SoFi Bank vs. Wells Fargo
SoFi Bank's SoFi Savings pays 3.80% APY while Wells Fargo's Platinum Savings pays 0.05% APY.
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 $340 more than Wells Fargo annually ($345 vs $5).
Choose SoFi Bank if getting the best rate matters most, or BBB rating matters to you. Choose Wells Fargo if you value in-person banking, or you're an Android user.
Important Considerations
Both institutions require a checking account to access their highest savings rates.
| Metric | SoFi BankSoFi Savings Aug 21, 2026 | Wells FargoPlatinum Savings Aug 21, 2026 |
|---|---|---|
| APY | 3.10% - 3.80% | 0.05% |
Est. Earnings | $5,000+$173 $10,000+$345 $25,000+$863 | $5,000+$3 $10,000+$5 $25,000+$13 |
Min Deposit | $0 | $25 |
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. | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Features | FDIC InsuredNo MinimumsGreat iOS AppZelle® SupportedDirect Deposit ReqChecking BundleDaily CompoundingRate Changes Often | FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® SupportedChecking BundleDaily 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.
Comparison Analysis
Comparing SoFi Bank vs. Wells Fargo
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 0.01%-0.05%) on all balances
Why Wells Fargo?
- ✓Physical branch access (Wells Fargo offers branches and ATMs in 36 states and Washington, D.C.)
- ✓Higher rated Android app (4.8 vs 3.9)
- ✓Offers 2 different high-yield savings options
Key Feature Differences
Better Returns at $10,000
SoFi BankSoFi Bank's SoFi Savings earns more on smaller deposits (approx. $345 vs $5/yr).
Better Returns at $25,000
SoFi BankSoFi Bank's SoFi Savings pulls ahead with larger amounts (approx. $863 vs $13/yr).
Requires Banking Relationship
Both banks require a checking account bundle to access their highest rates.
Best Mobile App Experience
Wells FargoWells Fargo offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 3.9)
Shared Benefits
Over a 1-year period (factoring in a 6-month promo), SoFi Bank's SoFi Savings pays $340 more interest on a $10,000 balance than Wells Fargo's Platinum 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. Wells Fargo Savings Calculator
You earn $339.9 more with SoFi Bank than Wells Fargo 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
Wells Fargo
Platinum Savings
Savings Breakdown
- Interest Earned+$5.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,005.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | SoFi Bank | Wells Fargo |
|---|---|---|
| APY | 3.80% Range: 3.10% - 3.80% Verified: 8/21/2026 - | 0.05% Verified: 8/21/2026 - |
| Product Name | SoFi Savings | Platinum Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $0.01 |
| Monthly Fee | $0 | $12. Waived with $3,500 minimum daily balance. |
| Compound Frequency | Daily | Daily |
| In-Branch Access | No | Yes |
| Account Type | Online Only | Online & Branches |
| Physical Branches | N/A | Wells Fargo offers branches and ATMs in 36 states and Washington, D.C. |
| Direct Deposit Req. | Required | None |
| Checking Bundle | Yes | Yes |
| Mobile Apps | ||
| FDIC or NCUA Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Native support added in 2024 for banking members. | Available Limit: $3,500/dayFounding member; zero fees to replace wires. |
| BBB Rating | A+ | D- |
| 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. | This is a tiered savings account where rates vary based on the balance. The highest rates require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details. |
| Next Steps | Visit SiteVerify at SoFi Bank Non-sponsored link to official site | Visit SiteVerify at Wells Fargo Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | SoFi Bank | Wells Fargo | |
|---|---|---|---|
| SoFi Savings | Platinum Savings | Way2Save Savings | |
Current APY | 3.80% | 0.05% | 0.01% |
Trend | Stable | Stable | Stable |
Velocity (bps/mo) | -4.9 | -48.1 | 0.0 |
Days Since Change | 85 | 308 | 361 |
12-Month High | 4.50% | 2.51% | 0.01% |
12-Month Low | 3.80% | 0.05% | 0.01% |
Adjustments / Mo | 0.33 | 0.25 | 0.00 |
Volatility Score | 0.058 | 1.552 | 0.000 |
How to read these metrics(Click to expand)
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Compare SoFi Bank's APY of 3.80% with other banks
Compare Wells Fargo's APY of 0.05% with other banks
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|---|---|---|
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