SoFi Bank vs. Synchrony Bank
SoFi Bank's SoFi Savings advertises up to 4.20% APY. That 4.20% is a promotional rate for six months. The account advertises 3.30% after it ends. Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days. On a $10,000 balance the account earns 3.75% overall, about $375 in a year.
Synchrony Bank's High Yield Savings advertises 3.55% APY.
See how they compare on rate stability, mobile app ratings, and more below.
The Bottom Line
On a $10,000 balance, SoFi Bank's SoFi Savings earns about $20 more in a year than Synchrony Bank's High Yield Savings: $375 against $355.
Choose SoFi Bank if getting the best rate matters most, or you want Zelle for quick transfers. Choose Synchrony Bank if you want a no-strings-attached account, you want to avoid a promo rate with a scheduled drop, or you're an Android user.
Important Considerations
SoFi Bank's 4.20% APY is a promotional rate for six months, then 3.30%. Synchrony Bank's 3.55% APY has no scheduled end, though every rate can change.
SoFi Bank's SoFi Savings advertises its top rate only if you also open a checking account with SoFi Bank, while Synchrony Bank's High Yield Savings stands alone.
| Metric | SoFi BankSoFi Savings Oct 5, 2026 | Synchrony BankHigh Yield Savings Oct 5, 2026 |
|---|---|---|
| APY | Up to4.20%Promotional rate | 3.55% |
Earns in a year | $5,000+$188 $10,000+$375 $25,000+$938 | $5,000+$177 $10,000+$355 $25,000+$887 |
Min. Deposit | $0 | $0 |
Snapshot view. Rates subject to change. | ||
Terms | Offer ends 2026-12-31: an APY boost for up to six months, for members new to SoFi Checking and Savings who keep an eligible direct deposit or $5,000 in qualifying deposits every 31 days. Savings is bundled with checking. | - |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily 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 4.36% APY.
Comparison Analysis
Comparing SoFi Bank vs. Synchrony Bank
Executive Summary
Synchrony Bank has offered the higher standard rate since September 29, 2026, by 25 basis points today. SoFi Bank's top advertised rate is 4.2%, a promotional rate for 180 days. Synchrony Bank paid 3.35% on average on savings and money market deposits. Its savings account offers 3.55%.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why SoFi Bank?
- Up to $400 bonus. Set up a first eligible direct deposit by December 31, 2026. $50 for $1,000 or more in 25 days, $400 for $5,000 or more. Offer ends December 31, 2026.
- Higher potential APY (4.20% vs 3.55%) on all balances (checking account required, requires direct deposit, promotional rate)
- Fast transfers via Zelle®
Why Synchrony Bank?
- No checking account or direct deposit required
- Higher rated Android app (4.6 vs 3.7)
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $375 vs $355/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $938 vs $887/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 $20 more interest on a $10,000 balance than Synchrony Bank's High Yield 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
SoFi Bank vs. Synchrony Bank Savings Calculator
You earn $19.9 more with SoFi Bank than Synchrony 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.
SoFi Bank
SoFi Savings
Savings Breakdown
- Interest Earned+$374.90(3.6%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,374.90
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$355.00(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,355.00
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 SoFi Bank and Synchrony Bank advertise far more than that typical branch-bank rate.
| Feature | SoFi Bank | Synchrony Bank |
|---|---|---|
| APY | 4.20% Range: 3.30% - 4.20% Observed: 10/5/2026 0.40%90-day change | 3.55% Observed: 10/5/2026 0.25%90-day change |
| Product Name | SoFi Savings | High Yield Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| Branches | None | None |
| Physical Branches | 4 (CA, UT) | 2 (FL, UT) |
| Direct Deposit Req. | Required | None |
| Checking Bundle | Yes | No |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Not Supported |
| BBB Rating | A+ | Not Rated |
| Important Notes | Offer ends 2026-12-31: an APY boost for up to six months, for members new to SoFi Checking and Savings who keep an eligible direct deposit or $5,000 in qualifying deposits every 31 days. Savings is bundled with checking. | - |
| Next Steps | Visit SiteVerify at SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Synchrony Bank Non-sponsored link to official site |
What each bank pays on deposits
An advertised rate tells you what a new savings account earns today. It cannot tell you how the bank has priced the savings and money market deposits it already holds, over time. This section shows that. The figure is computed from the interest expense and deposit balances that every bank files with the FDIC in the same form. That is what makes it comparable across banks and across quarters.
SoFi Bank
The two figures answer different questions, so they sit side by side and are not combined. That 4.20% is a promotional rate for six months. The account advertises 3.30% after it ends. Six-month APY boost for members new to SoFi Checking and Savings. It requires an Eligible Direct Deposit or $5,000 or more in qualifying deposits every 31 days.
In Q2 2026, SoFi Bank paid a higher average rate on savings and money market deposits than 96% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
Each figure is that bank's own charter-level average across its whole deposit book, so the two are shown one after the other and are not a ranking.
Synchrony Bank
The two figures answer different questions, so they sit side by side and are not combined.
In Q2 2026, Synchrony Bank paid a higher average rate on savings and money market deposits than 97% of banks that reported a figure (FDIC call report). The all-bank median was 1.45%.
How to read these figures
What the average covers. It is an average across the whole bank, taken from its own quarterly FDIC call report. It covers savings accounts and money market deposit accounts, personal and business, at every balance tier. It also covers accounts that were opened years ago and keep the rate of those years. The FDIC line does not separate consumer accounts.
The second figure. The scale row also shows the average across all interest-bearing deposits: savings, interest checking, money market accounts, CDs, personal and business. That figure covers the whole deposit book. The two are shown separately and are not combined.
What the advertised rate covers. It is the rate that this bank advertises now for a new savings account. Banksparency records it from the bank's website on the date shown beside it.
Why the two differ. They measure different things, so this page shows them side by side and keeps them apart. An advertised rate applies to one account, opened now, at today's price. The average also includes older savings balances at the rates of earlier years, money market balances that were priced in a different rate environment, and business accounts. An average below an advertised rate is the usual result of that arithmetic. On its own it is not evidence about the account that you would open.
What the average is useful for. The bank files the data itself, under reporting instructions that are the same for every filer, and the same computation runs for every bank on this site. That makes it comparable in a way that an advertisement is not. Two things on this page read it: the percentile, which shows where the quarter sits among all filers, and the chart, which shows the direction the figure has moved across quarters.
What the average cannot tell you. It cannot tell you the rate that you would earn. No single customer earns the average. For your rate, read the advertised rate above and the rate tables on this page, each with the date it was observed.
What to do next. Use the advertised rate to work out what a new account earns. Use the chart to see how the quarterly average has moved against the all-bank median. Then compare the advertised rate against the current rates on the savings-rate tables before you open an account.
Definitions: Call Report · Rate Paid on Deposits · Interest-Bearing Deposits · Front Book and Back Book · Deposit Rate Percentile
Average annualized rates paid on savings and money market deposits, and on all interest-bearing deposits, quarterly. The FDIC line for savings includes money market deposit accounts and business savings deposits and does not separate consumer accounts. Source: FDIC call report data, as reported; it may be amended. The percentile compares all FDIC filers, count-weighted. A missing quarter is suppressed, never interpolated. The percentile counts the banks that paid strictly less on savings and money market deposits, one vote per bank, among the banks that reported a figure for the quarter.
CD rates, term by term
SoFi Bank has no CD listed on Banksparency. Synchrony Bank lists 15 CD terms, from 3 to 60 months. Its highest rate is 4.50% APY on the 60-month CD. Each row below is one term, with the FDIC national average for that term beside it.
| Term | Synchrony Bank APY | FDIC average (Sep 2026) |
|---|---|---|
| 12 months | 4.20% APYNo minimum | 1.73% |
| 3 months | 0.25% APYNo minimum | 1.13% |
| 6 months | 4.10% APYNo minimum | 1.41% |
| 9 months | 4.15% APYNo minimum | |
| 11 months | 0.25% APYNo minimum | 1.73%12-month average |
| 13 months | 4.40% APYNo minimum | 1.73%12-month average |
| 14 months | 4.30% APYNo minimum | |
| 15 months | 4.30% APYNo minimum | |
| 16 months | 4.30% APYNo minimum | |
| 18 months | 4.35% APYNo minimum | |
| 19 months | 4.35% APYNo minimum | |
| 24 months | 4.35% APYNo minimum | 1.61% |
| 36 months | 4.40% APYNo minimum | 1.36% |
| 48 months | 4.40% APYNo minimum | 1.28% |
| 60 months | 4.50% APYNo minimum | 1.38% |
SoFi Bank: no CD listed on Banksparency.
Money market accounts
A money market account holds a savings balance and adds check or debit card access. The figure each bank advertises is its best APY across every active tier, so the sentence under it says which balance earns that rate.
SoFi Bank
No money market account listed here.
Synchrony Bank
Money Market Account
2.00% APY
No minimum. As observed Oct 5, 2026.
The FDIC national money market average was 0.63% in Sep 2026.
Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Synchrony Bank |
|---|---|---|
| SoFi Savings | High Yield Savings | |
Current APY | 4.20% | 3.55% |
Trend | Stable | Stable |
Speed of change | -0.06 | -0.04 |
Days Since Change | 11 | 6 |
12-Month High | 4.50% | 3.80% |
12-Month Low | 3.80% | 3.30% |
Changes per month | 0.41 | 0.41 |
Steadiness | 0.048 | 0.026 |
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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