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SoFi® vs. Capital One: Which Bank Is Better in 2026?

SoFi is solid for everyday banking, but Capital One has more account options and branches.

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By

Bethany Hickey

Edited by

Alexa Serrano Cruz

Updated

Fact checked

SoFi and Capital One both offer the benefits of an online bank: minimal fees and high APYs. SoFi is a relatively new bank with about a decade in the industry, and its hybrid checking and savings account is a top bank account. Capital One is among one of the largest banks in the US with a loaded suite of bank accounts and credit cards to choose from. Overall, they’re both affordable banking options, but the best bank will depend on what you need and prioritize.

SoFi vs. Capital One: A quick comparison

Sofi logo
SoFi®
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Capital One logo
Capital One
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Bonus
  • Earn $50 or $400 when you sign up and set up eligible direct deposit
  • New SoFi Checking and Savings customers can get a 0.70% boost on their Savings APY for up to six months by setting up direct deposit and by enrolling in SoFi Plus. Terms apply
  • $75 to the referrer and $25 to the referred (redeemed as points) for SoFi Checking and Savings referral
  • Open a Capital One 360 Checking account with promo code OFFER300, must receive at least two direct deposits of $500 or more within 75 days of opening the new account to earn $300 bonus offer.
  • Open a Capital One 360 Checking account with promo code CHECKING250, set up direct deposits and receive at least two direct deposits of at least $500 each within 75 days of opening to earn $250 bonus offer.
  • Open Capital One Performance Savings account with promo code BONUS1500. Deposit at least $20,000 to earn $300, $50,000 to earn $750 or $100,000 to earn $1,500 within 15 days of opening. You must maintain the balance for at least 90 days to earn the bonus.
SavingsUp to 3.30% APY for Plus members or those who meet deposit requirements. 3.1% APY
Checking
  • Monthly fee: $0
  • Minimum deposit: $0
  • 0.50% APY
  • Monthly fee: $0
  • Minimum deposit: $0
  • Up to 0.1% APY
CDsN/A
  • 6 to 60 months terms
  • Up to 4% APY on 12-month term
  • Minimum deposit: $0
ATMs
  • 55,000+ fee-free ATMs within the Allpoint® Network
  • 55,000+ Allpoint ATMs
  • Out-of-network ATM fee:$0
BranchesOnline only300 branches and café locations

SoFi vs. Capital One: Product offerings

SoFi is one of the biggest names among exclusively online banks. It’s a fully insured, digital bank with various products and services, including a hybrid checking and savings account, various lending options, an investing platform and credit cards.

Capital One is considered a top 10 bank by asset size and is primarily an online bank. Capital One also announced in February 2024 that it will acquire Discover in a $35 billion all-stock transaction, as reported by Fortune.

Banking

Each bank’s account offerings are pretty accessible, having no opening deposit requirements and accept joint account owners. If this were a numbers game, Capital One would take a win since it has many more personal banking accounts, including kids’ accounts, certificates of deposit (CD) and business banking.

SoFi has a large ATM network of 55,000 with its partner Allpoint, and it can accept cash deposits at select Green Dot locations for a $4.95 deposit fee. Capital One has a network of over 70,000 Allpoint and MoneyPass ATMs and also accepts cash deposits at any Capital One ATM, branch, café location or select locations like CVS and Walgreens.

SoFi offers:

  • SoFi Checking and Savings. This hybrid checking and savings account has no monthly fees or opening deposit requirements. The savings account also offers subaccounts called Vaults to separate and sort your savings goals. In terms of rates, earn up to 0.50% APY on your checking balance with no requirements and up to 3.30% APY on savings by being a Plus member, setting up direct deposit, or depositing $5,000 per month. If you don’t meet the requirements, your APY drops to 0.90% APY.

Capital One offers:

  • 360 Checking. Capital One’s 360 checking account has no monthly fees, opening deposit or overdraft fees. You’ll earn 0.1% APY on all balances, and you can open up to three of these accounts that are all linked to a single debit card. There’s also a no-fee overdraft feature when you deposit at least $250 during two of the previous three calendar months.
  • Teen Checking. Available to kids as young as eight, Capital One’s teen checking account has no monthly fees, opening deposit requirements or overdraft fees. Just like its 360 Checking, it also earns 0.1% APY on all balances, and parents need to open this account on their kids’ behalf.
  • 360 Performance Savings. This is Capital One’s only savings account, which earns a competitive 3.1% APY with no monthly fees or opening deposit requirements. You’re allowed to open up to 25 accounts to organize your savings goals.
  • Kids Savings Account. With no age requirements, this Capital One kids’ savings account offers 2.5% APY with no monthly fees or balance requirements. Parents can link this account to their own savings accounts for easy transfers, and adults can open the account on their kids’ behalf or be a co-owner.
  • CDs. With no opening deposit requirements for any of Capital One’s CDs, it’s an accessible savings product with high rates. Top offerings include the 12-month CD with a 4% APY.
  • Business banking. Offers three business checking accounts to choose from: Basic Checking, Enhanced Checking and a custom account.

Borrowing

SoFi offers more personal lending options, as Capital One doesn’t issue personal, student or home loans. But SoFi only offers three different credit cards, whereas Capital One offers about 30.

SoFi offers:

  • Various lending options. SoFi has a full suite of lending options including personal loans, home loans, student loans, home equity loans and small business loans. It also offers auto, student and home refinancing.
  • SoFi credit cards. Offers the SoFi Credit Card, Everyday Cash Rewards card and the Essential credit card. The SoFi Credit Card offers an unlimited 2% cash back on all purchases, up to 3% cash back on SoFi Travel purchases and no annual fees. Cashback points can be added to your SoFi Checking and Savings account, SoFi Active Invest or even added to loan payments on various SoFi loans.

Capital One offers:

  • Credit cards. Capital One is famous for its vast credit card offerings, with multiple personal and business cards. Some of its best and most well-known cards include the Venture series, Quicksilver Cash Rewards and the Platinum card.
  • Auto loans. Offers used and new auto loans, as well as vehicle refinancing options.
  • Business financing. Has many business and personal lending options, including commercial business services, lines of credit, real estate term loans, SBA loans and more.

Investing

In 2019, Capital One exited the investment banking space, but SoFi continues to offer investing opportunities through its online investing platform, SoFi Invest. With its investment account, you can invest in stocks, exchange-traded funds (ETFs), mutual funds and alternative asset funds. You can start with as little as $5 and even get personalized investment advice.

Apps, features and more

Both banks are very similar in mobile app features and functionality. The features offered are nearly identical and rather standard, including the ability to view bank statements, see your transaction history, perform mobile check deposits, add virtual cards to your mobile wallets and monitor your credit score.

Capital One offers an additional feature that tracks your bills and subscription services. It also has an AI assistant called Eno that can help with various account issues.

SoFi offers the ability to create up to 20 savings subaccounts called “vaults” to organize goals, and you can set up a savings round-up feature that sends extra cash to your savings with each debit card purchase. Also, SoFi’s debit card has some limited cashback offers that you can search for and activate in the app.

How SoFi and Capital One’s fees compare

SoFi and Capital One have $0 monthly fees, with the main difference coming down to foreign transaction fees. Capital One doesn’t charge foreign transaction fees, whereas SoFi has a small 0.2% Mastercard foreign exchange convenience fee. Both banks can charge current exchange rates, though.

When it comes to withdrawing money from your savings account, SoFi might be a better option as it doesn’t have any transaction limits. Most banks, like Capital One, only allow up to six withdrawals or transfers out of your savings account per month.

What customers say about SoFi and Capital One

Both SoFi and Capital One earn an A+ rating with the Better Business Bureau (BBB), which is awarded based on how fast and well a company handles customer complaints.

Most complaints against Capital One have to do with its credit cards and are usually attempts to resolve fraudulent charges, trying to unfreeze their accounts after suspicious activity and disputes over late fees. SoFi’s complaints are also pretty common and include complaints of locked accounts, billing issues and slow deposit times. But overall, complaints about these two banks are rather typical.

SoFi does well in the eyes of Redditors. Most customers are pleased with their hybrid account, praising the high APYs, convenient app and referral bonuses they can earn. Redditors also like Capital One, commenting that it’s an affordable bank thanks to its lack of maintenance fees, calling out the free teen and kid bank accounts, decent cashback rewards on its credit cards and good APYs on its savings products.

Final verdict: Capital One is better

SoFi and Capital One are great online banking options, and their accounts are mostly fee-free to open and maintain. Both bank’s savings APYs are neck-in-neck as well. But in terms of available regular banking products like checking, savings, credit cards and CDs, Cap One takes the crown in my book.

Capital One has a significantly larger suite of bank accounts and credit cards to choose from, and there are some branch locations, including cafés. Capital One has checking and savings accounts designed for everyday use, kids and teens — all of which earn interest with no balance requirements. It has over 30 credit cards, often featuring no annual fees and robust rewards, and it offers CDs with high rates and no deposit requirements. But in terms of lending options, it’s lacking compared to SoFi.

SoFi’s hybrid Checking and Savings account gets you two accounts in one and has high APYs on its checking and savings account. One of the better SoFi perks is the ability to create up to 20 savings vaults to sort your savings goals with no withdrawal limitations. However, earning the best APY on the savings account requires meeting deposit requirements, or paying $10 per month for SoFi Plus. But if you’re in need of investing services or lending options, like home loans and personal loans, SoFi is the better option.

Capital One at a glance

Capital One is best if you want more account variety for the whole family, and a bank with some branch access.

Pros
  • No monthly fees
  • Large 70,000+ ATM network
  • High-yielding savings and CDs
  • 30+ credit cards
  • Branch access
Cons
  • No personal, home or student loans
  • No investment platform

SoFi at a glance

SoFi has more lending options and an investing platform.

Pros
  • No monthly fees
  • Accepts cash deposits
  • High APYs and cash back
  • Unlimited savings transactions
  • SoFi Invest
Cons
  • No international wires
  • No CDs or MMAs
  • Plus membership or deposit requirements for best savings rate
  • No kids or business accounts

Alternatives to SoFi and Capital One

If you prefer online banking and Capital One and SoFi don’t have what you want, consider these alternatives.

  • Ally Bank. Another top online bank, Ally’s accounts lack monthly fees and opening deposit requirements and feature “buckets,” so you can organize your savings goals. Its APYs are high, and there’s 24/7 customer support, but it can’t accept cash deposits.
  • Chime. A fintech company, Chime offers banking services with its partner banks. Chime is well-known for its overdraft service Chime SpotMe, which lets you overdraft up to $200 with no fees. Its checking also has no monthly fees, but it has fewer tools and perks than SoFi.
  • Current. Another fintech, Current’s account is similar to SoFi’s in that it’s an all-in-one account. There are no monthly fees or cashback rewards to be earned, and you can use savings pods to separate savings goals, similar to SoFi’s vaults. It also has a credit-building card called Current Build with no annual fees or interest charges.

Capital One and Discover merge

Discover has been acquired by Capital One. The acquisition was completed on May 18, 2025. The two banks are now under the same company, Capital One, N.A.

Here’s what to know:

  • You can no longer open new Discover banking products, as of January 2026.
  • If you have both Discover and Capital One deposit accounts, they are now jointly insured. CDs with either bank will remain separately insured until their maturity date after November 18, 2025.
  • You can no longer do credit card balance transfers between Discover and Capital One.
  • Capital One is switching its debit card network over to the Discover card network. When you request a new card as a Cap One customer, you’ll get new card details.

See how even more bank accounts stack up:

Sources

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To make sure you get accurate and helpful information, this guide has been edited by Alexa Serrano Cruz as part of our fact-checking process.
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Bethany Hickey is the banking editor and personal finance expert at Finder, specializing in banking, lending, insurance, and crypto. Bethany’s expertise in personal finance has garnered recognition from esteemed media outlets, such as Nasdaq, MSN, Yahoo Finance, GOBankingRates, SuperMoney, AOL and Newsweek. Her articles offer practical financial strategies to Americans, empowering them to make decisions that meet their financial goals. Her past work includes articles on generational spending and saving habits, lending, budgeting and managing debt. Before joining Finder, she was a content manager where she wrote hundreds of articles and news pieces on auto financing and credit repair for CarsDirect, Auto Credit Express and The Car Connection, among others. Bethany holds a BA in English from the University of Michigan-Flint, and was poetry editor for the university’s Qua Literary and Fine Arts Magazine. See full bio

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