Betterment vs. SoFi Bank
Betterment and SoFi Bank both offer 4.00% APY on their high-yield savings accounts. With identical rates, your choice comes down to other factors like mobile app quality, branch access, or customer service reputation.
The Bottom Line
Who pays more interest on $10,000? SoFi Bank pays $11 more than Betterment annually ($355 vs $344).
The Betterment and SoFi Bank savings accounts are very similar. Choose Betterment if you want a no-strings-attached account, or you're an Android user. Choose SoFi Bank if getting the best rate matters most, or you want Zelle for quick transfers.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Betterment's Cash Reserve stands alone.
| Metric | BettermentCash Reserve Sep 7, 2026 | SoFi BankSoFi Savings Sep 5, 2026 |
|---|---|---|
| APY | 3.25% - 4.00% | 3.10% - 4.00% |
Earns in a year | $5,000+$172 $10,000+$344 $25,000+$859 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | - | 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 InsuredNo MinimumsGreat iOS AppGreat Android App | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Prefer In-Person Banking?
Both of these institutions are online-only. If you need in-branch access, check out our list of savings accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Betterment vs. SoFi Bank
Executive Summary
Both Betterment and SoFi Bank offer competitive high-yield savings options, each with a top APY of 4.00%. Betterment's Cash Reserve provides this rate without any direct deposit requirements or account bundling, making it a straightforward choice for savers. In contrast, SoFi Bank's SoFi Savings also features a 4.00% APY but requires eligible direct deposits or a $5,000 qualifying deposit every 31 days to maintain the promotional rate. Additionally, SoFi's account comes bundled with an interest-bearing checking account, appealing to those seeking an all-in-one banking solution. Overall, while both banks are online-only and nationally available, Betterment stands out for its simplicity.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Betterment?
- No checking account or direct deposit required
- Higher rated Android app (4.7 vs 3.8)
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $355 vs $344/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $888 vs $859/yr).
Better for Simplicity
BettermentBetterment's Cash Reserve offers 4.00% APY with no bundling, direct deposit requirement or caps.
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 $11 more interest on a $10,000 balance than Betterment's Cash Reserve.
*Both calculations include their respective introductory promotional rates and subsequent standard rates.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Betterment vs. SoFi Bank Savings Calculator
You earn $9.8 more with SoFi Bank than Betterment 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.
Betterment
Cash Reserve
Savings Breakdown
- Interest Earned+$345.10(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,345.10
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.
Still at a large branch bank?
A typical branch-bank savings rate is 0.05% APY. On a $10,000 balance, the gap to these two banks is at least $339 a year in interest.
Both Betterment and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | Betterment | SoFi Bank |
|---|---|---|
| APY | 4.00% Range: 3.25% - 4.00% Observed: 9/7/2026 Stable over 90 days | 4.00% Range: 3.10% - 4.00% Observed: 9/5/2026 0.20%90-day change |
| Product Name | Cash Reserve | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | N/A | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | Not reported | 4 (CA, UT) |
| Direct Deposit Req. | None | Required |
| Checking Bundle | No | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | Yes | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | A | A+ |
| Important Notes | - | 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 Betterment 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 | Betterment | SoFi Bank |
|---|---|---|
| Cash Reserve | SoFi Savings | |
Current APY | 4.00% | 4.00% |
Trend | Stable | Stable |
Speed of change | 0.02 | -0.00 |
Days Since Change | 132 | 3 |
7-Month High | 4.00% | 4.00% |
7-Month Low | 3.90% | 3.80% |
Changes per month | 0.13 | 0.27 |
Steadiness | 0.013 | 0.025 |
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 226-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 Betterment's APY of 4.00% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Betterment vs Ally Bank | 3.00% | $0 |
| Betterment vs American Express | 3.00% | $0 |
| Betterment vs Axos Bank | 4.21% | $0 |
| Betterment vs Barclays | 3.65% | $0 |
| Betterment vs Capital One | 3.50% | $0 |
| Betterment vs Chime | 3.75% | $0 |
| Betterment vs CIT Bank | 3.75% | $100 |
| Betterment vs EverBank | 3.90% | $0 |
| Betterment vs Marcus by Goldman Sachs | 3.40% | $0 |
| Betterment vs Newtek Bank | 4.20% | $100 |
| Betterment vs Openbank | 3.80% | $500 |
| Betterment vs Pibank | 4.10% | $0 |
| Betterment vs Synchrony Bank | 3.30% | $0 |
| Betterment vs Varo Bank | 3.75% | $0 |
| Betterment vs Wealthfront | 3.95% | $0 |