Betterment vs. SoFi Bank
Betterment edges out SoFi Bank slightly at 4.00% vs 3.80% APY. On a $10,000 balance, the difference is just $1 per year, so other factors may matter more.
The Bottom Line
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 you want Zelle for quick transfers.
Important Considerations
SoFi Bank requires a checking account to unlock its top savings rate, while Betterment offers its savings account standalone.
| Metric | BettermentCash Reserve Aug 21, 2026 | SoFi BankSoFi Savings Aug 21, 2026 |
|---|---|---|
| APY | 3.25% - 4.00% | 3.10% - 3.80% |
Est. Earnings | $5,000+$172 $10,000+$344 $25,000+$859 | $5,000+$173 $10,000+$345 $25,000+$863 |
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
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 Betterment?
- ✓Higher potential APY (4.00% vs 3.80%) for a duration of 3 months
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.7 vs 3.9)
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
Best for Simplicity
BettermentBetterment's Cash Reserve offers 4.00% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $1 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 $0.2 more with Betterment than SoFi Bank 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+$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.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $343 per year in interest.
Both Betterment and SoFi Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Betterment | SoFi Bank |
|---|---|---|
| APY | 4.00% Range: 3.25% - 4.00% Verified: 8/21/2026 - | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - |
| 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 | None | N/A |
| 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% | 3.80% |
Trend | Stable | Stable |
Velocity (bps/mo) | 1.8 | -3.0 |
Days Since Change | 115 | 85 |
7-Month High | 4.00% | 4.00% |
7-Month Low | 3.90% | 3.80% |
Adjustments / Mo | 0.14 | 0.14 |
Volatility Score | 0.013 | 0.022 |
How to read these metrics(Click to expand)
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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 |