SoFi vs Synchrony Bank Savings, Compared
We don't publish either institution's current APY here — see the methodology for why we'd rather show a real national benchmark than an unsourced bank-specific number. What we can compare, sourced from each bank's own disclosures: what it costs to open and keep the account, what it takes to earn the top published rate, and how you actually get cash out. SoFi's catch: The advertised rate is conditional — skip a statement cycle's direct deposit and the account reverts to a materially lower tier automatically, with no warning beyond the app. Synchrony Bank's catch: One of the few pure-savings accounts here with real card access — the tradeoff to check is whether that convenience comes with a published rate as competitive as the card-less options.
The comparison
What actually differs, sourced from each bank
Every figure below is a structural account term, checked against SoFi's and Synchrony Bank's own disclosures as of early August 2026 — not an APY. Rates change constantly and we don't yet publish named-institution rates (see the methodology); confirm the current rate directly with each bank before you decide.
SoFi
Synchrony Bank
FDIC entity
SoFi Bank, N.A.
Synchrony Bank
Open to new applicants
Yes
Yes
Minimum to open
$0
$0
Monthly fee
$0
$0
To earn the top rate
SoFi's best published rate applies only with a qualifying direct deposit (payroll or government benefits, not a peer-to-peer transfer) landing each statement cycle; without one, the rate drops to a lower tier.
Synchrony pays its published High Yield Savings rate to every balance, with no direct-deposit or activity requirement.
ATM / debit access
Yes — SoFi Checking and Savings is a single bundled account, and the debit card issued on the checking side reaches the linked savings balance.
Yes — an optional ATM card, up to $1,000/day, no Synchrony-side ATM fees, and up to $5/statement cycle reimbursed on out-of-network fees across 400,000+ Visa Plus/Accel ATMs.
The catch on each
SoFi
The advertised rate is conditional — skip a statement cycle's direct deposit and the account reverts to a materially lower tier automatically, with no warning beyond the app.
Synchrony Bank
One of the few pure-savings accounts here with real card access — the tradeoff to check is whether that convenience comes with a published rate as competitive as the card-less options.
On the rate itself
We don't publish SoFi's or Synchrony Bank's current APY — both change frequently and we don't yet have a sourced, dated feed for named-institution rates. What we do publish is the real, dated FDIC national-average benchmark, so you have a floor to check either bank's advertised rate against. See the high-yield savings guide for that benchmark and how to read an APY.
Next step
See how every savings option compares.
We don't open accounts or hold your money. We lay out the account terms against a published standard so you can decide with the fine print in plain sight, then take it to the bank that holds the account.
Compare savings accountsGet an email when SoFi or Synchrony Bank rates change.
We track both of these. We'll email you the moment either changes — no checking back.
Frequently asked
Are SoFi and Synchrony Bank both FDIC-insured?
Yes. SoFi deposits are held by SoFi Bank, N.A.; Synchrony Bank deposits are held by Synchrony Bank. Both are FDIC member institutions, insuring deposits up to $250,000 per depositor, per ownership category. The insurance comes from the bank through the FDIC, not from ClearValue Banking. Confirm current FDIC status at the FDIC's BankFind tool before you move money.
What's the minimum to open an account — SoFi vs Synchrony Bank?
SoFi requires $0 to open and charges $0 in monthly fees. Synchrony Bank requires $0 to open and charges $0 in monthly fees.
Does SoFi or Synchrony Bank require direct deposit to earn its top rate?
SoFi: SoFi's best published rate applies only with a qualifying direct deposit (payroll or government benefits, not a peer-to-peer transfer) landing each statement cycle; without one, the rate drops to a lower tier. Synchrony Bank: Synchrony pays its published High Yield Savings rate to every balance, with no direct-deposit or activity requirement. Confirm current tiering directly with each bank before you decide — this changes without notice.
Can I get an ATM or debit card with SoFi or Synchrony Bank?
SoFi: Yes — SoFi Checking and Savings is a single bundled account, and the debit card issued on the checking side reaches the linked savings balance. Synchrony Bank: Yes — an optional ATM card, up to $1,000/day, no Synchrony-side ATM fees, and up to $5/statement cycle reimbursed on out-of-network fees across 400,000+ Visa Plus/Accel ATMs.