Banking Checking Accounts

SoFi® vs. Discover Checking — Which Is Better?

For those who want a basic checking account, Discover is a monthly-fee-free option. But SoFi® may be a better choice if you want more perks, including the ability to earn interest.

Updated April 14, 2025
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SoFi Checking and Savings
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    High APY of up to 3.80%1 with direct deposit
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    Paycheck access up to 2 days early2
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    No monthly maintenance or overdraft fees3
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    Streamlined savings and savings goals with Vaults
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    Access to a large ATM network4
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    SoFi is a member FDIC5
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Discover® Cashback Debit
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    Earn 1.00% cash back on up to $3,000 in debit card purchases each month6
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    Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
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    Get the security of a Member-FDIC bank
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Our view

Both SoFi® and Discover are monthly-fee-free checking account options with no minimum deposits required.3 Although Discover stands out thanks to its cash back rewards program, SoFi may be the better choice due to its APY, new account member bonus, and account management tools.

SoFi and Discover are popular digital checking options. Neither company operates brick-and-mortar branches, but they can be appealing choices because both accounts charge no monthly fees and have no minimum deposit requirements.

While these two account types are similar, Discover and SoFi differ in several ways, including rewards and annual percentage yields (APYs) — each of which could earn you a little extra money.

SoFi® vs. Discover Checking: Quick comparison

SoFi Checking and Savings75 Discover Checking
Checking APY Up to 0.50% (as of 01/24/25) APY with direct deposit1 N/A
Cashback rate N/A 1.00% cash back on up to $3,000 in debit card purchases each month8
Perks
  • Early direct deposit2
  • No-fee overdraft coverage9
  • Cash deposits (for a fee)
  • Works with Zelle
  • Early direct deposit
  • No-fee overdraft coverage
  • Cash deposits (free)
  • Works with Zelle
  • Minimum deposit requirement $0 $0
    Important fees No monthly fees or overdraft fees3 No monthly fees or overdraft fees
    ATM Access Over 55,000 ATMs4 Over 60,000 ATMs
    FDIC Insurance SoFi is a Member FDIC (FDIC Cert. #26881)5 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 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.

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    Discover® Cashback Debit Benefits

    • Earn 1% cash back on up to $3,000 in debit card purchases each month6
    • No minimum deposit, no minimum balance, and no account fees
    • Easily switch direct deposit via the Discover mobile app or online for Early Pay (get your paycheck up to 2 days early!)
    • 60K+ fee-free ATMs and make cash deposits at Walmart stores nationwide
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