SoFi® or Capital One: Where Should You Park Your Money?
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Choosing where to keep your money shouldn't feel like a personality test, but somehow, it always does.
Lately, I've been weighing two of the most popular options on our "best of" lists: SoFi® and Capital One. They both check all the right boxes -- high APYs, no monthly fees, great apps -- but they couldn't be more different once you dig in.
One is completely digital. The other still believes in the power of in-person banking. And depending on how you like to manage your finances, that difference matters a lot more than you might think.
If you want to earn the most and you're fine banking from your phone
Let's start with SoFi®.
SoFi®'s high-yield checking and savings combo has become a go-to for anyone chasing top rates. And right now, SoFi® is offering a limited-time deal: Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply.
Here's how it works: With a qualifying direct deposit, you unlock the full +0.70% boost for six months, giving you an effective rate of up to 4.50% annual percentage yield (APY). That's in addition to the 0.50% APY on checking, which is almost unheard of.
On SoFi's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
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- Competitive APY on both Savings and Checking
- No monthly account fee
- Welcome bonus up to $300 (direct deposit required)
- ATM access
- Unlimited number of external transfers (up to daily transaction limits)
- FDIC insured (up to $3M with opt-in to SoFi Insured Deposit Program)
- Early access to direct deposits
- Tools to help you track savings goals
- Combo account only; no stand-alone savings or checking
- Maximum Savings APY requires direct deposit
- No branch access; online only
- Overdraft protection requires monthly direct deposit minimum
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, new customers earn a bonus of up to $300 with eligible direct deposit. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
Everything happens in one sleek app -- spending, saving, investing, even borrowing -- which makes it easy to see your whole financial life in one place. You can move money instantly between accounts, set savings goals, and even get your paycheck up to two days early.
Personally, I like keeping my finances as streamlined as possible. I want the best available rate, I automate my deposits, and I do all my banking online, and I've never had an issue. If you're comfortable with fully digital banking, SoFi® rewards that with higher yields and total convenience.
If in-person banking still gives you peace of mind
Then there's Capital One, which takes a completely different approach. It's a rare hybrid: a digital-first bank that still has a strong physical presence.
With more than 250 branches and 55 Capital One Cafes across the country, you can do nearly everything online and walk into a branch and talk to a person when you need to. For people that frequently withdraw or deposit large amounts of cash, that's an extra valuable perk.
The Capital One 360 Performance Savings account currently pays 3.40% APY, and you won't pay maintenance or ATM fees for ATMs in Capital One's network. Plus, the mobile app is one of the best out there -- smooth, intuitive, and backed by solid customer service.
On SoFi's Secure Website.
Member FDIC.
2025 Award Winner
Capital One 360 Performance Savings
On Capital One's Secure Website.
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- Competitive APY
- No monthly account fee
- Comfort of a well-known brand and reputation
- Branch access (if you live near one)
- 24/7 customer support
- FDIC insured
- 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.
If you're someone who still values face-to-face interaction or just likes knowing there's a physical place to go, Capital One is a smart middle ground between a traditional bank and a modern online one.
So which is better for your money?
That depends on how you like to bank.
If your priority is squeezing every bit of interest from your cash, SoFi®'s higher APY and all-digital setup make it hard to beat. But if you want the flexibility of digital banking with the reassurance of real people and places, Capital One offers something most online banks can't replicate.
Personally, I lean digital. But no matter which side you fall on, both banks make your money work harder, and that's a win worth acting on.
Want to see how these rates compare to other top accounts? Compare current APYs before you make your move on our best high-yield savings accounts page.
Our Research Expert
Brooklyn Sprunger is a full-time Content Manager and Personal Finance Writer at Motley Fool Money, where she oversees product reviews and ratings while also writing about credit cards, bank accounts, investing, auto insurance, and other personal finance topics. She has worked in financial content since 2018, including more than four years at The Motley Fool. When she’s not writing or editing, Brooklyn is likely hiking and watching the Tennessee Vols.