SoFi Bank vs. Wells Fargo
Comparing SoFi Bank and Wells Fargo for savings: SoFi Bank's SoFi Savings pays 4.00% APY (including a 6-month 0.70% promo boost) while Wells Fargo's Platinum Savings pays 0.05% APY.
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 $360 more than Wells Fargo annually ($365 vs $5).
Choose SoFi Bank if getting the best rate matters most, or BBB rating matters to you. Choose Wells Fargo if you want to avoid a promo rate with a scheduled drop, you value in-person banking, 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%). Wells Fargo's 0.05% rate has no scheduled drop, though all rates are subject to change.
Both banks require a checking account to access their highest savings rates.
| Metric | SoFi BankSoFi Savings Apr 21, 2026 | Wells FargoPlatinum Savings Apr 21, 2026 |
|---|---|---|
| APY | 3.30% - 4.00% | 0.05% |
Est. Earnings | $5,000+$183 $10,000+$365 $25,000+$913 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $25 |
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. | This is a tiered savings account where rates vary based on the balance. The 0.05% 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. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredHigh MinimumGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily CompoundingRate Changes Often |
Looking for Simplicity?
Don't want a checking bundle? We track many high-yield banks that offer competitive rates without checking requirements.
Comparison Analysis
Comparing SoFi Bank vs. Wells Fargo
Executive Summary
SoFi Bank offers a competitive savings option with its SoFi Savings account, featuring a promotional APY of 4.00%, which includes a temporary 0.70% boost for six months, available with direct deposit or a $10/month subscription. This account comes bundled with a checking account yielding 0.50% APY, and there are no maintenance fees or minimum balance requirements. In contrast, Wells Fargo's savings accounts, such as the Way2Save Savings and Platinum Savings, provide significantly lower APYs of 0.01% and 0.05%, respectively, with the latter requiring a linked Premier checking account for the higher rate. Overall, SoFi Bank's savings account clearly offers better returns.
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 0.01%-0.05%) on all balances
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Higher rated Android app (4.8 vs 3.9)
- ✓Offers 2 different high-yield savings options
— Key Feature Differences —
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $365 vs $5/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $913 vs $13/yr).
Requires Banking Relationship
Both banks require a checking account bundle to access their highest rates.
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $360 more interest on a $10,000 balance than Wells Fargo's Platinum 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
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SoFi Bank vs. Wells Fargo Savings Calculator
You earn $359.9 more with SoFi Bank than Wells Fargo 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
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | SoFi Bank | Wells Fargo |
|---|---|---|
| APY | 4.00% Range: 3.30% - 4.00% Verified: 4/21/2026 Stable (90d) | 0.05% Range: 0.05% - 0.05% Verified: 4/21/2026 Stable (90d) |
| Product Name | SoFi Savings | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $1,000,000 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | N/A | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | While direct deposit is not required, the alternative is a subscription fee of $10/month | None |
| Checking Bundle | Yes | Yes |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A+ | D- |
| 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. | This is a tiered savings account where rates vary based on the balance. The 0.05% 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. |
| Next Steps | Visit SiteVerify at SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Wells Fargo | |
|---|---|---|---|
| SoFi Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.00% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -1.1 | -32.3 | 0.0 |
Days Since Change | 119 | 186 | 280 |
9-Month High | 4.50% | 2.51% | 0.01% |
9-Month Low | 3.80% | 0.05% | 0.01% |
Adjustments / Mo | 0.32 | 0.32 | 0.00 |
Volatility Score | 0.058 | 1.583 | 0.000 |
How to read these metrics(Click to expand)
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Compare SoFi Bank's APY of 4.00% with other banks
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|---|---|---|
| Wells Fargo vs Ally Bank | 3.10% | $0 |
| Wells Fargo vs American Express | 3.20% | $0 |
| Wells Fargo vs Axos Bank | 4.21% | $0 |
| Wells Fargo vs Barclays | 3.75% | $0 |
| Wells Fargo vs Capital One | 3.20% | $0 |
| Wells Fargo vs Chime | 3.00% | $0 |
| Wells Fargo vs CIT Bank | 3.75% | $100 |
| Wells Fargo vs Discover Bank | 3.30% | $0 |
| Wells Fargo vs EverBank | 3.90% | $0 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.50% | $0 |
| Wells Fargo vs Newtek Bank | 4.20% | $0.01 |
| Wells Fargo vs Openbank | 4.00% | $500 |
| Wells Fargo vs Pibank | 4.40% | $0 |
| Wells Fargo vs Synchrony Bank | 3.40% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |
| Wells Fargo vs Wealthfront | 4.20% | $0 |