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Skip to navigationSkip to main content':"";if(r){var a=n.promos.showYahooLogo?"":"yns-no-logo";r=r.replace("{notifOnboardBtnLabel}",n.promos.notifOnboardBtnLabel).replace("{notifOnboardMsg}",n.promos.notifOnboardMsg).replace("{subscriptionTopic}",n.promos.subscriptionTopic).replace("{noLogoClass}",a).replace("{promoLogo}",n.promos.promoLogo)}var s=t.newCount>n.panel.maxCount?t.newCount:"",c=n.panel.notificationCenterPath,l=c?"":R,u=n.panel.headerMsg?"":" "+R,d=c?U:"",p=void 0;t.count?p=t.markup:p='{emptyPanelMsg}'.replace("{emptyPanelMsg}",n.panel.emptyPanelMsg);return e=e.replace("{notifMarkup}",p).replace("{promoMarkup}",r).replace("{hideClass}",l).replace("{notifCenterLink}",c).replace("{paddingClass}",d).replace("{headerMsg}",n.panel.headerMsg).replace("{hideHeaderClass}",u).replace(/{notificationCenterNavMsg}/g,n.panel.notificationCenterNavMsg).replace(/{newCount}/g,s)}},{key:"render",value:function(e,t){var n=this;if(n._panelNode){var o=void 0,i=n._panelNode,r=void 0,a=void 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See our Advertiser Disclosure.Sarah C. Brady · ContributorUpdated Fri, March 20, 2026 at 10:59 PM GMT+1 7 min readIf you want high interest rates on savings accounts, try an online bank. And if you want the online bank with the highest rates available, you might try SoFi or American Express (Amex).Both of these online banks offer savings interest rates more than nine times higher than the national average — and only a few other banks offer anything higher.Which of the two banks is best for your savings? That depends on what you're looking for. With SoFi, you have an opportunity to earn a sign-up bonus, but you'll also have to open a SoFi checking account and take extra steps to earn the highest rate available. With Amex, there are fewer requirements, but you might not get the same level of service.This embedded content is not available in your region.SoFi and American Express National Bank each offer just one high-yield savings account (both of which ranked among our 10 best high-yield savings accounts available today).On the surface, these accounts appear pretty similar — and in many ways, they are. Both online-only HYSAs pay a competitive interest rate, and neither one has any account fees.But there's more fine print to read if you want to take full advantage of SoFi's high rates and unique features.Here's what makes SoFi's HYSA unique:Combination account: SoFi’s savings account is part of a combination bank account. That means you must open a checking account along with the HYSA. With that comes a debit card, which means you'll have more ways to access your savings.Tiered interest: Customers can earn as much as 4% APY, but the interest rate drops to 1% APY if you fail to meet specific requirements.Account-opening bonus: A welcome bonus of $50 to $400 is available based on the amount you deposit (you need $5,000 to earn the highest bonus).Vaults: These accounts have "vaults," or dedicated buckets you can set up for specific savings goals.Read our full review of SoFiThe American Express High-Yield Savings Account offers a slightly lower rate of 3.2% APY, but there are no additional requirements to earn this rate. It also has no monthly fees, and no minimum opening deposit or minimum balance requirements to earn interest or keep your account open.Interest on this savings account compounds daily and is credited to your account monthly. The downside: This account also does not come with an ATM card, debit card, or checks. Additionally, transfers from your savings account to an external bank account can take several days to complete.Read our full review of American Express National BankSoFi’s savings account offers a slightly higher interest rate than Amex. But with SoFi's HYSA, you have to put in a bit more work. You can only earn 4% if you've never had a direct deposit to a SoFi account and you do at least one of the following:Make a direct deposit within 30 daysDeposit at least $5,000 to your SoFi accounts within 30 daysSign up for SoFi Plus and either receive a direct deposit every 30 days or pay a $10 monthly subscription fee.If you don't meet those requirements, you'll only earn 1% APY.Neither of these banks have fees for their high-yield savings accounts. That means you don't have to worry about paying a monthly account maintenance fee or getting dinged if you carry a low balance.With SoFi, you automatically get a checking account (0.50% APY) when you open up an HYSA. Their checking account doesn't have fees either, and there's no overdraft fee if you have direct deposit.SoFi is a much newer company than American Express, and it's evident in the unique bells and whistles that come with their HYSA. Between the two options, a SoFi account is the better choice if you're up for navigating the extra features and you want to earn an account opening bonus.If you don't check the following boxes, it's best to go with Amex instead:Deposit history: You've never had a direct deposit to a SoFi account, so you can qualify for the highest advertised APY.Rate requirements: You can easily meet at least one of the deposit requirements to earn the highest APY.Checking account: You're comfortable having a checking account with SoFi.If you don't want to open a new checking account, Amex is the better choice. It's also the superior option for anyone who doesn't want to fuss with setting up automatic deposits to their savings.Just be ready to deal with some of the trappings of an older bank. When you make an Electronic Funds Transfer (EFT) to your account, for example, the money won't be available for up to five business days. Like with most banks, you won't get a debit card for your savings account, which means you have fewer options for withdrawing cash.Read more: Do any high-yield savings accounts offer ATM card​s?New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time.These rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.0.70% Savings APY BoostEarn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/26. Rates variable, subject to change.Terms apply here. SoFi Bank, N.A. Member FDIC.Fee PolicyWe do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.ATM AccessWe’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.Early Access to Direct Deposit FundsEarly access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.