Discover Bank vs Sofi Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Discover Bank vs. SoFi Bank
As of June 20, 2025 Discover Bank offers an APY of 3.60% for its Online Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.
SoFi Bank yields $20 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $360, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.
Discover Bank
Strengths
- Discover Bank offers an Online Savings Account with a competitive APY of 3.60%.
- Discover Bank has a high App Store rating of 4.9.
- Discover Bank has no direct deposit requirement for its savings account.
Potential Drawbacks
- Discover Bank's APY has not changed in the last 30 days.
- Discover Bank has no physical branches.
SoFi Bank
Strengths
- SoFi Bank offers a higher APY of 3.80% with qualifying deposits.
- SoFi Bank has a strong Google Play rating of 4.5.
- SoFi Bank 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.
- SoFi Bank has no physical branches.
Summary: Discover Bank provides a 3.60% APY without any direct deposit requirement, while SoFi Bank offers a higher 3.80% APY but requires either direct deposit or a significant qualifying deposit. Both banks lack physical branches, but Discover Bank has a slightly higher App Store rating. Overall, the choice may depend on whether the customer can meet SoFi's deposit requirements for the higher APY.
Compare Discover Bank's vs SoFi Bank's Savings Accounts
| Discover Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | SoFi Savings |
| APY | 3.60% (as of 6/20/2025) | 3.80% (as of 6/20/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower | |
| Note | N/A | The 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 Bank | Online Savings Account | SoFi Savings | |
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 4.3/5 | 4.5/5 | |
| BBB Rating | A+ | A+ |
Comparative Historical APY Insights (Last 5 Months)
| Discover Bank | SoFi Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | SoFi Savings |
| Latest APY | 3.60 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.0 | -0.2 | |
| Rate Changes / Mo | 0.40 | 0.20 | |
| Days Since Last Change | 60 | 148 | |
| High (-5 m) | 3.75 % | 4.00 % | |
| Low (-5 m) | 3.60 % | 3.80 % | |
| Draw-down from High | -4.0 % | -5.0 % | |
| Volatility (CV) | 0.017 | 0.005 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 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 (-5 m)
- Highest APY in the last 150 days.
- Low (-5 m)
- Lowest APY in the last 150 days.
- Draw-down from High
- How far today sits below the 5-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: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsSoFi 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 DetailsAfter 1 year Discover Bank would earn you $2 less than SoFi Bank.
More Comparisons
Compare Discover Bank's APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.60% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
Compare SoFi Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| SoFi Bank vs Ally Bank | 3.50% | $0 |
| SoFi Bank vs American Express | 3.60% | $0 |
| SoFi Bank vs Axos Bank | 4.66% | $0 |
| SoFi Bank vs Bank of America | 0.01% | $100 |
| SoFi Bank vs Barclays | 4.10% | $0 |
| SoFi Bank vs Capital One | 3.60% | $0 |
| SoFi Bank vs Chase Bank | 0.01% | $0 |
| SoFi Bank vs Chime | 3.75% | $0 |
| SoFi Bank vs CIT Bank | 4.00% | $100 |
| SoFi Bank vs Fitness Bank | 5.00% | $100 |
| SoFi Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| SoFi Bank vs Synchrony Bank | 3.80% | $0 |
| SoFi Bank vs Varo Bank | 5.00% | $0 |