SoFi vs. Axos ONE: Which Savings Account Pays More?

SoFi and Axos both sell savings as part of a checking and savings bundle, and both pay their best rate only when your paycheck or regular deposits flow through them. If you are ready to move your direct deposit, either can be a strong home. The differences are in how hard the rules are, what you earn when you miss them and the extras.

SoFi vs. Axos at a glance

	SoFi Checking and Savings	Axos ONE Savings
Top savings APY	3.30% (as of Oct 20, 2026)	Up to 4.21% (as of Oct 27, 2026)
What it takes	Eligible direct deposit, or $5,000 in deposits every 31 days	$1,500 direct deposits and $1,500 average balance in checking, or $5,000 deposits and $5,000 average balance
Rate if you miss it	0.80%	Up to 1.00%
New member extras	1.10% APY boost for up to 6 months; $50 to $400 bonus (through Dec 31, 2027)	0.79% APY boost to 5.00% APY on the first $49,999.99 for 6 statement cycles (new customers opening Oct 1 to 31, 2026)
Large balances	Same rate	3.50% APY on $250,000 and up
Fee free ATMs	55,000+ (Allpoint)	95,000+
Extra FDIC coverage	Up to $3 million	Up to $2.5 million
Fees	No account fees	No monthly, minimum or overdraft fees
App rating	4.7 App Store, 3.8 Google Play	4.7 App Store, 4.6 Google Play
BankingPicks score	4.1 / 5	4.4 / 5

Rates are variable and can change at any time. Each rate shows the date the bank says it applies; we check every figure against the bank’s own website.

App ratings checked Sep 28, 2026. Scores follow our published scorecard.

Which pays more?

At standard rates, Axos: up to 4.21% APY vs. 3.30% APY at SoFi when you meet each bank’s rules. On $20,000 for a year, that is about $842 at Axos vs. about $660 at SoFi.

For new SoFi members, the gap is smaller at first. SoFi offers a 1.10% APY boost for up to six months to new members who qualify during its promotion, which runs through December 31, 2027. After the boost ends, you are back to the standard rate, so compare the two on standard rates for the long run.

Limited time at Axos Bank: New customers can earn 5.00% APY on the first $49,999.99 for their first 6 statement cycles, in each cycle they meet the monthly direct deposit and balance rules. Anyone who has held an Axos or UFB Direct account before does not qualify. Open by Oct 31, 2026. After the promo, savings earns 4.21% APY in months you meet the rules and up to 1.00% in months you miss them. (Terms as of Oct 27, 2026.) How the promo works.

Which rules are easier to meet?

SoFi’s. An eligible direct deposit qualifies, or you can deposit $5,000 every 31 days instead. Axos asks for two things every month in your Axos ONE checking account: at least $1,500 in qualifying direct deposits and an average daily balance of at least $1,500. The alternative is $5,000 in deposits and a $5,000 average balance.

The average balance part is what trips people up. If you spend your paycheck down to near zero before the next one arrives, your checking average can fall below $1,500 and you lose the top savings rate for that month.

What happens when you miss a month?

This is where the two diverge most. Miss SoFi’s rule and savings drops to 0.80% APY. Miss Axos’s rule and it drops to a base rate of up to 1.00% APY. Both are a steep fall from the top rate, which is why these accounts work best when your paycheck already lands there every month. If your income is irregular, an account with no rules, such as Always.bank at 4.10% APY, may pay you more over a year.

Which has better everyday banking?

Axos has the bigger ATM network, with 95,000+ fee free ATMs through its checking debit card, early payday up to two days early with direct deposit, no overdraft fees and phone support around the clock except Thanksgiving and Christmas.

SoFi has 55,000+ fee free Allpoint ATMs, early paycheck up to two days early, Savings Vaults to split money by goal and a cash bonus of $50 to $400 for new members who set up qualifying direct deposits through December 31, 2027. Its checking also pays 0.50% APY.

Which is safer?

Both are FDIC insured banks: SoFi Bank, N.A. (certificate 26881) and Axos Bank (certificate 35546). Both also offer extra coverage by spreading deposits across partner banks: up to $3 million more at SoFi and up to $2.5 million more at Axos. For most savers, the standard $250,000 per depositor, per ownership category is plenty.

Axos vs. SoFi: who should pick which?

Pick Axos ONE if you

• Get paid at least $1,500 a month by direct deposit and keep a cushion in checking
• Want the higher top rate and the bigger ATM network
• Hold more than you would like to keep under $250,000 of coverage

Pick SoFi if you

• Want simpler rules that any direct deposit satisfies
• Are new to SoFi and can use the bonus and the six month boost
• Like organizing savings into separate goals with Vaults

How to open either account

1. Apply online or in the app. Both open checking and savings together. You need your Social Security number and a US address.
2. Switch your direct deposit. Give your employer the new account and routing numbers. This unlocks the top rate at both banks.
3. At Axos, keep a cushion. Aim to keep at least $1,500 on average in checking so you do not lose the top rate.
4. At SoFi, check the bonus terms. The bonus amount depends on how much you deposit in the qualifying window.

Our verdict

If your paycheck is steady and you keep a comfortable balance in checking, Axos ONE pays more and has more ATMs. If you want easier rules and value the new member bonus and boost, SoFi is the simpler choice. If you do not want to move your paycheck at all, look at our best savings accounts with no direct deposit required.

Compare every account we track, with live rates and dates, on our best high yield savings accounts page.

Frequently asked questions

Does SoFi or Axos pay more on savings?

Axos ONE pays more at standard rates: up to 4.21% APY vs. 3.30% APY at SoFi, when you meet each bank’s rules.

Do I need direct deposit for SoFi’s savings rate?

You need an eligible direct deposit, or at least $5,000 in qualifying deposits every 31 days. Otherwise savings earns 0.80% APY.

What are the Axos ONE requirements?

Each month your Axos ONE checking needs $1,500 in qualifying direct deposits and a $1,500 average daily balance, or $5,000 in deposits and a $5,000 average balance.

Are SoFi and Axos FDIC insured?

Yes. SoFi Bank, N.A. and Axos Bank are both FDIC insured, and both offer extra coverage through partner banks.

Does Axos have a sign up bonus?

New customers can earn 5.00% APY on the first $49,999.99 for their first 6 statement cycles, in each cycle they meet the monthly direct deposit and balance rules. Anyone who has held an Axos or UFB Direct account before does not qualify. Open by Oct 31, 2026. After the promo, savings earns 4.21% APY in months you meet the rules and up to 1.00% in months you miss them. (Terms as of Oct 27, 2026.) SoFi offers $50 to $400 for new direct deposit members through December 31, 2027.

Is Axos better than SoFi?

Axos ONE pays more if you meet its monthly rules every month. SoFi is easier to qualify for and adds a sign up bonus. Compare the rules above before you choose.