SoFi® vs. Discover Checking [2025]: Which Is Better?

Compare SoFi® vs. Discover checking basics

	SoFi Checking and Savings6 <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 11/12/25. 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>.</p> 7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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
Earns interest?	Yes	No
Earns cash back?	No	Yes
Offers early direct deposit?	Yes2 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>	Yes
Offers no-fee overdraft coverage?	Yes8 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible Direct Deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.</p>	Yes
Cash deposits accepted?	Yes	Yes
Works with Zelle?	Yes	Yes
Minimum deposit requirement?	No	No
Monthly service fee?	No3 <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
Fee-free ATM access?	Yes4 <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>	Yes
FDIC Insurance	SoFi is a Member FDIC (FDIC Cert. #26881)7 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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®	Read our full Discover Checking review

*Details about Discover® Cashback Debit have been collected by FinanceBuzz editors. This information is accurate as of the date of the review and was not reviewed or approved by the issuer. FinanceBuzz does not receive commission for this product.

When you should pick SoFi checking

SoFi is an online-only company offering one banking account: SoFi Checking and Savings. This is a powerhouse of an account with combined checking and savings features, but it shines as an everyday 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 a high-interest checking account

Typically, checking accounts don't pay interest, but SoFi's checking account is an exception. The SoFi checking account pays 0.50% APY,¹ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and&nbsp;information can be found at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a></p> several times the national average for interest 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.⁹ <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

2025 award winner Best Checking and Savings Combo

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SoFi Checking and Savings

SoFi Checking & Savings - Earn Up to $300 When You Set Up Direct Deposit

Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY⁶ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 11/12/25. 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>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.¹⁰ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p> FDIC Insured.⁷ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

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When you should pick Discover checking

You might know Discover mainly for its credit cards, but it is no slouch in banking either. It offers a range of products, including high-yield savings accounts, checking accounts, and certificates of deposit (CDs). Although many of these are worth opening, we consider it to be one of the best personal banks for everyday checking.

In our opinion, the Discover^® Cashback Debit account, which earns cash back on qualifying debit card transactions, is 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.¹¹ <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>

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.

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.

Other featured accounts

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2025 award winner Best for Bonuses

Earn up to $400

When you open a new U.S. Bank Smartly® Checking account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through November 26, 2025. Member FDIC. Offer may not be available if you are an existing U.S. Bank customer or live outside of the U.S. Bank footprint.

Open Account

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Bank of America Advantage Banking

Up to $500 cash offer. Click ‘Learn More' for more details. Bank of America, N.A. Member FDIC.

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Enjoy $300 as a new Chase checking customer

When you open a new Chase Total Checking® account with qualifying activities.¹² <p>Offer not available to existing Chase checking customers, or those whose accounts have been closed within 90 days or closed with a negative balance within the last 3 years. You can receive only one new checking account opening related bonus every two years from the last coupon enrollment date and only one bonus per account. Coupon is good for one-time use. To receive the bonus: 1) Open a new Chase Total Checking account, which is subject to approval; AND 2) Have your direct deposits totaling $500 or more made to this account within 90 days of coupon enrollment. Your direct deposit needs to be an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government. Person to Person payments (such as Zelle®) are not considered a direct deposit. Micro-deposits do not qualify as a direct deposit for the bonus. Micro-deposits are small deposits, typically less than $1, that are sent to your account to verify it is the correct account. After you have completed all the above requirements, we'll deposit the bonus in your new account within 15 days. To receive this bonus, the enrolled account must not be closed or restricted at the time of payout. Eligibility may be limited based on account ownership. Bonus is considered interest and will be reported on IRS Form 1099-INT (or Form 1042-S, if applicable). Offer availability subject to change. Other Chase checking bonus offers may exist concurrently.</p> FDIC Insured. Offer valid through 1/21/2026.

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SoFi vs. Discover savings

We've spent this whole review talking about how the checking accounts compare between SoFi and Discover Bank, but what about savings accounts?

You're still just talking about one account with SoFi: Checking and Savings. But Discover, like many banks but unlike SoFi, offers dedicated savings accounts, and they're not too shabby. SoFi is a touch better for saving, but only if you can qualify for its best savings rate.

SoFi's savings rate is better than Discover's, but it comes with direct deposit requirements to qualify, while Discover's does not. Another major difference between Discover and SoFi is that you wouldn't be able to spend directly from your savings balance with Discover, because this account doesn't offer a debit card.

The better savings account between these two is simple: Choose Discover if you can't meet SoFi's direct deposit requirements to qualify for the best stated APY, but SoFi if you can.

FAQs

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 to take advantage of the 1% cash back on up to $3,000 of purchases, keeping a SoFi checking account as a backup option. For more information, read our full Sofi review. For another side-by-side matchup, check out our SoFi and Chime comparison.

Reach Your Savings Goals Faster

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2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY⁶ <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 Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit 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 11/12/25. 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>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.¹⁰ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 1/31/26. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member FDIC.</p>
• No account, overdraft, or monthly 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>
• Get your paycheck up to two days early with direct deposit
• Access additional FDIC insurance up to $3 million⁷ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, 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.&nbsp;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&nbsp;<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>

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Open an account with SoFi® here