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SoFi® vs. Discover® Bank: Which Bank Is Right for You?

Review Updated
Ryan Wilcox
Author: Ryan Wilcox
Ryan Wilcox
Ryan Wilcox
Full-Time Personal Finance Writer

Ryan Wilcox is a full-time Personal Finance Writer at Motley Fool Money, covering credit cards, bank accounts, investing, auto insurance, and other personal finance topics. Ryan has been writing about credit cards and savings since 2022. Before joining Motley Fool Money, he was a full-time writer at The Points Guy, where he focused on maximizing credit card rewards and travel strategies. He holds a bachelor’s degree in English and American History from the University of North Carolina at Chapel Hill, where he also spent four years reporting for The Daily Tar Heel. With a background in both journalism and consumer finance, he brings a clear and thoughtful voice to money topics. Outside of work, Ryan is likely reading, writing, or updating his Letterboxd account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Both SoFi® and Discover® Bank offer strong online experiences, no monthly fees, and competitive interest rates, but they serve slightly different needs. SoFi stands out for its sleek app and impressive APYs on both checking and savings, while Discover leans into reliable service and fixed-rate CD options.

Whether you're after a modern, all-in-one money hub or a more traditional setup with standout customer support, this guide will help you figure out which one's right for you.

SoFi vs. Discover: Overview

About SoFi

SoFi was founded in 2011 as a student loan refinance company, but has since expanded into a full-service financial platform. It now offers banking, investing, lending, and credit card products, all within one platform. SoFi is known for its high APYs, minimal fees and sleek digital interface.

About Discover

Discover® Bank was founded in 2000 and is known for its range of banking products including credit cards, savings, CDs, and retirement accounts. It combines competitive rates with 24/7 customer service and is seen as a reliable online-only banking option.

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.

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 vs. Discover: Account options

Savings accounts

Rates as of Oct 27, 2025
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
4.90/5 Circle with letter I in it. 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
4.80/5 Circle with letter I in it. 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 4.50% Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. 3.40%
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Read Review
Disclaimers

SoFi's high-yield savings account is part of its combined SoFi Checking and Savings account (Member FDIC), and earns up to 4.50% annual percentage yield (APY) with direct deposit. There are no monthly fees or minimum balance requirements.

I can personally vouch for the value of SoFi's high-APY savings account; after switching from a traditional bank, I'm set to earn hundreds more in interest this year just by moving my money.

Discover also offers a high-yield online savings account, coming with a slightly lower 3.40% APY, no fees, and no minimum deposit.

These are both great options when it comes to high-yield savings, however, offering much stronger APYs than those offered by traditional banks.

CDs

Rates as of Oct. 28, 2025

APY = Annual Percentage Yield

Offer image for Discover® Bank CD
Discover® Bank CD
Bottom Line

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.

MINIMUM DEPOSIT $0
Open Account for Discover® Bank CD

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% 3.50% 3.50% 3.85% 3.70% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%

Discover offers certificates of deposit (CDs) with terms from 3 months to 10 years, with competitive fixed rates. The minimum deposit is $0, meaning you can deposit whatever amount you wish.

SoFi, meanwhile, doesn't offer CDs, making Discover the better choice for those who want fixed-rate savings options.

APY comparison

SoFi leads in savings APY. By making qualifying direct deposits, users earn up to 4.50% APY on savings and 0.50% APY on checking.

Discover's savings APY is lower at 3.40%. However, Discover does offer CDs, giving it an edge over SoFi if you value a fixed-rate savings option.

Compare savings rates

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 Bonus Next Steps
up to 4.50%
Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3.85%
Rate info Circle with letter I in it. 3.85% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $5,000
Earn a bonus of up to $300 after a one-time deposit of $25,000+ Circle with letter I in it. This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms: https://www.cit.com/cit-bank/platinum-savings/PS2025
4.10%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of September 30, 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
Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.

For complete list of account details and fees, see our Personal Account disclosures.

The annual percentage yield (APY) is accurate as of September 30, 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.

Customer service

Discover is known for its standout customer service, earning the second-highest rating in the 2023 J.D. Power Direct Banking Satisfaction Study and an A+ rating with the Better Business Bureau. It also offers 24/7 live support by phone and online.

SoFi offers support through 24/7 live chat (when logged in), or by phone at these hours:

  • Monday-Thursday: 5 a.m. - 7 p.m. PT
  • Friday-Sunday: 5 a.m. - 5 p.m. PT
SoFi Discover
Customer service availability Phone support (select hours) and chat support (24/7) 24/7 phone and online support
Physical branch locations None (online only) None (online only)
Data source: SoFi and Discover.

Mobile apps

Both SoFi and Discover have well-rated mobile banking apps.

SoFi's app is designed for all-in-one money management, including banking, investing, and loan tracking. Users appreciate the modern interface, but occasionally report small bugs.

Discover's app is more straightforward and focused on banking. Users like its stability and ease of use, especially for everyday banking tasks like bill pay and transfers.

SoFi Discover
App Store rating 4.8/5.0 4.9/5.0
Google Play rating 4.5/5.0 4.5/5.0
Data source: App Store and Google Play.

Which bank is right for you?

Both SoFi and Discover are great modern banking options depending on your priorities. If you want high APYs and a digital-first experience, SoFi is a strong choice, especially if you already use its other financial tools. Apply for a SoFi Checking and Savings account (Member FDIC) today.

But if you value CDs and 24/7 phone support, Discover is a better fit. Apply for a Discover® Online Savings account today.

FAQs

  • SoFi is ideal for people who want high interest rates, no account fees, and an all-in-one app for managing their finances.

  • Discover is great for people who want 24/7 support and CDs.

  • No, both SoFi and Discover are online-only banks.