EverBank offers higher APY for savings accounts while SoFi offers better checking account options

From Yahoo Finance: 2025-04-22 14:22:00

EverBank and SoFi are both online banks offering high deposit interest rates with no account maintenance fees. EverBank is the 61st largest bank in the U.S., with over $40 billion in assets. SoFi, founded in 2011, is now a national bank with FDIC insurance, offering a range of banking products.

EverBank offers a flat 4.30% APY for new savings accounts, while SoFi requires a recurring monthly direct deposit for the highest advertised rate of 3.80% APY. EverBank offers CDs with competitive rates, while SoFi does not offer CDs or money market accounts.

SoFi stands out for its checking accounts, offering double the APY compared to EverBank. New account holders can earn a $300 cash bonus and receive fee-free overdraft coverage up to $50. EverBank and SoFi both do not charge account maintenance fees for checking or savings accounts.

While EverBank is ideal for savers, SoFi is better for those seeking high-yield checking accounts. EverBank is mainly online, with few physical branches in Florida and California. SoFi offers investments, loans, and insurance options, making it a versatile choice for consumers.

Read more: Which online bank is a better choice?