SoFi vs Capital One 360 (2026)
SoFi and Capital One 360 are both chartered banks that hold deposits themselves. Capital One pays 3.10% APY on all 360 Performance Savings balances with no conditions and has branches and Cafés; SoFi pays 3.30% APY with eligible direct deposit or $5,000 in qualifying deposits every 31 days and 0.80% APY without. SoFi also puts investing and loans in the same app.
By Wealthy Pot Editorial · Facts checked October 19, 2026
| Feature | SoFi | Capital One 360 |
|---|---|---|
| Type | Banking + investing | Online bank |
| Deposits held by | SoFi is the bank | Capital One 360 is the bank |
| $10,000 in savings for a year | $330 at 3.3% (if conditions met) | $310 at 3.1% (if conditions met) |
| Savings APY | 3.30% APY with direct deposit (0.80% without); new accounts can add 0.90% for up to 6 months | 3.10% APY on all balances (360 Performance Savings) |
| Monthly fee | $0 (SoFi Plus optional, $10/mo) | $0 |
| Minimum deposit | $0 | $0 |
| Early direct deposit | Yes | Yes |
| ATM network | 55,000+ (Allpoint) | 70,000+ (Capital One, MoneyPass, Allpoint) for checking |
| Best for | People who get paid by direct deposit and want checking, savings, investing and loans with one bank | People who want online savings plus branches and Capital One Cafes for cash |
The $10,000 row is our arithmetic at each headline APY, assuming you meet its conditions and the rate holds for a year.
Key differences
SoFi pays 3.30% APY with eligible direct deposit or $5,000 or more in qualifying deposits every 31 days, and 0.80% APY otherwise; new accounts opened by December 31, 2026 that set up direct deposit within 60 days can add 0.90% for up to six months. Capital One 360 Performance Savings pays 3.10% APY on all balances, effective September 25, 2026, with no minimum. As a hypothetical, $10,000 kept for a year at unchanged rates earns about $10,000 x 3.30% = $330 at SoFi with direct deposit, $10,000 x 0.80% = $80 without it, and $10,000 x 3.10% = $310 at Capital One either way.
Cash handling is the clearer split. Capital One takes cash at its own locations and at retailers such as Walgreens, CVS, Kroger, Dollar General and 7-Eleven, up to $999 a deposit, $1,500 a day and $5,000 a month. It lists 70,000+ fee-free ATMs for checking, has branches and Cafés, and charges $0 on foreign transactions. SoFi lists 55,000+ fee-free Allpoint ATMs; its fee sheet lists $0 on purchases abroad and up to $4.95 charged by retail partners for a cash deposit. For large balances, SoFi says its SoFi Insured Deposit Program can extend FDIC coverage up to $3M through participating banks.
Overdrafts and regulatory history also differ. SoFi covers negative balances up to $50 with no fee. Capital One lets you choose Auto-Decline, Free Savings Transfer or No-Fee Overdraft; the last needs $250 or more in deposits in two of the previous three calendar months, is at Capital One's discretion and has no published limit. Capital One paid the OCC $80 million in August 2020 and FinCEN $390 million in January 2021, and on January 12, 2026 New York's Attorney General backed a $425 million settlement over 360 Savings interest, pending court approval at the time. FINRA fined SoFi's broker-dealer $1.1 million in May 2024.
Where SoFi wins
- A chartered bank: deposits held at SoFi Bank, N.A., not a partner bank
- 3.30% APY on savings with direct deposit or $5,000+ in deposits every 31 days
- New-account boost to 4.20% APY for up to six months (opened by December 31, 2026)
- Program coverage up to $3M
- No monthly fee and 55,000+ fee-free Allpoint ATMs
Where Capital One 360 wins
- No monthly, overdraft or foreign transaction fees
- Cash deposits at Capital One locations and many retail chains
- 70,000+ fee-free ATMs for checking, plus branches and Cafés
- Early paychecks, up to 2 days
- Capital One, N.A. is the bank itself (FDIC cert 4297)
Which should you choose?
Pick SoFi if
- You are paid by direct deposit and want 3.30% APY on savings at a chartered bank.
- You open a new account by December 31, 2026 and can set up direct deposit within 60 days for the boost to 4.20% APY.
- You keep more than $250,000 in cash and want SoFi's program coverage of up to $3M.
- You want banking and a brokerage account in one app.
Pick Capital One 360 if
- You want an online checking account but also branches, Cafés and Capital One ATMs nearby.
- You deposit cash regularly and want more room than Walmart-only options give.
- You travel or buy from abroad: $0 foreign transaction fees.
- You want no overdraft fees and a choice of how overdrafts are handled.
SoFi vs Capital One 360: FAQ
Which pays more on savings, SoFi or Capital One 360?
With eligible direct deposit, or $5,000 or more in qualifying deposits every 31 days, SoFi's 3.30% APY is above Capital One's 3.10% APY. Without either, SoFi pays 0.80% APY and Capital One still pays 3.10% APY on all balances. New SoFi accounts can add 0.90% for up to six months. See our SoFi savings review and Capital One 360 savings review.
Is SoFi or Capital One 360 a real bank?
Both are. SoFi Bank, N.A. is an FDIC member under certificate 26881, and 360 accounts are offered by Capital One, N.A., certificate 4297. Each holds deposits itself. Capital One deposits opened on or after May 18, 2025 count together with Discover Bank deposits toward the FDIC limit. Capital One has paid regulators, including $80 million to the OCC in 2020 and $390 million to FinCEN in 2021. SoFi's broker-dealer, not its bank, was fined $1.1 million by FINRA on May 2, 2024.
Which charges fewer fees, SoFi or Capital One 360?
Neither charges a monthly or overdraft fee. Capital One charges $0 on foreign transactions and lists fees such as $30 for an outgoing domestic wire and $10 for a cashier's check at a location. SoFi's banking has no monthly fee, and SoFi Plus is optional at $10 a month. SoFi's fee sheet (effective May 18, 2026) lists $30 for an outgoing wire, 0.75% for an instant transfer out (min $1, max $30), $0 on purchases abroad, no SoFi fee at other ATMs (the operator may charge) and up to $4.95 charged by retail partners for a cash deposit.
Compare these against every option in our neobanks comparison.
We summarize each company's published terms and pricing, not user reviews or our own testing. Facts come from our full reviews of both apps, each checked against the company's own pages, deposit agreements and regulator records on October 19, 2026 with every source listed. Many neobanks are fintechs whose deposits are held at partner banks. We do not earn a commission from either app. Nothing here is financial advice.