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Reviews A to Z For Brands

EverBank vs. SoFi

EverBank pays more on savings, 4.20% APY for new accounts with no direct deposit needed. SoFi fits people who want checking, loans and investing in one app and can meet its deposit rules.

By BestGuide Editorial Team is the BestGuide newsroom. Pages without a named reporter were compiled by staff from the sources listed on the page.Updated October 16, 2026This page was compiled from primary sources: company disclosures and terms, the BBB and regulators. Our ratings method is described on the methodology page.
Our pickEverBankBestGuide Score: 4.4 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.
Read our EverBank review
Runner-upSoFiBestGuide Score: 4.3 out of 5. Set by our editorial team from published factors such as cost, credentials, reputation, customer experience, services and guarantees. Verified partners are scored on our partner verification program and can be listed first; they are always labeled BestGuide Partner.
Read our SoFi review

Quick verdict

For a savings account, EverBank is the better pick: its Performance Savings paid 4.20% APY for new accounts as of October 9, 2026, with no minimum and no conditions, against SoFi's 3.30% (and only 0.80% without direct deposit or $5,000 a month). EverBank also draws far fewer complaints. The caveats are that its rate is for new accounts, its CD penalties are steep, and it's merging with WaFd, with closing expected in early 2027. SoFi is the stronger everyday bank, with a higher checking rate, a large ATM network and loans and investing in the same app.

On this page11 sections
  1. Quick verdict
  2. Side by side
  3. Ratings and complaint records
  4. Savings rates: which pays more?
  5. Checking, CDs and everyday banking
  6. EverBank's WaFd merger
  7. Safety and complaints
  8. Pros and cons
  9. Also consider
  10. FAQ
  11. Sources

EverBank vs. SoFi side by side

FeatureEverBankSoFi
Savings APY4.20% on all balances for new accounts (as of Oct 9, 2026) Edge3.30% with direct deposit or $5,000 in monthly deposits; 0.80% without (as of Sept 23, 2026)
Requirements for the top rateNone; rate may not apply to existing accounts EdgeEligible direct deposit, $5,000 every 31 days, or SoFi Plus at $10 a month
New member offerNone listedExtra 0.90% APY for up to 6 months, up to 4.20% total
Checking0.25% APY; $100 to open; ATM fee refunds up to $15 a month0.50% APY; $0 to open; 55,000+ fee-free Allpoint ATMs Edge
CDs3.40% to 4.35% APY; $1,000 minimum; steep early withdrawal penalties EdgeNot offered
Monthly fees$0 on savings and checking$0
Branches39 financial centers in Florida, California and New York EdgeNone, online only
FDIC coverage$250,000 per depositor, per ownership category$250,000; up to $3 million through its partner-bank sweep Edge
Corporate changesMerging with WaFd; closing expected early 2027None pending Edge
BBB ratingA+, not accredited; 40 complaints in 3 years EdgeA+, not accredited; 2,206 complaints in 3 years
CFPB complaints (Oct 2023 to Oct 2026)229 total, 166 about checking or savings Edge7,367 total, 4,940 about checking or savings

"Edge" marks the better option on that line for most people. EverBank leads on 6, SoFi on 3.

Ratings and complaint records

Our score and sub-scores from each company's review, with the facts both reviews list.

FeatureEverBankSoFi
BestGuide Score4.4 out of 5 Edge4.3 out of 5
APY Competitiveness90 / 100 EdgeNot rated
Product Diversity85 / 100 EdgeNot rated
Digital Experience85 / 100 EdgeNot rated
Fee Structure90 / 100 EdgeNot rated
Customer Support90 / 100 EdgeNot rated
ReputationNot rated85 / 100 Edge
ServicesNot rated90 / 100 Edge
TransparencyNot rated85 / 100 Edge
Customer SatisfactionNot rated80 / 100 Edge
ScalabilityNot rated90 / 100 Edge
BBBA+A+
CFPB complaints2297,367
Trustpilot2.0 out of 54.4 out of 5

Savings rates: which pays more?

EverBank pays more and asks less. As of October 9, 2026, Performance Savings paid 4.20% APY on all balances, with $0 to open and no monthly fee. EverBank notes the advertised rate is for new accounts and may not apply to existing ones, so if you already bank there, check what you’re actually earning.

SoFi’s rate depends on deposits, not balance. As of September 23, 2026 it paid 3.30% APY with an eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 0.80% otherwise. New members can earn an extra 0.90% for up to six months, for up to 4.20%, and SoFi Plus members ($10 a month) earn 4.50% on the first $20,000.

On a $20,000 balance, EverBank’s 4.20% earns about $180 a year more than SoFi’s qualifying rate, and about $680 more than SoFi’s base rate. SoFi’s intro boost can match EverBank for six months, but only while you keep qualifying deposits. Both rates are variable.

Checking, CDs and everyday banking

SoFi is the better everyday account. Checking and savings sit together, checking pays 0.50% APY, there’s no opening deposit, and you get 55,000+ fee-free Allpoint ATMs, early direct deposit and Zelle. The same app offers personal loans, student loan refinancing, mortgages, a credit card and investing. SoFi doesn’t sell CDs.

EverBank’s Performance Checking pays 0.25% APY, needs $100 to open, and refunds other banks’ ATM fees up to $15 a month, or without limit if you keep $5,000. Its Performance CDs need $1,000 and paid 3.40% to 4.35% APY as of October 9, 2026, with the 24-month term on top and a 13-month special at 4.10%. Most CD terms paid less than savings. Early withdrawal penalties are steep, 456 days of interest on a 5-year CD per GOBankingRates.

EverBank also has 39 financial centers in Florida, California and New York; its money market account opens only there. SoFi has no branches, and cash deposits at retailers can cost up to $4.95.

EverBank's WaFd merger

On September 7, 2026, EverBank Financial Corp and WaFd, Inc. announced a $3.9 billion merger. WaFd Bank will merge into EverBank, N.A., so EverBank is the surviving bank, and the combined company will keep the EverBank Financial Corp name. Closing is expected in early 2027, and CEO Greg Seibly is staying on.

For EverBank savers, the account continues, but expect notices about changes to systems, apps or terms during integration. If you hold money at both EverBank and WaFd, the FDIC keeps deposits from the acquired bank separately insured for six months after the merger, and CDs can stay separate until they mature. Use that window to keep each ownership category under $250,000.

EverBank has changed hands before: it was TIAA Bank until private equity firms bought it in 2023 and restored the EverBank name, and it added California and New York branches when it bought Sterling Bank and Trust in 2025. SoFi has no pending deal, though it is a younger bank, chartered in 2022.

Safety and complaints

Both are FDIC insured. EverBank, National Association (certificate 34775) is based in Jacksonville and had $46.7 billion in assets as of June 30, 2026. SoFi Bank, National Association (certificate 26881) had $56.8 billion. Both are national banks supervised by the OCC. SoFi can spread larger balances across partner banks for up to $3 million in FDIC coverage.

The complaint gap is wide. From October 2023 to October 2026, the CFPB database lists 229 complaints about EverBank, 166 of them about checking or savings, against 7,367 about SoFi, 4,940 about checking or savings. SoFi’s most common issues are frozen, restricted or closed accounts. The BBB rates both A+ and accredits neither, listing 40 complaints for EverBank and 2,206 for SoFi.

EverBank’s weak spot is on Trustpilot, where it scores 2.0 out of 5 from 123 reviews, citing locked accounts, transfer limits that slow large withdrawals and lower rates for existing customers. Before moving a large balance to either bank, link your outside account and test a small transfer first.

Pros and cons

EverBank

Pros

  • High savings APY with no minimum to open and no monthly fee
  • FDIC insured, with a long history going back through TIAA Bank
  • Checking with no monthly fee and ATM fee refunds
  • Low complaint volume for a bank of its size

Cons

  • Advertised savings APY applies to new accounts only
  • Most CD terms pay less than savings, and early withdrawal penalties are steep (456 days of interest on a 5-year CD)
  • $1,000 minimum to open a CD
  • Money market account is only available in a financial center

SoFi

Pros

  • 3.30% APY on savings with qualifying deposits, up to 4.20% for new members for 6 months
  • No monthly, minimum balance or overdraft fees
  • Checking pays 0.50% APY on all balances
  • Up to $3 million in FDIC coverage through the partner-bank sweep

Cons

  • Savings drops to 0.80% without direct deposit or $5,000 a month
  • 4,940 CFPB checking and savings complaints in three years, mostly frozen or closed accounts
  • No branches and no CDs
  • Retail cash deposits can cost up to $4.95

Also consider

See every pick in our High-Yield savings accounts guide

Frequently asked questions

Does EverBank or SoFi pay more on savings?

EverBank. Performance Savings paid 4.20% APY for new accounts as of Oct 9, 2026. SoFi paid 3.30% with direct deposit or $5,000 in monthly deposits, and 0.80% without.

Does EverBank require direct deposit?

No. EverBank's savings rate has no direct deposit or balance requirement and no minimum to open. The advertised rate applies to new accounts.

Is EverBank merging with WaFd?

Yes. The banks announced a $3.9 billion merger on Sept 7, 2026, with closing expected in early 2027. EverBank, N.A. will be the surviving bank.

Is EverBank the same as TIAA Bank?

Yes. It was TIAA Bank until private equity firms bought it in 2023 and restored the EverBank name.

Does SoFi have CDs?

No. EverBank offers CDs from $1,000, paying 3.40% to 4.35% APY as of Oct 9, 2026, with steep early withdrawal penalties.

Are EverBank and SoFi FDIC insured?

Yes. EverBank is FDIC certificate 34775 and SoFi Bank is certificate 26881. Coverage is $250,000 per depositor, per ownership category, and SoFi offers up to $3 million through partner banks.

Which has more complaints, EverBank or SoFi?

SoFi, by a wide margin: 7,367 CFPB complaints from October 2023 to October 2026 against 229 for EverBank, even though the banks are similar in size.

Sources (14)

Facts on this page come from company websites, government agencies and regulators, checked on the dates shown. Editorial standards

  1. EverBank: Today's rates (accessed Oct 12, 2026) (accessed October 12, 2026)
  2. EverBank: Performance CD (accessed Oct 12, 2026) (accessed October 12, 2026)
  3. EverBank: Performance Checking (accessed Oct 11, 2026) (accessed October 11, 2026)
  4. EverBank: Financial centers (accessed Oct 11, 2026) (accessed October 11, 2026)
  5. SEC: WaFd Form 8-K, EverBank and WaFd merger announcement (accessed October 11, 2026)
  6. BBB: EverBank business profile (accessed Oct 12, 2026) (accessed October 12, 2026)
  7. CFPB: Consumer complaint database, EverBank and SoFi Technologies (Oct 12, 2023 to Oct 12, 2026) (accessed October 12, 2026)
  8. SoFi: Online banking, Checking and Savings (accessed Oct 12, 2026) (accessed October 12, 2026)
  9. SoFi Bank: Rate sheet, effective September 23, 2026 (accessed October 12, 2026)
  10. SoFi Bank: Fee sheet, effective May 18, 2026 (accessed October 12, 2026)
  11. BBB: SoFi profile (accessed Oct 12, 2026) (accessed October 12, 2026)
  12. GOBankingRates: EverBank CD rates (accessed October 11, 2026)
  13. FDIC: Merger of insured depository institutions (six-month rule) (accessed October 11, 2026)
  14. Trustpilot: EverBank reviews (accessed Oct 12, 2026) (accessed October 12, 2026)
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