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SoFi vs. Capital One: Which Bank Is Right for You?

Review Updated
Ashley Maready
By: Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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Our Banking Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

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.

SoFi vs. Capital One: Account options

Savings accounts

Rates as of Jul 16, 2024
Offer
 
 
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 Circle with letter I in it. 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 Circle with letter I in it. 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 Circle with letter I in it. 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 Circle with letter I in it. 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
Open Account for SoFi Checking and Savings
Open Account for Capital One 360 Performance Savings

* SoFi Checking and Savings


SoFi Disclosures

  1. Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  2. APY disclosure: SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  3. Fee policy: Our account fee policy is subject to change at any time.
  4. Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
  5. ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
  6. Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft protection: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

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.

Checking accounts

Rates as of Jul 16, 2024
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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 Circle with letter I in it. 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 Circle with letter I in it. 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
Open Account for SoFi Checking and Savings
Read Review

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.

CDs

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.

SoFi vs. Capital One: APYs

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.

Compare savings rates

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
up to 4.60%²
Rate info Circle with letter I in it. 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
4.25%
Rate info Circle with letter I in it. 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.

4.50%
Min. to earn: $0.01
N/A
Open Account for E*TRADE Premium Savings

On E*TRADE's Secure Website.

SoFi vs. Capital One: Customer service

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 vs. Capital One: Mobile apps

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.

SoFi vs. Capital One: Which is right for you?

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
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 16, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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 Circle with letter I in it. 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
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.60%² Rate info Circle with letter I in it. 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 APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

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

  1. Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  2. APY disclosure: SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  3. Fee policy: Our account fee policy is subject to change at any time.
  4. Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
  5. ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
  6. Early access to direct deposit funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
  7. Overdraft protection: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Read Full Review

Capital One 360 Performance Savings

Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. 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 Circle with letter I in it. 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
Open Account for Capital One 360 Performance Savings

On Capital One's Secure Website.

APY
4.25% Rate info Circle with letter I in it. 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
  • Competitive APY
  • Branch access
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • No ATM access

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.

Read Full Review

Our bank and credit union methodology

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.

FAQs

  • 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.