Rates updated
Savings rate comparison
Ally vs SoFi: 3.10% APY vs 3.30% APY
Ally
3.10%
APY
SoFi
3.30%
APY
Live APY comparison
| Institution | APY | Earns/yr on $25k |
|---|---|---|
| Ally | 3.10% | $775 |
| SoFi | 3.30% | $825 |
Difference by balance
| Balance | SoFi earns more/yr |
|---|---|
| $10,000 | $20 |
| $25,000 | $50 |
| $50,000 | $100 |
Gap = (SoFi APY − Ally APY) × balance. Simple interest, annualized.
Why the rates differ
Both Ally and SoFi are online-first savings accounts with low overhead — no branch networks to maintain. Their rates track the same market forces: Fed Funds rate, deposit competition, and funding needs. Small APY differences often reflect promotional periods or internal funding targets rather than sustained competitive positioning. Rates change frequently — check directly with each institution before opening an account.
Frequently asked questions
Which pays more — Ally or SoFi?▾
As of October 2026, SoFi pays 3.30% APY vs Ally's 3.10%. On $25,000 that works out to about $50/yr in additional interest.
Is Ally or SoFi safer?▾
Both are FDIC-insured up to $250,000 per depositor, per institution. Neither carries additional safety risk — the choice is purely about rate and features.
What are the current APYs for Ally and SoFi?▾
As of October 2026, Ally pays 3.10% APY and SoFi pays 3.30% APY. Rates change — verify directly with each bank before opening an account.
General information only. Rates change frequently; verify directly with the institution before making financial decisions. SwitchWize is not a bank and does not provide financial advice.