Bank of America vs. SoFi Bank
Bank of America's Advantage Savings pays 0.04% APY while SoFi Bank's SoFi Savings pays 4.00% APY.
Note: SoFi Bank's SoFi Savings also needs a checking account.
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 $351 more than Bank of America annually ($355 vs $4).
Choose Bank of America if you want a no-strings-attached account, or you're an Android user. Choose SoFi Bank if getting the best rate matters most.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Bank of America's Advantage Savings stands alone.
| Metric | Bank of AmericaAdvantage Savings Sep 11, 2026 | SoFi BankSoFi Savings Sep 11, 2026 |
|---|---|---|
| APY | 0.04% | 3.10% - 4.00% |
Earns in a year | $5,000+$2 $10,000+$4 $25,000+$10 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | Limited offer: The stated APY 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 an interest-bearing checking account. |
| Features | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing Bank of America vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive APY of 4.00% on its SoFi Savings account, which is available through an online-only platform. This rate is contingent upon setting up an Eligible Direct Deposit or maintaining $5,000 in qualifying deposits within a 31-day period. In contrast, Bank of America provides a lower APY of 0.04% on its Advantage Savings account, which does not require direct deposit and is accessible in various states. While Bank of America does allow for a monthly fee waiver under certain conditions, SoFi Bank's product is better suited for those looking for higher returns and an integrated banking experience, as it bundles savings with an interest-bearing checking account.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Bank of America?
- No checking account or direct deposit required
- Higher rated Android app (4.6 vs 3.8)
- Offers 3 different high-yield savings options
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Higher potential APY (4.00% vs 0.01%-0.04%) on all balances
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $355 vs $4/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $888 vs $10/yr).
Better for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $351 more interest on a $10,000 balance than Bank of America's Advantage 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
Top Market Contenders
Bank of America vs. SoFi Bank Savings Calculator
You earn $350.9 more with SoFi Bank than Bank of America 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.
Bank of America
Advantage Savings
Savings Breakdown
- Interest Earned+$4.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,004.00
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$354.90(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,354.90
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Bank of America | SoFi Bank |
|---|---|---|
| APY | 0.04% Observed: 9/11/2026 Stable over 90 days | 4.00% Range: 3.10% - 4.00% Observed: 9/11/2026 0.20%90-day change |
| Product Name | Advantage Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $8 | $0 |
| Compound Frequency | Monthly | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | 3,823 (AR, AZ, CA, CO, CT, DC, DE, FL (+31 more)) | 4 (CA, UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $3,500/dayFounding member; highest limits for established users. | Available Native support added in 2024 for banking members. |
| BBB Rating | A+ | A+ |
| Important Notes | APY may vary by market. The monthly fee may be waived under some circumstances, such as if you maintain a minimum balance of $500, or are below the age of 25, etc. | Limited offer: The stated APY 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 an interest-bearing checking account. |
| Next Steps | Visit SiteVerify at Bank of America Non-sponsored link to official site | Visit SiteVerify at SoFi Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | Bank of America | SoFi Bank | ||
|---|---|---|---|---|
| Advantage Savings | Advantage Relationship Banking | Business Advantage Savings | SoFi Savings | |
Current APY | 0.04% | 0.02% | 0.01% | 4.00% |
Trend | Stable | Stable | Stable | Stable |
Speed of change | 0.00 | 0.00 | -0.00 | -0.08 |
Days Since Change | 109 | 105 | 114 | 7 |
12-Month High | 0.04% | 0.11% | 0.02% | 4.50% |
12-Month Low | 0.01% | 0.02% | 0.01% | 3.80% |
Changes per month | 0.25 | 0.33 | 0.33 | 0.33 |
Steadiness | 0.395 | 0.894 | 0.354 | 0.049 |
How to read these metrics(Click to expand)
Trends and speed
- Trend: The general direction of the rate over the analyzed period. Useful for seeing whether a bank is raising its rate or letting it slip.
- Speed of change: How fast the rate moves. A high positive number means they raise rates quickly. A reading of 0.10 is a tenth of a percentage point each month.
- Changes per month: How often the rate moves. A high number means it changes constantly; a low number means it holds.
Risk & Range
- High/Low: The absolute ceiling and floor of the rate during the 364-day window.
- Steadiness: How far the rate swings around its average. A lower score means a steadier, more predictable rate.
- Days Since Change: A high number, for example above 90, means the rate rarely moves. A low number means it changed recently.
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Compare Bank of America's APY of 0.04% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Bank of America vs Ally Bank | 3.00% | $0 |
| Bank of America vs American Express | 3.00% | $0 |
| Bank of America vs Axos Bank | 4.21% | $0 |
| Bank of America vs Barclays | 3.65% | $0 |
| Bank of America vs Capital One | 3.50% | $0 |
| Bank of America vs Chime | 3.75% | $0 |
| Bank of America vs CIT Bank | 3.75% | $100 |
| Bank of America vs EverBank | 3.90% | $0 |
| Bank of America vs Marcus by Goldman Sachs | 3.40% | $0 |
| Bank of America vs Newtek Bank | 4.20% | $100 |
| Bank of America vs Openbank | 3.80% | $500 |
| Bank of America vs Pibank | 4.10% | $0 |
| Bank of America vs Synchrony Bank | 3.30% | $0 |
| Bank of America vs Varo Bank | 3.75% | $0 |
| Bank of America vs Wealthfront | 3.95% | $0 |