EverBank vs. SoFi: Which online bank is a better choice?

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If you’re looking to earn the best rates on your bank deposits, and you’re a fan of online banking, EverBank and SoFi are both good options.

Both of these FDIC-insured banks offer impressive deposit interest rates with no account maintenance fees. They also offer convenient payment services such as Zelle. So, is one better than the other? Here’s a closer look at how EverBank and SoFi compare.

EverBank was founded in 1998 as First Alliance Bank and is currently headquartered in Jacksonville, Fla. EverBank calls itself a “pioneer in online banking,” but despite its digital focus, in-person services are still available at several locations in California and Florida.

Everbank is owned by private equity investors and has acquired several banks since its founding, including TIAA-CREF in 2017 and Sterling Bank & Trust (purchase is currently in process). The bank offers a variety of commercial lending products, but no loans are available for retail (individual) customers.

Read our full review of EverBank

Social Finance Inc., or SoFi, was founded in 2011 and has its roots in student loans and student loan refinancing. In 2022, SoFi became a national bank with FDIC insurance. It now offers a range of banking products, including checking and savings accounts, credit cards, loans, and more.

Customers should be aware that this online-only bank came under fire from the FDIC in 2023 for overstating the amount of deposit insurance available to customers, when it was really depositing customers’ money to other banks without informing them.

SoFi still states that it can give you up to $3 million in additional FDIC insurance through its SoFi Insured Deposit Program. However, it is now disclosed that your participating funds will be deposited at other banks.

Read our full review of SoFi

For checking accounts, SoFi has the standout option. Both banks pay far above average APY on checking, but SoFi offers double what you get from EverBank with no minimum opening deposit requirement. It’s important to note that SoFi doesn’t offer a standalone checking account; it’s bundled with their savings account as a combination online bank account.

New SoFi account holders can also earn a $400 cash bonus by meeting certain requirements. Additionally, SoFi provides fee-free overdraft coverage up to $50. In fact, SoFi takes second place in our ranking of the 10 best free checking accounts available today.

What are the drawbacks? Both banks have limitations on how you can apply for a checking account. With EverBank, you can apply by phone or in person (if you can get to a branch in Florida or California), and with SoFi you can only apply online.

When it comes to savings accounts, EverBank and SoFi are comparable with competitive interest rates. However, there are no special requirements to earn the highest rate from EverBank.

With SoFi, on the other hand, you have to meet a few requirements to earn the highest rate available. Even so, SoFi ranks first on our list of the 10 best high-yield savings accounts today.

If you’re looking to open a certificate of deposit (CD), you’ll have to go with EverBank, since SoFi doesn’t offer CDs.

But that doesn’t mean EverBank is a bad option. In fact, their CD rates are highly competitive. Everbank has CD terms from three months to five years, with rates up to 4% APY.

If you’re interested in a money market account (MMA), you’ll have to go with EverBank since SoFi doesn’t offer this product.

In addition to paying an attractive 3.8% APY, EverBank provides account holders a debit card and free checks on request for these accounts.

When it comes to the additional products they offer, SoFi and EverBank are quite different. Unlike SoFi, EverBank doesn’t offer any loans for individuals, but they do offer unique investment options:

For loans, SoFi has a long list of options, including a variety of home loans, personal loans, and private student loans. SoFi also offers investment services and insurance policies.

There’s no clear winner for the highest APYs (the annual rate you earn on deposits) between EverBank and SoFi — the highest rate you can earn depends on which account you choose and whether you can meet SoFi’s requirements.

That said, if you want a high-yield CD or money market account, only EverBank offers these products — and their rates are highly competitive.

When it comes to banking fees, SoFi and EverBank are both good options since neither bank charges account maintenance fees for their checking or savings accounts.

EverBank is an excellent option for savers. When you open a new Performance Savings account with EverBank, you’ll earn a practically unbeatable 4.30% APY, with no fees and no confusing account terms.

Just be aware that EverBank only has a few physical branches, so it’s mainly an option for people who do their banking online. If you’re hoping to bank with them in person, here’s where their branches are located:

SoFi is worth considering if you’re looking for an above-average checking account and/or a variety of loan options. SoFi’s checking account pays decent APY with no fees or minimum balance requirements, and you can earn a bonus if you set up direct deposits to the account. Plus, you can get access to your paycheck deposits up to two days early.

SoFi checking and savings disclosures

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 Boost

Earn 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 Policy

We 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 Access

We’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.

 
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