Openbank vs. SoFi Bank
Openbank's High-Yield Savings Account pays 3.80% 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? Openbank pays $25 more than SoFi Bank annually ($380 vs $355).
Choose Openbank if getting the best rate matters most, 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's SoFi Savings pays its top rate only if you also open a checking account with SoFi Bank, while Openbank's High-Yield Savings Account stands alone.
| Metric | OpenbankHigh-Yield Savings Account Sep 5, 2026 | SoFi BankSoFi Savings Sep 5, 2026 |
|---|---|---|
| APY | 3.80% | 3.10% - 4.00% |
Earns in a year | $5,000+$190 $10,000+$380 $25,000+$950 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $500 | $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 InsuredLow MinimumsGreat iOS AppGreat Android AppStable Rate | 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.
Executive Summary
Openbank offers a High-Yield Savings Account with a competitive APY of 3.80%, which does not require direct deposit and has no maintenance fees. This account is available online and nationally, making it accessible to a wide range of customers. In contrast, SoFi Bank's savings account features a promotional APY of 4.00% for six months, contingent upon meeting specific conditions such as direct deposit or qualifying deposits. However, without these conditions, the standard rate drops to 3.10%. While SoFi's promotional rate is higher, it requires eligibility restrictions, making Openbank's offering simpler and potentially more appealing for those who prefer fewer requirements.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Openbank?
- No checking account or direct deposit required
- Higher rated Android app (4.4 vs 3.8)
Why SoFi Bank?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Higher potential APY (4.00% vs 3.80%) for a duration of 6 months (requires checking bundle & direct deposit)
- Fast transfers via Zelle®
Key Feature Differences
Better Returns at $10,000
OpenbankOpenbank's High-Yield Savings Account earns more on smaller deposits (approx. $380 vs $355/yr).
Better Returns at $25,000
OpenbankOpenbank's High-Yield Savings Account pulls ahead with larger amounts (approx. $950 vs $888/yr).
Better for Simplicity
OpenbankOpenbank's High-Yield Savings Account offers 3.80% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Openbank's High-Yield Savings Account pays $25 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Openbank's standard rate still yields a higher 1-year return.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Openbank vs. SoFi Bank Savings Calculator
You earn $25.1 more with Openbank 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.
Openbank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$380.00(3.7%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,380.00
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.
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 $350 a year in interest.
Both Openbank and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | Openbank | SoFi Bank |
|---|---|---|
| APY | 3.80% 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 | High-Yield Savings Account | SoFi Savings |
| Minimum Deposit | $500 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Monthly | 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 | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Not Supported | Available Native support added in 2024 for banking members. |
| BBB Rating | Not Rated | 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 Openbank 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 | Openbank | SoFi Bank |
|---|---|---|
| High-Yield Savings Account | SoFi Savings | |
Current APY | 3.80% | 4.00% |
Trend | Stable | Stable |
Speed of change | -0.02 | -0.08 |
Days Since Change | 94 | 1 |
12-Month High | 4.20% | 4.50% |
12-Month Low | 3.80% | 3.80% |
Changes per month | 0.25 | 0.41 |
Steadiness | 0.013 | 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.
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