Discover Bank vs Sofi Bank
High-Yield Savings Accounts Comparison

Last Updated: July 15, 2025

Summary of Discover Bank vs. SoFi Bank

As of July 15, 2025 Discover Bank offers an APY of 3.50% for its Online Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.

SoFi Bank yields $30 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $350, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.

Discover Bank

Strengths

  • Discover Bank offers a competitive APY of 3.50%, although it decreased from 3.60% in the last 30 days.
  • Discover Bank has a high App Store rating of 4.9.
  • Discover Bank has no direct deposit requirement for its Online Savings Account.

Potential Drawbacks

  • Discover Bank has no physical branches available.

SoFi Bank

Strengths

  • SoFi Bank provides a higher APY of 3.80%, stable over the past 30 days.
  • SoFi Bank has a solid Google Play rating of 4.5.
  • SoFi Bank also has no maintenance fees for its savings account.

Potential Drawbacks

  • SoFi Bank requires direct deposit or a $5,000 qualifying deposit to achieve the listed APY.
Summary: Discover Bank offers a 3.50% APY, down from 3.60%, with no direct deposit requirement, while SoFi Bank provides a higher 3.80% APY but requires direct deposit or a qualifying deposit. Both banks have high App Store ratings, with Discover at 4.9 and SoFi at 4.8. Discover has no branches, similar to SoFi, which also has no maintenance fees.

Compare Discover Bank's vs SoFi Bank's Savings Accounts

Discover BankSoFi Bank
ProductOnline Savings AccountvsSoFi Savings
APY
3.50% (as of 7/15/2025)3.80% (as of 7/15/2025)
Bundled Account
NoYes
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$0$0
Direct Deposit Required
NoNo. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower
NoteN/AThe 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account.
Visit BankOnline Savings AccountSoFi Savings
App Store Rating4.9/54.8/5
Google Play Rating4.3/54.5/5
BBB RatingA+A+

Comparative Historical APY Insights (Last 6 Months)

Discover BankSoFi Bank
ProductOnline Savings AccountvsSoFi Savings
Latest APY3.50 %3.80 %
TrendSidewaysSideways
Slope (bps/mo)-4.5-0.3
Rate Changes / Mo0.510.17
Days Since Last Change20173
High (-6 m)3.75 %4.00 %
Low (-6 m)3.50 %3.80 %
Draw-down from High-6.7 %-5.0 %
Volatility (CV)0.0220.007
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 6 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-6 m)
Highest APY in the last 175 days.
Low (-6 m)
Lowest APY in the last 175 days.
Draw-down from High
How far today sits below the 6-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Calculate Savings Growth for Discover Bank vs SoFi Bank

All calculations are based on APY.

Discover Bank

APY: 3.50%

Total savings breakdown:

  • Interest earned: $35 (3.38%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.62%)

Your total balance

$1,035.00

Effective APY: 3.50% (based on your deposit and contributions)

Total balance: $1,035

Earnings: $35

Bank Details

SoFi Bank

APY: 3.80%

Total savings breakdown:

  • Interest earned: $38 (3.66%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.34%)

Your total balance

$1,038.00

Effective APY: 3.80% (based on your deposit and contributions)

Total balance: $1,038

Earnings: $38

Bank Details

After 1 year Discover Bank would earn you $3 less than SoFi Bank.

More Comparisons

Compare Discover Bank's APY of 3.50% with other banks
Compare SoFi Bank's APY of 3.80% with other banks