Charles Schwab Bank vs. SoFi Bank
Charles Schwab Bank's Schwab Bank Investor Savings™ pays 0.15% 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 $340 more than Charles Schwab Bank annually ($355 vs $15).
Choose Charles Schwab Bank if you want a no-strings-attached account. Choose SoFi Bank if getting the best rate matters most, or you're an Android user.
Important Considerations
SoFi Bank's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Charles Schwab Bank's Schwab Bank Investor Savings™ stands alone.
| Metric | Charles Schwab BankSchwab Bank Investor Savings™ Sep 5, 2026 | SoFi BankSoFi Savings Sep 5, 2026 |
|---|---|---|
| APY | 0.15% | 3.10% - 4.00% |
Earns in a year | $5,000+$8 $10,000+$15 $25,000+$38 | $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 AppIn-Person AccessZelle® SupportedDaily CompoundingStable Rate | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often |
Comparison Analysis
Comparing Charles Schwab Bank vs. SoFi Bank
Executive Summary
SoFi Bank offers a competitive savings account, the SoFi Savings, with a promotional APY of 4.00% for those who meet the eligibility criteria of making an eligible direct deposit or maintaining $5,000 in qualifying deposits each month. This account also includes a bundled interest-bearing checking account and has no maintenance fees. In contrast, Charles Schwab Bank's Schwab Bank Investor Savings™ provides a lower APY of 0.15% with no direct deposit requirement, but it is available nationally without eligibility restrictions. Overall, SoFi Bank's offering significantly outperforms Schwab Bank's in terms of APY.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Charles Schwab Bank?
- No checking account or direct deposit required
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Higher potential APY (4.00% vs 0.15%) 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 $15/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $888 vs $38/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 $340 more interest on a $10,000 balance than Charles Schwab Bank's Schwab Bank Investor 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
Charles Schwab Bank vs. SoFi Bank Savings Calculator
You earn $339.9 more with SoFi Bank than Charles Schwab 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.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$15.00(0.1%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,015.00
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 | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| APY | 0.15% Observed: 9/5/2026 Stable over 90 days | 4.00% Range: 3.10% - 4.00% Observed: 9/5/2026 0.20%90-day change |
| Product Name | Schwab Bank Investor Savings™ | SoFi Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | Yes | No |
| Account Type | Online & Branches | Online Only |
| Physical Branches | 1 (TX) | 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 Integrated into Investor Checking; high liquidity. | 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 Charles Schwab Bank 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 | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | SoFi Savings | |
Current APY | 0.15% | 4.00% |
Trend | Stable | Stable |
Speed of change | -0.00 | -0.08 |
Days Since Change | 361 | 1 |
12-Month High | 0.15% | 4.50% |
12-Month Low | 0.15% | 3.80% |
Changes per month | 0.00 | 0.41 |
Steadiness | 0.000 | 0.050 |
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 362-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.
Compare Similar Alternatives
Compare Charles Schwab Bank vs...
Comparing against Standard Savings
Compare SoFi Bank vs...
Comparing against other Bundled Accounts
More Comparisons
Compare Charles Schwab Bank's APY of 0.15% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Charles Schwab Bank vs Ally Bank | 3.00% | $0 |
| Charles Schwab Bank vs American Express | 3.00% | $0 |
| Charles Schwab Bank vs Axos Bank | 4.21% | $0 |
| Charles Schwab Bank vs Barclays | 3.65% | $0 |
| Charles Schwab Bank vs Capital One | 3.50% | $0 |
| Charles Schwab Bank vs Chime | 3.75% | $0 |
| Charles Schwab Bank vs CIT Bank | 3.75% | $100 |
| Charles Schwab Bank vs EverBank | 3.90% | $0 |
| Charles Schwab Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Charles Schwab Bank vs Newtek Bank | 4.20% | $100 |
| Charles Schwab Bank vs Openbank | 3.80% | $500 |
| Charles Schwab Bank vs Pibank | 4.10% | $0 |
| Charles Schwab Bank vs Synchrony Bank | 3.30% | $0 |
| Charles Schwab Bank vs Varo Bank | 3.75% | $0 |
| Charles Schwab Bank vs Wealthfront | 3.95% | $0 |