SoFi vs Synchrony High-Yield Savings: What $10,000 Earns in 12 Months
Synchrony shows one rate for everyone. SoFi shows several, and which one you earn depends on direct deposit. We price all of them on the same $10,000.
Our take (checked Nov 2026)
On 3 Nov 2026, Synchrony's published High Yield Savings rate is 3.75% APY on every balance, with no minimum deposit, no minimum balance and no monthly fee [3][4]. SoFi's savings APY is 3.30% if you receive an eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 0.80% if you do not [2]. On a flat $10,000, Synchrony earns about $45 more than SoFi at its 3.30% tier, and about $295 more than SoFi at 0.80%. SoFi can pull ahead only with a limited-time boost for new members, up to 4.40% for as long as six months [1]. Choose Synchrony if you want one clear rate and no conditions. Choose SoFi if your paycheck will go to SoFi anyway and you value having checking and savings together. Skip SoFi's savings for a rate chase if you will not meet the deposit rule. All rates are variable and can change without notice [1][3], so recheck before you move money.
| SoFi Savings | Synchrony High Yield Savings | |
|---|---|---|
| APY today | 3.30% with eligible direct deposit or $5,000 qualifying deposits; 0.80% without; 4.70% for SoFi Plus members on up to $20,000, then 3.30% on the rest [2] | 3.75% APY (3.68% rate) on all balances [4] |
| Condition to earn the top rate | Direct deposit or $5,000 in qualifying deposits every rolling 31 days [2] | None stated; the page labels the rate 'Special Member Rates' and does not define the term [3] |
| Limited-time offer | New members: up to 4.40% (a 1.10% boost) for up to six months; opened between 10/20/2026 and 12/31/2027 [1] | Not published |
| Minimum deposit / balance | No minimum balance [1] | No minimum deposit, no minimum balance [3] |
| Monthly fee | No account, service or maintenance fees; fees for outgoing wires, Instant Transfers and global remittance [1] | No monthly fees [3] |
| Linked account | Opening Savings also opens a SoFi Checking account [1] | Optional ATM card [3] |
| Interest method | Daily balance method [2] | Not published on the page read |
| Deposit insurance | FDIC member; $250,000 standard, more through the SoFi Insured Deposit Program, up to $3 million [1] | FDIC insured up to $250,000 [3] |
Which one pays more today?
Compare the APY you will actually earn, not the headline. Synchrony's feed shows 3.75% APY for High Yield Savings at every balance level [4]. SoFi lists three tiers: 3.30% with direct deposit or $5,000 in qualifying deposits, 0.80% for everyone else, and 4.70% for SoFi Plus members up to $20,000 [2]. The SoFi Plus monthly fee is set in separate terms that we did not retrieve, so it is Not published here.
SoFi's 4.40% figure is a boost on the 3.30% base, available only to new members who meet the deposit test, and only for a limited period [1].
What must you do to earn SoFi's rate?
An eligible direct deposit means a recurring deposit of regular income, such as payroll, pension or government benefits, sent by ACH every 31 calendar days [2]. Qualifying deposits are deposits that add up to $5,000 or more every 31 days from eligible sources [1]. If you miss the rolling 31-day window, SoFi moves you to the rate for members without either, which is 0.80% today [2].
The boost has its own steps. You must open your first SoFi Checking and Savings account in the promotion window, then complete a direct deposit or receive $5,000 within 60 days [1]. SoFi can change or end the promotion without notice [1].
What else could cost you or limit you?
SoFi says it charges no account, service or maintenance fees, but it does charge for outgoing wires, Instant Transfers and global remittance transfers [1]. Synchrony lists no monthly fees [3].
Synchrony says charges for specific services may reduce earnings and that the rate may change after you open the account [3]. SoFi gives the same warnings about variable rates and fees [1]. We did not find transfer limits or withdrawal rules on the pages we read, so they are Not published here.
How safe is the money?
The FDIC insures deposits at least up to $250,000 per depositor, per ownership category, at each insured bank [5]. Synchrony states coverage up to $250,000 [3]. SoFi says its own FDIC cover is the standard $250,000 and that extra coverage comes from the SoFi Insured Deposit Program, up to $3 million [1]. If you hold more than $250,000 at one bank, read the program terms.
Worked example
Worked example: interest on $10,000 over 12 months
Inputs
- Balance: $10,000.00, deposited on day one. No later deposits or withdrawals.
- Rates stay constant for the full 12 months. They will not in real life, because both banks say rates are variable [1][3].
- Synchrony: 3.75% APY [4].
- SoFi with direct deposit or $5,000 qualifying deposits: 3.30% APY [2]. SoFi without either: 0.80% APY [2].
- SoFi with the new-member boost: 4.40% APY for 6 months, then 3.30% for 6 months [1]. We assume the qualifying deposit happens on day one.
- Formula: interest = balance x ((1 + APY)^t - 1), where t is the fraction of a year. For a full year, interest = balance x APY. Rounded to the cent. Taxes are ignored.
Steps
- Synchrony: $10,000 x 0.0375 = $375.00.
- SoFi at 3.30%: $10,000 x 0.0330 = $330.00.
- SoFi at 0.80%: $10,000 x 0.0080 = $80.00.
- SoFi with boost: growth factor = (1.044^0.5) x (1.033^0.5) = 1.038485. Interest = $10,000 x 0.038485 = $384.85 (after six months about $217.63, then the rest).
- Gaps against Synchrony: SoFi 3.30% is $45.00 lower. SoFi 0.80% is $295.00 lower. SoFi with boost is $9.85 higher, for the first year only.
Result: Synchrony earns $375.00. SoFi earns $330.00 with a direct deposit, $80.00 without one, and $384.85 in a first year with the boost.
The direct-deposit rule is worth $250 a year on this balance ($330 vs $80). Once the boost ends, SoFi's 3.30% trails Synchrony's 3.75% by $45 a year on $10,000, and the gap grows with the balance. The boost helps in year one only. Because both rates are variable, treat this as a snapshot and recheck the rate each quarter.
Risks and limits
- APYs are variable and can fall at any time [1][3].
- Synchrony's page labels its rate 'Special Member Rates'. We could not find who qualifies, so confirm the rate you will get when you open the account.
- SoFi's best rates depend on direct deposit, $5,000 in monthly qualifying deposits, or a paid SoFi Plus subscription [2].
- Boost terms can end or change without notice [1].
- Fees may reduce earnings at either bank [1][3].
- Educational comparison, not financial advice. ClearValue is not a lender or broker.
Frequently asked
Is SoFi or Synchrony better for savings?
On published rates today, Synchrony pays more on a flat balance: 3.75% vs SoFi's 3.30% with direct deposit [2][4]. SoFi can beat it only with the new-member boost [1].
What APY does SoFi pay without direct deposit?
0.80% as of the October 20, 2026 rate sheet, if you have no eligible direct deposit, no $5,000 in qualifying deposits and no SoFi Plus [2].
Does Synchrony have a minimum balance or monthly fee on high yield savings?
Synchrony lists no minimum deposit, no minimum balance and no monthly fees [3].
Is my money insured at SoFi and Synchrony?
Both state FDIC coverage. The standard amount is $250,000 per depositor, per ownership category, per insured bank [3][5]. SoFi describes extra coverage through a separate program [1].
Can these rates change?
Yes. Both banks say rates are variable and subject to change [1][3].
Educational comparison. Rates change; confirm with the bank.
Compare ClearValue's high-yield savings guideRelated guides
Sources
- [1] SoFi — High-Yield Savings Account (terms and promotion disclosures) — checked
- [2] SoFi Bank — Checking and Savings rate sheet, effective October 20, 2026 — checked
- [3] Synchrony Bank — High Yield Savings — checked
- [4] Synchrony Bank — product rate data used by its rate display (HYS, product ID 100) — checked
- [5] FDIC — Understanding deposit insurance — checked