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 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 $330 more than Charles Schwab Bank annually ($345 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 requires a checking account to unlock its top savings rate, while Charles Schwab Bank offers its savings account standalone.
| Metric | Charles Schwab BankSchwab Bank Investor Savings™ Aug 21, 2026 | SoFi BankSoFi Savings Aug 21, 2026 |
|---|---|---|
| APY | 0.15% | 3.10% - 3.80% |
Est. Earnings | $5,000+$8 $10,000+$15 $25,000+$38 | $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 AppIn-Person AccessZelle® SupportedDaily CompoundingStable Rate | 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 Charles Schwab Bank 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 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 (3.80% 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. $345 vs $15/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $863 vs $38/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 $330 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 $329.9 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+$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 | Charles Schwab Bank | SoFi Bank |
|---|---|---|
| APY | 0.15% Verified: 8/21/2026 - | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - |
| 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 | 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 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% | 3.80% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -4.9 |
Days Since Change | 361 | 85 |
12-Month High | 0.15% | 4.50% |
12-Month Low | 0.15% | 3.80% |
Adjustments / Mo | 0.00 | 0.33 |
Volatility Score | 0.000 | 0.058 |
How to read these metrics(Click to expand)
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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 |