Sofi Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of SoFi Bank vs. Wells Fargo
As of July 15, 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.
SoFi Bank
Strengths
- SoFi Bank offers a competitive APY of 3.80%, significantly higher than Wells Fargo's best rate.
- SoFi Bank has an A+ BBB rating, indicating strong trustworthiness.
- No maintenance fees are required at SoFi Bank.
Potential Drawbacks
- SoFi Bank requires a direct deposit or $5,000 in qualifying deposits to earn the 3.80% APY.
- SoFi Bank has no physical branches, limiting in-person banking options.
- SoFi Bank's app ratings are lower than Wells Fargo's.
Wells Fargo
Strengths
- Wells Fargo has a branch network across 36 states and Washington, D.C.
- Wells Fargo offers a 4.9 App Store rating, higher than SoFi Bank.
- Wells Fargo's Platinum Savings account has a tiered structure for higher balances.
Potential Drawbacks
- Wells Fargo's best APY of 2.51% requires a $1,000,000 balance, making it less accessible.
- Wells Fargo has an F BBB rating and is not accredited, indicating potential trust issues.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 minimum balance is maintained.
Summary: SoFi Bank offers a higher APY of 3.80% with no fees, but requires direct deposits for that rate. In contrast, Wells Fargo provides branch access and a tiered savings structure but has a significantly lower APY of 2.51% for high balances and an F BBB rating. Overall, SoFi Bank may appeal to those seeking higher interest rates, while Wells Fargo may attract customers valuing physical branches.
Compare SoFi Bank's vs Wells Fargo's Savings Accounts
| SoFi Bank | Wells Fargo | ||
|---|---|---|---|
| Product | SoFi Savings | vs | Platinum Savings |
| APY | 3.80% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | Yes | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $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 | |
| 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. | |
| Visit Bank | SoFi Savings | Platinum Savings | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.5/5 | 4.8/5 | |
| BBB Rating | A+ | F |
No historical data available.
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: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year SoFi Bank would earn you $12.9 more than Wells Fargo.
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 | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $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 | 5.00% | $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 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 | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $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 | 5.00% | $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 Varo Bank | 5.00% | $0 |