SoFi vs Capital One 360 Savings 2026

It depends on whether you meet SoFi's condition. As of October 10, 2026, SoFi paid 3.30% APY with eligible direct deposit or at least $5,000 in qualifying deposits every 31 days (sofi.com, which dates its rates September 23, 2026), and Capital One 360 Performance Savings paid 3.10% on all balances (capitalone.com). That is 0.20 points in SoFi's favor. Without the qualifying deposits, SoFi paid 0.80% and Capital One was ahead by 2.30 points. Both rates are variable — verify them at sofi.com and capitalone.com.

No minimum balance is required to open or maintain a SoFi Checking and Savings account. Capital One 360 Performance Savings also has no minimum balance requirement. The key condition that affects SoFi is not balance but direct deposit — SoFi's top APY tier requires qualifying direct deposit activity. Capital One 360 pays its advertised rate with no direct-deposit condition. Both are fee-free with no monthly maintenance charges. Verify current terms at sofi.com and capitalone.com.

Yes — both are FDIC insured. SoFi Bank, N.A. is a member FDIC, regulated by the OCC. Capital One Bank, N.A. is also a member FDIC. Both insure deposits up to $250,000 per depositor per ownership category under standard FDIC rules — meaning funds are protected by the U.S. federal government up to that limit regardless of market conditions. Verify FDIC membership at fdic.gov.

Capital One has approximately 300+ bank branches and Capital One Cafés in major cities, giving you optional in-person access even though 360 Performance Savings is an online account. SoFi Bank is online-only with no physical branches. For most people, online-only is sufficient (transfers complete in 1-3 business days via ACH). The CFPB's guide to online banking at consumerfinance.gov covers what to verify before switching. If in-person access matters — cash deposits, teller services, or Café financial planning — Capital One is the only option of the two.

SoFi combines checking and savings in a single Checking and Savings account — you cannot open just a savings component without the checking component. The bundle unlocks SoFi's ecosystem: no-fee overdraft, personal loans, investing, credit cards, and career coaching. Capital One 360 Performance Savings is a standalone savings account you can open independently of any checking account, though Capital One also offers 360 Checking. If you want a savings-only product with no bundled services, Capital One 360 gives you that flexibility. Verify current product terms at sofi.com and capitalone.com.

It drops from 3.30% to 0.80% (rates as of October 10, 2026, per sofi.com) unless you replace the direct deposit with at least $5,000 in qualifying deposits every 31 days. On $10,000 that is the difference between $330 and $80 a year. Capital One 360 Performance Savings has no direct-deposit requirement; it pays the same 3.10% however you fund the account. If your income is irregular (freelance work, a job change), Capital One's unconditional rate is more predictable. Verify current rates and requirements at sofi.com.

Standard ACH transfers from either account to a linked external bank account take 1–3 business days. SoFi offers instant transfers between internal SoFi accounts (savings to checking within the SoFi platform). Capital One 360 transfers between Capital One accounts (360 Savings to 360 Checking) are also typically instant. For external bank transfers, both rely on ACH and settle in similar timeframes. If same-day access to savings is critical, having a companion checking account at the same bank (SoFi Checking or Capital One 360 Checking) provides the fastest path to spendable funds. Source: SoFi and Capital One Bank account disclosures.

SoFi was running a limited-time rate offer when we checked on October 10, 2026: new members who open their first SoFi Checking and Savings account by December 31, 2026, and then receive an eligible direct deposit or $5,000 in qualifying deposits within 60 days, get 0.90% added to the savings APY for up to six months (4.20% at current rates). You must keep qualifying every 31 days to keep the boost, and only one SoFi savings account can receive it (sofi.com). Capital One's 360 Performance Savings page showed no promotional rate on the same date. Offers change often — read the terms on each bank's site before you open an account.

Capital One 360 Performance Savings supports joint accounts with two co-owners. SoFi Checking and Savings also supports joint accounts. For a joint account, both co-owners can view and manage the account. FDIC coverage for joint accounts is $250,000 per co-owner per institution — a two-person joint account has up to $500,000 in FDIC coverage at either bank under the standard joint-account rules. Source: FDIC joint account rules at fdic.gov; SoFi and Capital One account disclosures.

Capital One 360 offers 360 CDs in terms from 6 months to 5 years with no minimum deposit — a flexible option for laddering fixed-rate savings alongside your 360 savings account. SoFi does not currently offer traditional CDs; its savings ecosystem centers on the Checking and Savings account plus investing accounts. If CD laddering alongside a savings account is part of your strategy, Capital One 360 is the stronger single-bank solution. Marcus by Goldman Sachs is another option if you want CDs from an online-only provider. Source: Capital One and SoFi product disclosures at capitalone.com and sofi.com.