SoFi vs Bank of America Savings Account Comparison
Updated October 28, 2026
SoFi has the higher savings rate right now.
The APY gap is 3.99%. On a $25,000 balance, that is about $998/year. If the dollar difference is small, choose based on transfer speed, app fit, and whether you want checking in the same place.
SoFi Savings
SoFi
BofA Advantage Savings
Bank of America
Dollar Difference by Balance
| Balance | SoFi | Bank of America | Difference |
|---|---|---|---|
| $10,000 | $400/yr | $1/yr | $399/yr |
| $25,000 | $1,000/yr | $3/yr | $997/yr |
| $50,000 | $2,000/yr | $5/yr | $1,995/yr |
| $100,000 | $4,000/yr | $10/yr | $3,990/yr |
Advertising disclosure: As of October 15, 2026, SwitchWize has a Grasshopper Bank partner relationship through Fintel Connect. Compensation never changes organic rankings or comparison calculations. Identified partner links may compensate SwitchWize. Compensation does not affect organic rankings.
Full disclosure →SoFi Checking & Savings
SoFi
Based on your savings balance, this account maximizes your yield with FDIC protection.
Advertising disclosure: SwitchWize currently has no compensated product links. Learn more
Calculate your gap
Enter your actual balance and current APY to see the dollar difference.
Scan the whole picture
Check savings, debt, mortgage, and cards before you switch anything.
Browse live offers
Compare APY, fees, minimums, insurance status, and switching friction.
How to read this comparison
The rate table is useful for the math, but it is not the whole decision. Confirm current APY, transfer timing, account availability, minimum balance rules, and any linked-account requirements before opening. Savings rates can change after this page refreshes.
FAQ
Which is better, SoFi or Bank of America savings?
SoFi Savings currently pays 4.00% APY vs BofA Advantage Savings at 0.01% APY — a 3.99% point advantage. On $25,000, that difference is $998 per year.
Are SoFi and Bank of America savings accounts FDIC insured?
Yes, both accounts are FDIC insured up to $250,000 per depositor.
Can I have accounts at both banks?
Yes. There is no limit to how many savings accounts you can have. Some people use multiple HYSAs for different savings goals.