Peak Bank vs. SoFi Bank
Peak Bank's Envision High Yield Savings pays 4.01% 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? Peak Bank pays $46 more than SoFi Bank annually ($401 vs $355).
Choose Peak Bank 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 Peak Bank's Envision High Yield Savings stands alone.
| Metric | Peak BankEnvision High Yield Savings Sep 11, 2026 | SoFi BankSoFi Savings Sep 11, 2026 |
|---|---|---|
| APY | 3.14% - 4.01% | 3.10% - 4.00% |
Earns in a year | $5,000+$200 $10,000+$401 $25,000+$1,002 | $5,000+$178 $10,000+$355 $25,000+$888 |
Min. Deposit | $100 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | The advertised APY is for new accounts only. There is a limit of one Envision High Yield Savings account per customer. Opening funds are subject to a five business day hold. | 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 AppDaily CompoundingRate Changes Often | 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
Peak Bank offers the Envision High Yield Savings account with a competitive APY of 4.01%, making it the top choice for savers looking for higher returns. This account requires a minimum deposit of $10,000 and is available online only, with no maintenance fees. In contrast, SoFi Bank's Savings account provides an APY of 4.00% under specific conditions, including a direct deposit requirement or qualifying deposits, but this rate is promotional and lasts for only six months. SoFi's account is bundled with an interest-bearing checking account, but the higher yield is contingent on meeting the direct deposit criteria. Overall, Peak Bank's offering stands out for its straightforward higher yield.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Peak Bank?
- No checking account or direct deposit required
- Higher rated Android app (4.6 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
Peak BankPeak Bank's Envision High Yield Savings earns more on smaller deposits (approx. $401 vs $355/yr).
Better Returns at $25,000
Peak BankPeak Bank's Envision High Yield Savings pulls ahead with larger amounts (approx. $1002 vs $888/yr).
Shared Benefits
Over a 1-year period, Peak Bank's Envision High Yield Savings pays $46 more interest on a $10,000 balance than SoFi Bank's SoFi Savings.
*This comparison accounts for SoFi Bank's introductory promotional rate, yet Peak Bank'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
Peak Bank vs. SoFi Bank Savings Calculator
You earn $46.1 more with Peak Bank 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.
Peak Bank
Envision High Yield Savings
Savings Breakdown
- Interest Earned+$401.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,401.00
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 Peak Bank and SoFi Bank advertise far more than that typical branch-bank rate.
| Feature | Peak Bank | SoFi Bank |
|---|---|---|
| APY | 4.01% Range: 3.14% - 4.01% Observed: 9/11/2026 Stable over 90 days | 4.00% Range: 3.10% - 4.00% Observed: 9/11/2026 0.20%90-day change |
| Product Name | Envision High Yield Savings | SoFi Savings |
| Minimum Deposit | $100 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | 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 | A+ | A+ |
| Important Notes | The advertised APY is for new accounts only. There is a limit of one Envision High Yield Savings account per customer. Opening funds are subject to a five business day hold. | 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 Peak 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 | Peak Bank | SoFi Bank |
|---|---|---|
| Envision High Yield Savings | SoFi Savings | |
Current APY | 4.01% | 4.00% |
Trend | Stable | Stable |
Speed of change | -0.04 | -0.08 |
Days Since Change | 100 | 7 |
12-Month High | 4.35% | 4.50% |
12-Month Low | 3.82% | 3.80% |
Changes per month | 0.58 | 0.33 |
Steadiness | 0.027 | 0.049 |
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 364-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 Peak Bank's APY of 4.01% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Peak Bank vs Ally Bank | 3.00% | $0 |
| Peak Bank vs American Express | 3.00% | $0 |
| Peak Bank vs Axos Bank | 4.21% | $0 |
| Peak Bank vs Barclays | 3.65% | $0 |
| Peak Bank vs Capital One | 3.50% | $0 |
| Peak Bank vs Chime | 3.75% | $0 |
| Peak Bank vs CIT Bank | 3.75% | $100 |
| Peak Bank vs EverBank | 3.90% | $0 |
| Peak Bank vs Marcus by Goldman Sachs | 3.40% | $0 |
| Peak Bank vs Newtek Bank | 4.20% | $100 |
| Peak Bank vs Openbank | 3.80% | $500 |
| Peak Bank vs Pibank | 4.10% | $0 |
| Peak Bank vs Synchrony Bank | 3.30% | $0 |
| Peak Bank vs Varo Bank | 3.75% | $0 |
| Peak Bank vs Wealthfront | 3.95% | $0 |