SoFi® vs. Discover Checking: Quick comparison
SoFi Checking and Savings7 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or 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 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> 5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p> | Discover Checking | |
Checking APY | Up to 0.50% (as of 01/24/25) APY with direct deposit1 <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or 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 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. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p> | N/A |
Cashback rate | N/A | 1.00% cash back on up to $3,000 in debit card purchases each month8 <p>Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at <a href="https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf">https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf</a>.</p> |
Perks |
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Minimum deposit requirement | $0 | $0 |
Important fees | No monthly fees or overdraft fees3 <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p> | No monthly fees or overdraft fees |
ATM Access | Over 55,000 ATMs4 <p>We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p> | Over 60,000 ATMs |
FDIC Insurance | SoFi is a Member FDIC (FDIC Cert. #26881)5 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p> | Discover is a Member FDIC (FDIC Cert. #5649) |
Visit SoFi® | Visit Discover |
When you should pick SoFi checking
SoFi is an online-only company offering one bank account: SoFi Checking and Savings. This is a powerhouse of an account with combined checking and savings features, but it shines as an everyday bank account for people with direct deposit because it provides more perks and opportunities to save than most checking accounts.
Here are times when it would make sense to choose SoFi over Discover for checking.
You want an interest-bearing account
Typically, checking accounts don't pay interest, but SoFi's checking account is an exception. The SoFi checking account pays 0.50% (as of 01/24/25) APY — more than five times the national average for interest-bearing checking accounts.
An interest-bearing checking account allows you to earn interest on the balance you keep in there to pay your bills, such as your rent or student loans. Over time, the APY could help your money grow.
You want a one-stop location for managing your money
SoFi has a robust platform for its members. SoFi offers a free platform that allows you to view all of your accounts — including non-SoFi accounts — in one place.10 <p>SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service and for SoFi to present to you data we have received from the credit bureau. The credit score and associated data provided to you is a VantageScore® based on TransUnion® (the “Processing Agent”) data.</p> You can manage your mortgage, track your spending and monitor your credit through SoFi's platform, simplifying your money management tasks.
You want a checking and savings accounts
With SoFi, you open a checking account and savings account together; they cannot be opened separately. Opening the packaged accounts could be a good idea if you want to have your checking and savings in the same place; SoFi pays a much higher-than-average APY on both its checking and savings accounts, so it could be a smart way to earn more interest.
Visit Sofi | Read our full SoFi checking account review
When you should pick Discover checking
You might know the online bank mainly for its credit cards, but Discover is no slouch when it comes to banking. It offers a range of products, including high-yield savings accounts, checking accounts, and certificates of deposit (CDs).
In our opinion, the Discover Cashback Debit account, which earns cash back on qualifying debit card transactions, is probably its best product for most people, especially those who check the following boxes.
You want the ability to earn rewards
Discover's checking account is unusual in that it allows customers to earn cash back rewards with their debit cards. You could earn 1.00% cash back on up to $3,000 of purchases per month that you make with your debit card.
To put that in perspective, consider this example. According to the U.S. Bureau of Labor Statistics, households spend an average of $700 per month on clothes, gasoline, and food consumed outside of the home. If you used your debit card to pay for those purchases, you'd earn $84 per year in cash back — an amount you'd miss out on if you opted for a non-cashback debit card.
You prioritize customer support
Discover's customer support team is available seven days a week, 24 hours a day, so you can get help when you need it. Whether you lost your debit card, noticed a mistake on your account, or have a question about a banking feature, Discover can help you any time, day or night.
By contrast, SoFi's customer support is more limited. For checking and savings accounts, it's only available Monday through Thursday from 5 a.m. until 7 p.m. PST, and Friday through Sunday from 5 a.m. until 5 p.m. PST.
You frequently deposit cash
Although SoFi and Discover lack brick-and-mortar locations, they do allow you to make cash deposits. However, Discover is more customer-friendly; you can make cash deposits through any cashier at your local Walmart, and there's no fee to make a cash deposit.
That's not the case with SoFi. SoFi allows customers to deposit cash through the Green Dot network of participating retailers. You can usually make a deposit at local CVS, Walgreens, or 7-11 stores. However, the retail partners typically charge a $4.95 fee for every cash deposit, so it could be more expensive.
Visit Discover | Read our full Discover checking account review
Which is the better checking account for you?
Which checking account — Discover or SoFi — is better for you depends on several variables. When choosing, ask yourself the following questions.
- Do you handle cash often? If you frequently handle cash — for example, if you have a cash-based job as a server — Discover may be more cost-effective than SoFi. You can deposit cash through a Walmart cashier with no added fee.
- How do you prefer to manage your money? SoFi makes it easy to manage all of your financial tasks and accounts in one spot. If you like the idea of a one-stop platform, SoFi could be a smart choice.
- Do you intend to apply for loans? If you have a SoFi Checking and Savings account, you may be eligible for interest rate discounts on SoFi personal loans, mortgages, and student loans.
FAQs
Does SoFi use Zelle?
As a SoFi Checking or Savings customer, you can use Zelle to send money to friends or family or receive payments. Through the SoFi mobile app, you can enter the amount you want to send and use Zelle to transfer funds.
Does opening a Discover checking account affect my credit score?
Opening a new checking account with Discover doesn't affect your credit score. You can apply for an account online within minutes.
Like other banks, Discover may review your Chex Systems report, which collects and reports data on checking account applications and account closures. However, your Chex Systems report has no impact on your FICO or Vantage credit scores.
Is SoFi safe?
Yes, SoFi is a safe financial technology company that offers a host of legitimate products and services and has a track record of high customer satisfaction. SoFi Bank is a member FDIC, and all deposit accounts are insured against losses up to $3 million rather than the standard limit of $250,000 per account, per depositor. The company's online banking security features include 24/7 account monitoring, instant alerts for suspicious activity, and two-factor authentication. These safety measures are standard but important.
Bottom line
Both SoFi and Discover offer some of the best checking accounts available since they have no account minimums or monthly fees. As digital checking account options go, they also have robust mobile apps and online platforms to make it easier to pay your bills and track your spending.
In some cases, it may make sense to have more than one account. For instance, you may use Discover for your day-to-day expenses so that you could take advantage of the 1% cash back on up to $3,000 of purchases, keeping a SoFi checking account as a backup option.
Once you've decided which account you want, you can open a new checking account online in minutes.