SoFi Bank vs. Wells Fargo
Compare rates, requirements, and features side-by-side to find the best option for you.
SoFi Bank
SoFi Savings
Up to4.30%APYDec 6, 2025FDIC InsuredChecking BundleNo MinimumsGreat iOS AppGreat Android AppRange: 3.60% – 4.30%Show Fine Print & Trends Hide Details
SoFi Bank
SoFi Savings
Wells Fargo
Platinum Savings
0.05%APYDec 6, 2025FDIC InsuredHigh MinimumChecking BundleGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Wells Fargo
Platinum Savings
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Comparison Analysis
Comparing SoFi Bank vs. Wells Fargo
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 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 4.0)
- ✓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. $430 vs $5/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $1075 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. 4.8) and Android app rated 4.8 (vs. 4.0)
Shared Benefits
Over a 1-year period, SoFi Bank's SoFi Savings pays $425 more interest on a $10,000 balance than Wells Fargo's Platinum Savings.
Executive Summary
SoFi Bank's SoFi Savings account stands out with a competitive APY of 4.30%, which includes a temporary boost for six months, making it a strong choice for savers. This account requires no minimum deposit or maintenance fees but does offer a bundled checking account with a lower APY of 0.50%. In contrast, Wells Fargo's highest savings product, the Platinum Savings account, offers a mere 0.05% APY, available only with a substantial balance and linked to a checking account. While Wells Fargo provides a physical banking option and a highly-rated mobile app, the significant difference in APY makes SoFi Bank the more attractive option for those looking to maximize their savings.
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 Wells Fargo.
| Feature | SoFi Bank | Wells Fargo |
|---|---|---|
| APY | 4.30% Range: 3.60% - 4.30% Verified: 12/6/2025 ↗︎ 0.50%90d Change | 0.05% Range: 0.05% - 0.05% Verified: 12/6/2025 ↘︎ 2.46%90d Change |
| 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. |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | Yes | Yes |
| Mobile Apps | iOS4.8 Android4.0 | iOS4.9 Android4.8 |
| BBB Rating | A+ | D- |
| 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. | 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 |
Savings Comparison
SoFi Bank earns $2,600.8 more than Wells Fargo.
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$2,629.40(12.7%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,629.40
Wells Fargo
Platinum Savings
Higher APY requires $1,000,000
Savings Breakdown
- Interest Earned+$28.60(0.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,028.60
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Wells Fargo | |
|---|---|---|---|
| SoFi Savings | Platinum Savings | Way2Save Savings | |
Current APY | 4.30% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | 16.2 | -72.0 | 0.0 |
Days Since Change | 24 | 50 | 143 |
5-Month High | 4.50% | 2.51% | 0.01% |
5-Month Low | 3.80% | 0.05% | 0.01% |
Adjustments / Mo | 0.42 | 0.63 | 0.00 |
Volatility Score | 0.074 | 0.843 | 0.000 |
How to read these metrics(Click to expand)
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