SoFi Bank vs. Synchrony Bank
SoFi Bank's SoFi Savings pays 4.00% APY while Synchrony Bank's High Yield Savings pays 3.30% 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 $25 more than Synchrony Bank annually ($355 vs $330).
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, 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 Synchrony Bank's High Yield Savings stands alone.
| Metric | SoFi BankSoFi Savings Sep 5, 2026 | Synchrony BankHigh Yield Savings Sep 5, 2026 |
|---|---|---|
| APY | 3.10% - 4.00% | 3.30% |
Earns in a year | $5,000+$178 $10,000+$355 $25,000+$888 | $5,000+$165 $10,000+$330 $25,000+$825 |
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 AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppDaily 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.
Comparison Analysis
Comparing SoFi Bank vs. Synchrony Bank
Executive Summary
SoFi Bank offers a competitive APY of 4.00% on its SoFi Savings account, which requires an eligible direct deposit or $5,000+ qualifying deposits per month to maintain this rate. This account is bundled with an interest-bearing checking account and is available online only. In contrast, Synchrony Bank's High Yield Savings account provides a lower APY of 3.30%, with no direct deposit requirement. Both banks have no maintenance fees and are available nationally online. For those seeking higher returns and an all-in-one banking solution, SoFi Bank is the winner.
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?
- Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- Higher potential APY (4.00% vs 3.30%) on all balances
- Fast transfers via Zelle®
Why Synchrony Bank?
- No checking account or direct deposit required
- Higher rated Android app (4.6 vs 3.8)
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $355 vs $330/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $888 vs $825/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 $25 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 $24.9 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+$354.90(3.4%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,354.90
Synchrony Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
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 $325 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 | 4.00% Range: 3.10% - 4.00% Observed: 9/5/2026 0.20%90-day change | 3.30% Observed: 9/5/2026 0.10%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 |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| 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 | 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 SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Synchrony Bank Non-sponsored link to official site |
Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Synchrony Bank |
|---|---|---|
| SoFi Savings | High Yield Savings | |
Current APY | 4.00% | 3.30% |
Trend | Stable | Stable |
Speed of change | -0.08 | -0.05 |
Days Since Change | 1 | 79 |
12-Month High | 4.50% | 3.80% |
12-Month Low | 3.80% | 3.30% |
Changes per month | 0.41 | 0.33 |
Steadiness | 0.050 | 0.028 |
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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