SoFi® vs. Discover® Bank: Which Bank Is Right for You?
Review
Updated
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Bottom line: SoFi® is the best choice for people who want an all-in-one banking relationship, while Discover® Bank can be an excellent option to boost the yield from your savings.
SoFi®'s name comes from the phrase "Social Finance," and it was founded in 2011 by business students at Stanford. Along with bank accounts, SoFi® offers loans for just about anything, plus active and automated brokerage accounts.
Discover is best known for its excellent credit cards, and this is borne out by the company's history -- the first-ever Discover card was used in 1985. Since then, Discover has added other financial products to its lineup, including a full range of bank account options and loans.
SoFi® offers a high-yield savings account, but it's important to mention that it can only be opened as a combination checking/savings account product called SoFi Checking and Savings (member FDIC)⁴. They are two separate accounts with different account numbers, but you can't open one without the other.
SoFi®'s savings account offers a highly competitive APY if you're willing to set up direct deposit or meet certain deposit requirements.²
The Discover® Online Savings account is also a solid product, but with a few important differences. For one thing, while its APY is slightly lower than SoFi®'s, it's still very competitive and there are no special requirements to get it. You can literally deposit $1, open the account, and earn Discover's advertised APY on your money.
| Offer |
|
|
|---|---|---|
| Account |
SoFi Checking and Savings
On SoFi's Secure Website. |
Discover® Online Savings
On Discover Bank's Secure Website. |
| Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | up to 3.80% Rate info SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. | 3.60% |
| Min. to earn APY | $0 | $0 |
| Next Steps |
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
As mentioned above, the SoFi Checking and Savings is a two-in-one product, but the checking account is an impressive product. It offers a competitive APY (for a checking account), the ability to earn a welcome bonus after meeting deposit requirements¹, and has no fees. Account holders get access to more than 55,000 ATMs⁵, and direct deposit customers can receive their paychecks up to two days early.⁶
Discover has an interesting approach to checking accounts with its Discover® Cashback Debit account. It doesn't pay interest, but offers 1% back on qualifying debit card purchases of up to $3,000 per month -- a rare feature among checking accounts that can be worth far more than the small APYs many online checking accounts pay.
Like SoFi®, the Discover® Cashback Debit account offers early access to paychecks, access to over 60,000 ATMs, and several other important features.
| Offer |
|
|
|---|---|---|
| Account |
SoFi Checking and Savings
On SoFi's Secure Website. |
Discover® Cashback Debit
On Discover Bank's Secure Website. |
| Rating |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
| APY | 0.50% Rate info SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. | 0% |
| Min. to earn APY | $0 | N/A |
| Next Steps |
In addition to the fantastic Discover® Cashback Debit account, Discover offers the Discover® Money Market account that combines some of the features of checking and savings accounts. It has no minimum opening deposit requirement, and it offers checking and debit card access in an account with an APY comparable to most high-yield savings accounts. SoFi® doesn't offer a money market account.
On Discover Bank's Secure Website.
Member FDIC.
Discover® Money Market
On Discover Bank's Secure Website.
On Discover Bank's Secure Website.
This account offers a competitive APY, especially given there are no monthly service fees, while still giving access to ATMs and checks. You don't need to maintain a high balance to earn a good rate.
Discover is the clear winner here. SoFi® doesn't offer CDs at all -- at least not yet.
Discover offers one of the best varieties of CD terms in the industry, with 12 different maturity terms ranging from three months to 10 years. As we'll see below, Discover® Bank CD rates are highly competitive, especially for shorter-duration CDs like 1-year and 18-month accounts. Discover has a $0 minimum balance requirement to open a CD.
APY = Annual Percentage Yield
Discover offers competitive CD rates, particularly when compared to traditional brick-and-mortar banks. It provides a range of unique term lengths, with CDs available for as short as three months and as long as 10 years. This flexibility makes Discover an excellent choice for individuals looking to secure a rate for either a short-term or an extended period.
On Discover Bank's Secure Website.
| 3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 30 Mo. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY | 7 Yr. APY | 10 Yr. APY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2.00% | 3.70% | 4.00% | 4.00% | 3.80% | 3.80% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% |
SoFi® offers competitive APYs for its checking and savings accounts but doesn't offer any CDs at all. Discover has all-around competitive APYs and fewer restrictions than SoFi® (recall that SoFi®'s top savings interest rate requires direct deposit).
Here's a side-by-side comparison of the APYs offered by both banks. (Note: N/A means the product isn't offered by the bank.)
| Product | SoFi® | Discover |
|---|---|---|
| Savings account | up to 3.80% | 3.60% |
| Checking account | 0.50% | 0%** |
| 1-year CD | N/A | 4.00% |
| 18-month CD | N/A | 3.80% |
| 3-year CD | N/A | 3.50% |
| 5-year CD | N/A | 3.50% |
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.30%
Rate info
The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
|
N/A
|
Open Account for Western Alliance Bank High-Yield Savings Premier
On Western Alliance Bank's Secure Website. |
Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
|
Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
It's important to point out that both SoFi® and Discover are online banks and don't have physical branches you can access for customer service. But if you're fine with managing your banking over the phone and through channels like live chat, each could still be a good fit.
In SoFi®'s case, there is phone support available from 5 a.m. to 7 p.m. PT Monday through Thursday and 5 a.m. to 5 p.m. Friday through Sunday. There's also chat support available, or support through X (formerly Twitter) by messaging @SoFiSupport.
Discover takes it a step further, offering 24/7 live phone support. In fact, Discover earned the second highest ranking in the J.D. Power 2023 Direct Banking Satisfaction Study and holds an A+ rating from the Better Business Bureau.
| SoFi | Discover | |
|---|---|---|
| Customer service availability | Phone, chat, X message | Phone |
| Physical branch locations | None | None |
Both banks have highly rated mobile apps. SoFi®'s app is designed to be an all-in-one financial management tool, offering checking and savings accounts, personal loans, mortgages, an investment platform, and financial planning features all in the same place.
Discover's app is a user-friendly way to manage your bank accounts, and any Discover credit cards or loans you may have.
Here's how these apps rank in both the App Store and Google Play store.
| Banking App | Rating in App Store | Rating in Google Play Store |
|---|---|---|
| SoFi® Bank | 4.8 | 4.0 |
| Discover | 4.9 | 4.5 |
Both of these banks offer excellent products and services. SoFi® is likely the better choice if you're looking for an all-in-one banking replacement. It offers an investment platform, several types of loans (including mortgages), and more.
Discover, on the other hand, could be the better option if your goal is to get the most yield from your savings, especially if you have money you won't need for a while and can take advantage of its CDs.
On Discover Bank's Secure Website.
Member FDIC.
SoFi Checking and Savings
On SoFi's Secure Website.
On SoFi's Secure Website.
For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300 and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.
You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.
Discover® Online Savings
On Discover Bank's Secure Website.
On Discover Bank's Secure Website.
The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how Motley Fool Money rates bank accounts.
SoFi® is designed to be a true banking replacement, meaning that it offers most of the banking products and services you would expect from more traditional banks. It offers checking and savings accounts, a brokerage platform, a robo-advisor, student loans, personal loans, mortgages, credit cards, and more. It coud be an ideal choice for people who want a no-fee, high-APY bank who want to keep all of their finances in one place.
Discover® Bank offers some excellent savings and checking products and a variety of CDs. It also offers credit cards and several types of loans. It can be a smart choice for people who want to minimize fees and maximize the APY from their savings and who also want to be rewarded for their everyday debit card purchases.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.
