sofi vs discover savings account reddit

reddit.com › r › sofi › comments › 15ly2qo › discover_bank_or_sofi

Sofi or capital one would be better picks. They're very similar. Both have HYSA, sofi is 4.5% and Capital one is 4.3%. Both allow multiple accounts where sofi gives you up to 20 vaults and capital one allows you 25 different accounts to help you split your money up. Capital one has a bigger atm network and can use any that sofi can. Capital one also has zelle, sofi doesn't. You can deposit money for free with capital one and sofi has a $4.95 fee. You don't need to have direct deposit for capital one but you do so sofi in order to get the higher APY. You can pay bills from both bank accounts but capital one connected to all my billers while there were a few that I couldn't with sofi. Sofi has new customer bonuses and capital one has none. To me these two are my top picks. I use both of them, where one falls short the other can get it done. Answer from ilion211 on reddit.com

reddit.com › r/sofi › discover bank or sofi?

r/sofi on Reddit: Discover Bank or SoFi?

August 8, 2023 -

Looking for a new bank to switch from a joint Citibank Basic account with high yield and bonus good benefits and the likes of such. I don't have too much money (200 in checkings and 1.5k in savings that's my mom's that she says I'm not allowed to touch which is so that I'm not charged a maintenance fee) but I do have a few job offers and I'm going to apply to SSI. I've decided to either use SoFi or Discover though they both charge for cash deposits which suck. Let me know what's a better bank overall.

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Sofi or capital one would be better picks. They're very similar. Both have HYSA, sofi is 4.5% and Capital one is 4.3%. Both allow multiple accounts where sofi gives you up to 20 vaults and capital one allows you 25 different accounts to help you split your money up. Capital one has a bigger atm network and can use any that sofi can. Capital one also has zelle, sofi doesn't. You can deposit money for free with capital one and sofi has a $4.95 fee. You don't need to have direct deposit for capital one but you do so sofi in order to get the higher APY. You can pay bills from both bank accounts but capital one connected to all my billers while there were a few that I couldn't with sofi. Sofi has new customer bonuses and capital one has none. To me these two are my top picks. I use both of them, where one falls short the other can get it done.

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I haven't used Discover as a bank, but I checked out their website - It looks ok, but it seems like SoFi could be a better deal if you have direct deposit. The big thing with SoFi is that in order to get the 4.5% APY, you MUST have direct deposit through an employer. It can't be something like cashapp or venmo, Square, etc. It needs to be a company's real payroll system sending the money. As long as you have ANY amount direct deposited, you get most SoFi Plus benefits, including the 4.5% APY. There are a few benefits you don't get unless you're direct depositing a MINIMUM of $1,000 per month. There is no "maintenance fee" with SoFi - it's 100% free checking. You can order free checks, you get a free debit card. You can turn on free overdraft protection which would pull money from your savings account if you don't have enough cash in your checking account. If you're depositing the minimum $1k, you also get up to $50 overdraft for free (if you use your debit card and have NO money in either your checking OR savings.) The prevailing banking strategy with SoFi tends to be: Bank out of your SAVINGS account, so your money stays in the savings account for a lot longer, and gets the better APY. There's an awesome feature called Vaults, which allows you to create up to 20 "sub-accounts" inside your savings account, called vaults. You can call them whatever you want, assign a monetary goal to track progress, etc. Money inside vaults gets the same APY that you get in your general savings - think of your savings account being 2 parts: General savings, where you can pay bills, send or receive money from external accounts, etc. The other part are your Vaults. You cannot pay bills out of vaults, but money can be transferred instantly from vault to vault, or betwen vaults and SoFi checking or savings account. Vaults are what made me switch - I've wanted a feature like that for a really long time. I can finally see where my money is going, and towards which goal. If you have to get cash deposits on any kind of regular basis, I would open an account at a local credit union, and just keep small amounts of cash in that checking account. It would be easier (and free) to deposit money into that local account, and link it to your SoFi account so you can just transfer it over in 2-3 days.

reddit.com › r/banking › sofi vs discover savings account

r/Banking on Reddit: Sofi vs Discover Savings Account

July 18, 2023 -

I have considered having a Discover Bank Savings account. I noticed that in order to acquire 4.6%yield I need to link my direct deposit to the savings account(I am unable to do the 5000 or more money transfer every 30 days). I have 2 questions.

If I were to link my direct deposit from the current checking account I have to the savings for my first two paychecks/month then link the direct deposit back to the checking account(at another bank mind you). Will that 4.6% yield still be locked in even after taking the direct deposit off the savings?
Overall which is better, Sofi Savings or Discover Bank savings?

Thank you in advance!

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Both savings accounts are good options, but I would avoid SoFi if you can't direct deposit to the account for the higher rate that's advertised.

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I really like Discover as a company and their products. Their app is really friendly to use and have everything that you need to do and see Customer service is very good compare to other banks. The biggest thing is there’s very little wait time. I once had to call them about a minor issues that I had, got transfered 2-3 times to the correct department and all were picked ip within minutes and all apologized for the delay and transfers

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