | 4.50% | $5,000 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs UFB Direct | 4.21% | $5000 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.50% | $0 |
| Wells Fargo vs Axos Bank | 4.46% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Discover Bank | 3.50% | $0 |
| Wells Fargo vs Fitness Bank | 4.85% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs UFB Direct | 4.21% | $5000 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |