Updated
Fact Checked
Eric McWhinnie
Bottom line: Ultimately, SoFi might be a better fit for you if you can bank solely online -- if you need branch access (and live near one), consider Capital One.
SoFi vs. Capital One: Account options
Savings accounts
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Rates as
of Apr 29, 2024
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| Account | ||
| Rating |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | up to 4.60% Rate info You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. | 4.25% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening. |
| Min. to earn APY | $0 | $0 |
| Next Steps |
At SoFi, you can't have a savings account without a checking account (although they are separate accounts). I'll discuss the checking account below, but you should know that SoFi's savings account has a top APY -- if you can meet the direct deposit requirement for one of your SoFi bank accounts or deposit $5,000 or more every 30 days. Thankfully, the account comes without fees.
Capital One can do great things for your savings. Its Capital One 360 Performance Savings comes with a solid APY right in line with some of the best high-yield savings accounts on the market. Plus, it's got no fees.
Checking accounts
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Rates as
of Apr 29, 2024
| Offer |
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|
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|---|---|---|---|
| Account | |||
| Rating |
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 0.50% Rate info You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. | 0.10% | 0.10% |
| Min. to earn APY | $0 | $1 | $0 |
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The SoFi Checking and Savings accounts come hand in hand. The checking side of the equation will pay you a very nice APY indeed (for a checking account), provided you meet the requirements discussed above. You also have access to overdraft protection with that direct deposit set-up, and might even be able to get your paychecks up to two days early (depending on your employer).
Capital One has a few choices for personal checking accounts. The Capital One 360 Checking account won't charge you a monthly maintenance fee. Plus, it earns an APY, which is less common for checking accounts. The Capital One MONEY Teen Checking Account is a nice option for a young person. It is also sans fees and includes the means to check up on your teen's banking activities.
CDs
Rates as of April 25, 2024
APY = Annual Percentage Yield
Capital One 360 CD
Bottom Line
Backed by Capital One's well-known brand, the Capital One 360 CDs offer competitive rates across many common terms, though they're stronger in durations of a year or longer. There's no minimum deposit, so savers can benefit even if they don't have a large sum to deposit. Check Capital One's web site for the most up-to-date rates.
MINIMUM DEPOSIT $0
| 6 Mo. APY | 9 Mo. APY | 10 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY |
|---|---|---|---|---|---|---|---|---|
| 4.25% | 4.25% | 5.10% | 4.80% | 4.45% | 4.00% | 4.00% | 3.95% | 3.90% |
At this time, SoFi doesn't offer certificates of deposit (CDs) -- but stay tuned, as this growing financial institution could in the future.
Capital One CDs are a good choice due to their solid APYs on all terms offered (a range of options from three months to five years). And unlike many CD issuers, you won't need a minimum deposit to open an account.
SoFi vs. Capital One: APYs
Ideally, you're earning interest on your banked cash, and thankfully, both SoFi and Capital One give you the chance to earn a notable APY (annual percentage yield) on various accounts.
As of this writing (February 2024), SoFi's got the higher APY for a savings account -- but you have to fulfill the direct deposit or balance requirement to qualify for it (and if you can't, the resulting APY is quite low for an online bank). Capital One, on the other hand, requires no direct deposit or minimum balance to earn its savings account APY.
Both SoFi and Capital One have interest-bearing checking accounts too, and the rate for SoFi is higher than for Capital One (assuming you can meet the requirements). If you want a CD, you'll have to turn to Capital One, where you'll find fairly competitive APYs across all available terms.
SoFi vs. Capital One: Customer service
Want to call SoFi? You can reach a representative between 5 a.m. and 7 p.m. PT Monday to Thursday and 5 a.m. to 5 p.m. PT Friday, Saturday, and Sunday. You can also access a 24/7 chat function on SoFi's website.
You have the option for in-person customer service if you need help with a Capital One account and live in an area that has a branch or Capital One Cafe location. You can also call Capital One and reach someone from 8 a.m. to 11 p.m. ET seven days a week.
SoFi vs. Capital One: Mobile apps
SoFi offers a lot of financial products alongside checking and savings accounts, and it's no surprise that the SoFi mobile app packs in so many features. You can see your account balances, of course, but you can also take advantage of budgeting tools, bill tracking, and credit score monitoring. The SoFi app has a rating of 4.8 out of 5 stars on the App Store and 4.0 out of 5 for Google Play.
Turning to Capital One, we've got another excellent app with useful features like bill pay and access to a credit-monitoring service. Users are overall pleased with their experience based on app ratings -- 4.8 out of 5 on the App Store and 4.6 out of 5 on Google Play.
SoFi vs. Capital One: Which is right for you?
Ultimately the choice is yours, and no matter which bank you decide to go with, you'll have access to high APYs on banked cash, excellent customer service, and powerful technology.
If in-person banking is something you enjoy, and you happen to live in an area with a Capital One branch, that could be right for you. But if you're ready to embrace fully online banking and enjoy the many perks of SoFi membership, give this bank a closer look.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
Show Best Offers Available in
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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|
Rating image, 4.75 out of 5 stars.
4.75/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Our bank and credit union methodology
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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SoFi could be right for the person who wants a streamlined online bank option and is interested in taking advantage of SoFi's relationship benefits. You'll be in line for discounted rates on loans, free financial planning, and member rewards, alongside your SoFi Checking and Savings accounts.
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Capital One might be the perfect option for the person who likes banking online but might occasionally want to seek out in-person help at a Capital One Cafe or branch location. And if you want a solid APY on a CD account, definitely consider Capital One.
Our Banking Experts
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Fact Checked
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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