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Bottom line: Ultimately, SoFi might be a better fit for you if you can bank solely online -- if you need branch access (and live near one), consider Capital One.
Offer |
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Account |
SoFi Checking and Savings
On SoFi's Secure Website. |
Capital One 360 Performance Savings
On Capital One's Secure Website. |
Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
APY | up to 4.60%² Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. | 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. |
Min. to earn APY | $0 | $0 |
Next Steps |
At SoFi, you can't have a savings account without a checking account (although they are separate accounts). I'll discuss the checking account below, but you should know that SoFi's savings account has a top APY -- if you can meet the direct deposit requirement for one of your SoFi bank accounts or deposit $5,000 or more every 30 days. Thankfully, the account comes without fees.
Capital One can do great things for your savings. Its Capital One 360 Performance Savings comes with a solid APY right in line with some of the best high-yield savings accounts on the market. Plus, it's got no fees.
Offer |
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Account |
SoFi Checking and Savings
On SoFi's Secure Website. |
|
Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
APY | 0.50% Rate info You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. | 0.10% |
Min. to earn APY | $0 | $1 |
Next Steps |
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The SoFi Checking and Savings accounts come hand in hand. The checking side of the equation will pay you a very nice APY indeed (for a checking account), provided you meet the requirements discussed above. You also have access to overdraft protection with that direct deposit set-up, and might even be able to get your paychecks up to two days early (depending on your employer).
Capital One has a few choices for personal checking accounts. The Capital One 360 Checking account won't charge you a monthly maintenance fee. Plus, it earns an APY, which is less common for checking accounts. The Capital One MONEY Teen Checking Account is a nice option for a young person. It is also sans fees and includes the means to check up on your teen's banking activities.
At this time, SoFi doesn't offer certificates of deposit (CDs) -- but stay tuned, as this growing financial institution could in the future.
Capital One CDs are a good choice due to their solid APYs on all terms offered (a range of options from three months to five years). And unlike many CD issuers, you won't need a minimum deposit to open an account.
Ideally, you're earning interest on your banked cash, and thankfully, both SoFi and Capital One give you the chance to earn a notable APY (annual percentage yield) on various accounts.
As of this writing (February 2024), SoFi's got the higher APY for a savings account -- but you have to fulfill the direct deposit or balance requirement to qualify for it (and if you can't, the resulting APY is quite low for an online bank). Capital One, on the other hand, requires no direct deposit or minimum balance to earn its savings account APY.
Both SoFi and Capital One have interest-bearing checking accounts too, and the rate for SoFi is higher than for Capital One (assuming you can meet the requirements). If you want a CD, you'll have to turn to Capital One, where you'll find fairly competitive APYs across all available terms.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
up to 4.60%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for American Express® High Yield Savings
On American Express's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.25%
Rate info
4.25% annual percentage yield as of July 16, 2024
Min. to earn: $1
|
N/A
|
Open Account for American Express® High Yield Savings
On American Express's Secure Website. |
Open Account for E*TRADE Premium Savings
On E*TRADE's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
4.50%
Min. to earn: $0.01
|
N/A
|
Open Account for E*TRADE Premium Savings
On E*TRADE's Secure Website. |
Want to call SoFi? You can reach a representative between 5 a.m. and 7 p.m. PT Monday to Thursday and 5 a.m. to 5 p.m. PT Friday, Saturday, and Sunday. You can also access a 24/7 chat function on SoFi's website.
You have the option for in-person customer service if you need help with a Capital One account and live in an area that has a branch or Capital One Cafe location. You can also call Capital One and reach someone from 8 a.m. to 11 p.m. ET seven days a week.
SoFi offers a lot of financial products alongside checking and savings accounts, and it's no surprise that the SoFi mobile app packs in so many features. You can see your account balances, of course, but you can also take advantage of budgeting tools, bill tracking, and credit score monitoring. The SoFi app has a rating of 4.8 out of 5 stars on the App Store and 4.0 out of 5 for Google Play.
Turning to Capital One, we've got another excellent app with useful features like bill pay and access to a credit-monitoring service. Users are overall pleased with their experience based on app ratings -- 4.8 out of 5 on the App Store and 4.6 out of 5 on Google Play.
Ultimately the choice is yours, and no matter which bank you decide to go with, you'll have access to high APYs on banked cash, excellent customer service, and powerful technology.
If in-person banking is something you enjoy, and you happen to live in an area with a Capital One branch, that could be right for you. But if you're ready to embrace fully online banking and enjoy the many perks of SoFi membership, give this bank a closer look.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
SoFi Disclosures
Capital One 360 Performance Savings
On Capital One's Secure Website.
On Capital One's Secure Website.
Capital One 360 Performance Savings checks all the boxes we look for in a high-yield savings account. It even offers branch locations and Capital One Cafes where customers can seek in-person support (if you live near one). This makes it a great fit when you want to reap the rewards of online banking but aren't quite ready to cut ties with brick-and-mortar banks.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
SoFi could be right for the person who wants a streamlined online bank option and is interested in taking advantage of SoFi's relationship benefits. You'll be in line for discounted rates on loans, free financial planning, and member rewards, alongside your SoFi Checking and Savings accounts.
Capital One might be the perfect option for the person who likes banking online but might occasionally want to seek out in-person help at a Capital One Cafe or branch location. And if you want a solid APY on a CD account, definitely consider Capital One.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.