SoFi Bank vs. Upgrade
SoFi Bank's SoFi Savings pays 3.80% APY while Upgrade's Premier Savings pays 3.05% 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 $40 more than Upgrade annually ($345 vs $305).
Choose SoFi Bank if getting the best rate matters most, or you want Zelle for quick transfers. Choose Upgrade if you want a no-strings-attached account, or you're an Android user.
Important Considerations
SoFi Bank requires a checking account to unlock its top savings rate, while Upgrade offers its savings account standalone.
| Metric | SoFi BankSoFi Savings Aug 21, 2026 | UpgradePremier Savings Aug 19, 2026 |
|---|---|---|
| APY | 3.10% - 3.80% | 3.05% |
Est. Earnings | $5,000+$173 $10,000+$345 $25,000+$863 | $5,000+$153 $10,000+$305 $25,000+$763 |
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 InsuredLow 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 4.01% APY.
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 SoFi Bank?
- ✓Earn a $50 bonus with $1,000+ in direct deposits, or $300 with $5,000+.
- ✓Higher potential APY (3.80% vs 3.05%) on all balances
- ✓Fast transfers via Zelle®
Why Upgrade?
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.5 vs 3.9)
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $345 vs $305/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $863 vs $763/yr).
Best for Simplicity
UpgradeUpgrade's Premier Savings offers 3.05% APY with no bundling, direct deposit requirement or caps.
Best for All-in-One Banking
SoFi BankSoFi Bank's SoFi Savings pays a superior APY for customers who also open a checking account.
Best Mobile App Experience
UpgradeUpgrade offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.5 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $40 more interest on a $10,000 balance than Upgrade's Premier 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. Upgrade Savings Calculator
You earn $39.9 more with SoFi Bank than Upgrade 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+$344.90(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,344.90
Upgrade
Premier Savings
Savings Breakdown
- Interest Earned+$305.00(3.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,305.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $304 per year in interest.
Both SoFi Bank and Upgrade dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | SoFi Bank | Upgrade |
|---|---|---|
| APY | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - | 3.05% Verified: 8/19/2026 - |
| Product Name | SoFi Savings | Premier Savings |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $1,000 |
| Monthly Fee | $0 | $0 |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | No |
| Account Type | Online Only | Online Only |
| Physical Branches | N/A | None |
| 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+ | 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 SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Upgrade Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Upgrade |
|---|---|---|
| SoFi Savings | Premier Savings | |
Current APY | 3.80% | 3.05% |
Trend | Stable | Stable |
Velocity (bps/mo) | -4.9 | -16.2 |
Days Since Change | 85 | 293 |
12-Month High | 4.50% | 4.02% |
12-Month Low | 3.80% | 3.05% |
Adjustments / Mo | 0.33 | 0.17 |
Volatility Score | 0.058 | 0.104 |
How to read these metrics(Click to expand)
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More Comparisons
Compare SoFi Bank's APY of 3.80% with other banks
Compare Upgrade's APY of 3.05% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Upgrade vs Ally Bank | 3.00% | $0 |
| Upgrade vs American Express | 3.00% | $0 |
| Upgrade vs Axos Bank | 4.21% | $0 |
| Upgrade vs Barclays | 3.65% | $0 |
| Upgrade vs Capital One | 3.50% | $0 |
| Upgrade vs Chime | 3.75% | $0 |
| Upgrade vs CIT Bank | 3.75% | $100 |
| Upgrade vs EverBank | 3.90% | $0 |
| Upgrade vs Marcus by Goldman Sachs | 3.40% | $0 |
| Upgrade vs Newtek Bank | 4.20% | $100 |
| Upgrade vs Openbank | 3.80% | $500 |
| Upgrade vs Pibank | 4.10% | $0 |
| Upgrade vs Synchrony Bank | 3.30% | $0 |
| Upgrade vs Varo Bank | 3.75% | $0 |
| Upgrade vs Wealthfront | 3.95% | $0 |