SoFi vs. Amex: Which bank has the better savings account?

Core Insights - Online banks like SoFi and American Express (Amex) offer high interest rates on savings accounts, significantly above the national average, with SoFi and Amex providing rates over nine times higher than the average [1] Comparison of SoFi and Amex - The choice between SoFi and Amex depends on individual preferences; SoFi offers a sign-up bonus but requires opening a checking account, while Amex has fewer requirements but may not provide the same level of service [2] - Both banks offer high-yield savings accounts with competitive interest rates and no account fees, making them attractive options for savers [3] SoFi High-Yield Savings Account Features - SoFi's account can yield up to 4% APY, contingent on meeting specific requirements, including making a direct deposit within 30 days [7][13] - The account is part of a combination banking setup, requiring the opening of a checking account, which provides additional access to funds through a debit card [8] - SoFi offers a welcome bonus ranging from $50 to $400 based on the deposit amount, incentivizing larger initial deposits [8] American Express High-Yield Savings Account Features - Amex offers a slightly lower interest rate of 3.2% APY with no additional requirements, making it simpler for users to earn interest [5] - The account has no monthly fees, minimum opening deposit, or balance requirements, appealing to those seeking straightforward savings options [5] Account Accessibility and Limitations - SoFi's account does not provide ATM cards or checks, and transfers to external accounts may take several days [6][12] - Amex accounts also lack debit cards, limiting immediate access to funds, which is a common characteristic of traditional banks [12] Conclusion on Bank Selection - SoFi is recommended for users willing to navigate additional features and requirements for potentially higher returns, while Amex is better suited for those preferring simplicity and ease of access [11]