Bank of America vs. SoFi Bank
Bank of America's Advantage Savings pays 0.04% APY while SoFi Bank's SoFi Savings pays 3.80% APY.
Note: SoFi Bank requires 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 $341 more than Bank of America annually ($345 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 requires a checking account to unlock its top savings rate, while Bank of America offers its savings account standalone.
| Metric | Bank of AmericaAdvantage Savings Aug 21, 2026 | SoFi BankSoFi Savings Aug 21, 2026 |
|---|---|---|
| APY | 0.04% | 3.10% - 3.80% |
Est. Earnings | $5,000+$2 $10,000+$4 $25,000+$10 | $5,000+$173 $10,000+$345 $25,000+$863 |
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 |
Market Reality Check
Both of these institutions offer rates below the top 10 savings and money market accounts we track. Those institutions all pay at least 4.01% APY.
Comparison Analysis
Comparing Bank of America vs. SoFi Bank
Executive Summary
A detailed summary for this comparison is being prepared. Check back soon.
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 3.9)
- ✓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 (3.80% 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. $345 vs $4/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $863 vs $10/yr).
Best 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 $341 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 $340.9 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+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
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% Verified: 8/21/2026 - | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - |
| 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 | N/A | N/A |
| 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% | 3.80% |
Trend | Stable | Stable | Stable | Stable |
Velocity (bps/mo) | 0.1 | 0.1 | -0.0 | -4.9 |
Days Since Change | 88 | 84 | 93 | 85 |
12-Month High | 0.04% | 0.11% | 0.02% | 4.50% |
12-Month Low | 0.01% | 0.02% | 0.01% | 3.80% |
Adjustments / Mo | 0.25 | 0.33 | 0.33 | 0.33 |
Volatility Score | 0.377 | 0.894 | 0.354 | 0.058 |
How to read these metrics(Click to expand)
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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 |