SoFi bundles savings inside a checking-and-savings combo with direct-deposit perks; Synchrony runs a standalone no-fee high-yield savings account. Pick by whether you want an all-in-one money hub or a dedicated savings account to pair with your existing checking.
SoFi Bank, N.A.
Highest savings APY in the category — if you direct-deposit.
Pros
Synchrony Bank
Strong APY with ATM card access — uncommon for online savings.
Pros
Pick SoFi Checking & Savings if: People willing to direct-deposit paychecks for the highest APY + a strong companion checking account.
Pick Synchrony Bank High Yield Savings if: Online savings users who want ATM-card access for cash withdrawals when needed.
Apply at SoFi Bank, N.A. →Apply at Synchrony Bank →
SoFi Checking and Savings is a bundled account that combines checking and savings in one product — you access both from the same login, and SoFi incentivizes direct deposit with a higher APY tier and other member perks. Synchrony Bank High Yield Savings is a standalone savings account designed to pair with your existing checking at another bank. The choice turns on ecosystem preference: SoFi if you want all-in-one banking, Synchrony if you already have checking elsewhere and want a no-strings high-APY savings account to pair alongside it.
Neither SoFi Savings (within the Checking and Savings product) nor Synchrony High Yield Savings requires a minimum balance to open or maintain the account. Both are no-minimum, no-monthly-fee accounts. SoFi does require direct deposit to unlock the highest APY tier — without direct deposit, SoFi's base savings rate is lower. Synchrony pays the same rate on all balances regardless of deposit method. If you cannot or prefer not to direct deposit to SoFi, Synchrony's flat-rate structure may be simpler. Source: sofi.com; synchrony.com. Verify current APY tiers and direct-deposit requirements before opening.
Yes — both are FDIC-insured. SoFi Bank, N.A. is an FDIC-member bank (deposits insured up to $250,000 per depositor). Synchrony Bank is also an FDIC-member bank (deposits insured up to $250,000 per depositor). Both provide standard FDIC coverage per the fdic.gov rules. Holding accounts at both institutions doubles your coverage — $250,000 insured at each bank, for $500,000 total under individual-owner coverage.
SoFi Checking and Savings is a combined product — you get both checking and savings in one account, including a Visa debit card, free ATM access (55,000+ Allpoint ATMs), and overdraft protection. Synchrony Bank does not offer a checking account; it is a savings-and-CD bank designed to complement your existing checking account at another institution. If you need everyday spending access at the same bank, SoFi. If you want a dedicated high-yield savings vehicle alongside existing checking, Synchrony.
SoFi offers same-day ACH transfers between a SoFi Savings account and a SoFi Checking account (instant, since they're the same institution), plus standard 1–3 business day ACH to external banks. Synchrony's savings account transfers to an external bank typically take 1–3 business days via ACH — Synchrony does not issue an ATM-enabled debit card for its savings account (savings accounts are transfer-only). For immediate cash access, SoFi's Checking and Savings combo with its debit card and ATM network provides a faster path to spending. Verify current transfer timelines at sofi.com and synchrony.com.
Both SoFi and Synchrony pay competitive APYs that move with Federal Reserve rate decisions. SoFi's top APY requires direct deposit setup; without it, you earn a lower base rate. Synchrony's published rate applies to all balances with no conditions. At any given time, either may lead slightly — rates are variable and change frequently. The Federal Reserve publishes national average savings rates at federalreserve.gov for context. Check each institution's current published APY at sofi.com and synchrony.com before opening; the rate difference at any snapshot rarely exceeds 0.20–0.40%.
Independent editorial comparison. ClearValue Lending is not the issuer of any product compared here; affiliate links may pay a referral commission at no cost to you — selection is independent of compensation.