Updated September 28, 2026 · VaultCue Editorial Team
Mercado Pago vs SoFi
Mercado Pago
Higher score in this comparison
SoFi
Mercado Pago vs SoFi: the differences
| Compare | Mercado PagoReviewSee alternativesSee alternatives | SoFiReviewSee alternativesSee alternatives |
|---|---|---|
| Access terms | Money usable at any time, no IOF, accrues daily on business days, no minimum balance | Online-only direct bank, no physical branches; SoFi Savings bundled with SoFi Checking |
| Monthly fee | R$0 | $0 |
| Headline rate | 105% | Not confirmed |
| Minimum deposit | R$0 | Not confirmed |
| Deposit protection | Not confirmed | FDIC up to USD 250,000 |
Same on both: Rate type (Variable), Account kind (Easy access).
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Key differences
- Mercado Pago scores higher overall: 9.3 vs 8.7.
- Mercado Pago is available in 2 more countries.
- Support channels: only Mercado Pago offers Phone.
Our verdict on each
Mercado Pago
Mercado Pago pays a headline rate of 105% on money that stays usable at any time, with a monthly fee of BRL 0 and a minimum deposit of BRL 0, which suits businesses and teens who want a balance that earns while it sits. The rate is variable, so the return can move.
SoFi
SoFi suits US savers who want an online savings balance held beside their checking account, with deposits covered by FDIC up to USD 250,000 and a variable interest rate. Because it is an online-only direct bank, the savings balance is managed from your own screen rather than a branch counter.
Score breakdown
| Area | Mercado Pago | SoFi |
|---|---|---|
| Cost | 9.3HigherA monthly fee of BRL 0 and a minimum deposit of BRL 0 on an easy access account. | 9.1Monthly fee $0 and currency conversion fee 0%, against site medians of €0 and 0.5%. |
| Offer | 9.2HigherA headline rate of 105% on money that stays available, credited on business days with no minimum balance. | 8.1 |
| Trust | Not confirmed | 8.8 |
How they place
| Ranking | Mercado Pago | SoFi |
|---|---|---|
| Savings accounts | 150 of 1420 | 537 of 1420 |
Every fact side by side
| Fact | Mercado Pago | SoFi |
|---|---|---|
| Pricing model | No monthly fee | No monthly fee |
| Legal entity | Mercado Pago Instituicao de Pagamento Ltda. | SoFi Bank, National Association |
| Headquarters | Brazil | United States |
| Founded | Not confirmed | 2011 |
| Support channels | Help centre, PhoneCovers more | Help centre |
Everyday accounts
| Fact | Mercado Pago | SoFi |
|---|---|---|
| Licence type | Not confirmed | Bank |
| Currency conversion fee | Not confirmed | 0% |
| Currencies | 2 | Not confirmed |
| Audience | Business, Teen | Not confirmed |
| Features | Digital only | Free ATM |
| Local account details | Not confirmed | Us ACH |
| Free ATM withdrawals | Not confirmed | $0 |
| Transfer fee | Free | Outgoing domestic wire $30 per transfer; incoming wire $0 |
Money transfer
| Fact | Mercado Pago | SoFi |
|---|---|---|
| Delivery time | Instant | Not confirmed |
| Fee to send 1,000 | ARS 0 | Not confirmed |
Where each stands against the rest
| Fact | Mercado Pago | SoFi | Median |
|---|---|---|---|
| Headline rate | 105%highest quarter | Not confirmed | 3.25% |
| Minimum deposit | R$0lowest quarter | Not confirmed | R$1 |
Median across 658 listed accounts.
Pros and cons
Mercado Pago
Pros
- A headline rate of 105%, placed 1 of 473 on headline rate here.
- A monthly fee of BRL 0 and a minimum deposit of BRL 0, so nothing is listed to pay for holding the balance.
- Money stays usable at any time, accrues daily on business days, with no IOF charged on the balance.
Cons
- The rate is variable, so the return can move rather than being set in advance.
- Support runs on help centre and phone only, a narrower set of routes than a branch counter.
- The account is digital only, so there is nothing to visit in person.
SoFi
Pros
- Deposits sit under FDIC up to USD 250,000, and the bank is listed as FDIC cert 26881
- The savings rate is variable and the account kind is easy access, so you can draw money out without a fixed term
- Cash machine use is listed under free atm, with an allowance of $0
Cons
- Support runs on help centre only, so no phone or email channel appears in the list
- Wire transfers come with Outgoing domestic wire $30 per transfer; incoming wire $0, so moving larger sums to someone else is not free
- The rate is variable, so what you earn can fall as well as rise
Who each suits
Mercado Pago
Who it suits
- Businesses that park sales money in the account and want it to earn between payments.
- Teen users opening a first account: the audience is listed as business and teen and the minimum deposit is BRL 0.
- Anyone who needs a balance that can be spent on the same day it accrues interest.
Who should look elsewhere
- PayPal Colombia, listed at 3.3% on headline rate, for anyone who wants a far lower advertised figure.
- Readers who want a rate fixed in advance, since the rate here is variable. Plazo ES lists 24.19% and AXI Card Tarjeta y Credito 21.59% for a side-by-side check.
SoFi
Who it suits
- US residents who want savings and checking in a single place
- People who are happy to bank entirely online
- Savers who want a bank licence and insured deposits rather than a partner account
Who should look elsewhere
- XTB, if you hold UK pounds and want cover under FSCS up to GBP 85,000 rather than FDIC up to USD 250,000
- Plazo ES, whose fixed rate locks money away, when you would rather hold an easy access balance
- AXI Card Tarjeta y Credito, whose fixed rate suits readers who prefer a return locked for a set period
Current offers
Mercado Pago
Current offer
Bonus
Cofrinhos yield 120% of CDI with Meli+: 120% of CDI on Cofrinhos
Active Meli+ subscription; Cofrinhos are part of the Mercado Pago account
Source, checked September 26, 2026
Country by country
| Country | Mercado Pago | SoFi |
|---|---|---|
| Argentina | Yes | No |
| Brazil | Yes | No |
| Mexico | Yes | No |
| United States | No | Yes |
Questions about each
Mercado Pago
What rate does Mercado Pago pay on the balance?+
The account pays a headline rate of 105%. The rate type is variable, so the figure can move rather than staying set for a term. Interest accrues daily on business days and the money remains usable at any time.
Is there a monthly fee to pay?+
The monthly fee is BRL 0 and the pricing model is no monthly fee, so there is no recurring charge to keep an eye on. Money also leaves without a listed charge, at ARS 0 per transfer.
SoFi
How much does SoFi Savings cost to hold?+
Nothing is charged to keep the balance open. The monthly fee is $0, and the account model is no monthly fee. Money only becomes costly when you move it in certain ways, such as sending a wire rather than making a standard transfer.
Is my money safe with SoFi?+
It sits with a bank, and deposits are covered by FDIC up to USD 250,000, so the balance is protected up to that limit. The bank is listed as FDIC cert 26881, a certificate you can check against the insurer's register.
Other options to compare
Other matchups
Related by the facts
Mercado Pago
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