SoFi vs Discover 2026: Direct Deposit Required?
SoFi pays more but requires direct deposit. Discover pays less but adds cashback rewards. Here's how to choose.
⚡ Quick Verdict
- • You have reliable direct deposit
- • You want a full banking ecosystem
- • Higher APY is your priority
- • You can't commit to DD
- • You want cashback on debit
- • You value app experience
| Feature | SoFi | Discover | Winner |
|---|---|---|---|
| APY (with DD) | 4.00% | 3.60% | 🏆 SoFi |
| APY (without DD) | 1.00% | 3.60% | 🏆 Discover |
| Sign-Up Bonus | Up to $300 | $200 | 🏆 SoFi |
| Cashback Debit | ✗ No | 1% | 🏆 Discover |
| Mobile App | 4.7★ | 4.8★ | 🏆 Discover |
| ATM Network | 55,000+ | 60,000+ | Tie |
| Investing | ✓ Yes | ✗ No | 🏆 SoFi |
The Direct Deposit Question
This is the deciding factor. SoFi's 4% APY requires direct deposit—without it, you earn just 1%.
Annual Interest on $25,000
If you have stable W-2 employment and can commit to direct deposit, SoFi wins. If you're freelance, self-employed, or between jobs, Discover's unconditional rate is safer.
Capital One Acquisition Factor
Important: Discover is being acquired by Capital One. If the deal closes, accounts may migrate to Capital One, rates could change, and the cashback debit program might end.
This adds uncertainty to choosing Discover. SoFi, while requiring DD, is independently stable.
The Cashback Debit Advantage
Discover's 1% cashback on debit purchases (up to $3,000/month) can add up:
- $1,000/month in debit spending = $10/month = $120/year
- $2,000/month = $240/year
- $3,000/month (max) = $360/year
This partially offsets Discover's lower APY—if you use debit frequently.
The Bottom Line
Choose SoFi if: You have reliable direct deposit and want the higher 4% APY plus bonuses and investing features.
Choose Discover if: You can't commit to direct deposit, value the best-in-class app experience, or want cashback on debit purchases.