Banking Bank Reviews

SoFi® vs. Chime® [2026]: Rates + Range vs. Second-Chance Banking

SoFi and Chime¹ Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.  are online financial technology companies, fintechs, offering banking services. They're similar, but they're not the same. Compare Chime vs. SoFi to see which is really better for you.

By Danielle Letenyei
and Kate Underwood

Edited by Lauren Graves

Updated Feb. 17, 2026

No account fees on SoFi Checking and Savings² 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>
Competitive APYs
Member perks like complimentary financial planning and loan discounts with SoFi Plus³ SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at <a href="http://www.adviserinfo.sec.gov/">www.adviserinfo.sec.gov</a>.
Highly-rated, unique mobile app

2026 AWARD WINNER Best Checking for Bad or No Credit

4.9

No monthly fees or minimum balance requirements⁴ There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
Early access to direct deposits⁵ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
No fee overdraft up to $200 for eligible members⁶ SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card. Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.
Large network of fee-free ATMs⁷ Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Automatic savings features⁸ You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).

Our view

SoFi® and Chime® are online financial technology (fintech) companies that offer popular banking services known for having limited fees and convenient features. While SoFi offers just one bank account, a combined checking and savings product, it still competes with Chime's somewhat larger product suite. Both offer early access to direct deposit funds on checking, but SoFi's account offers interest on checking and savings, and Chime's overdraft coverage is much better.

Overall, we'd recommend SoFi for everyday banking for anyone who plans to link their direct deposit and is looking for the best interest rates possible. On the other hand, we'd recommend Chime for avoiding overdraft fees and building credit. SoFi's account comes with restrictions to earn the best rates, so Chime may be the better choice for beginner banking. However, SoFi has the edge for non-banking products, with a much wider range of personal finance offerings, including loans, investment accounts, and more.

How we rate products

SoFi vs. Chime compared


Best for …	Earning high interest rates and opening more than bank accounts	Overdraft coverage and second-chance banking
Accounts and services offered	Checking Savings Credit cards Loans (personal, student, auto, etc.) Investing (SoFi Invest) Insurance	Checking Savings⁹ <p class="">Chime Checking Account is required to be eligible for a Savings Account.<br></p> Credit-building credit card (Chime Card™)
Monthly maintenance fees	None² <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>	None⁴ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>
Minimum balance	None	None
Banking features	Early direct deposit¹⁰ <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> Overdraft coverage with eligible direct deposit¹¹ <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p> Debit card roundups Automated savings transfers	Early direct deposit⁵ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p> Overdraft coverage⁶ <p>SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.</p><br> <p>Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.</p> Debit card roundups¹² <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. <br></p> Automated savings transfers⁸ <p>You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).</p>
Savings interest rate	Up to 3.30% APY with direct deposit¹³ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and 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>	0.75% APY¹⁴ <p class="">The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is accurate as of 01/29/26. No minimum balance required. Must have $0.01 in savings to earn interest. </p> Note: You can't open a Chime Savings account without opening a Chime Checking account
Checking interest rate	Up to 0.50% APY with direct deposit	N/A
FDIC Insurance	SoFi is a Member FDIC (FDIC Cert. #26881)	Chime has FDIC insurance coverage through its partner banks The Bancorp Bank and Stride Bank (FDIC Cert. #35444 and #4091, respectively)
Trustpilot customer rating	4.2/5	3.7/5
Year founded	2011	2012
	Visit SoFi®	Visit Chime

Who SoFi is best for

We can see SoFi being a good fit for you if:

You want to earn high APY on your checking and savings accounts
You can link direct deposit to a new account
You want to open more than just a bank account
You need more FDIC insurance than the standard $250,000 coverage¹⁵ 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. 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 <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>.

SoFi Checking and Savings accounts come as a package deal. It doesn't offer standalone checking or savings accounts, which could be a disadvantage if you're looking for a dedicated savings or checking account.¹⁶ 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 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.SoFi members with Eligible Direct Deposit can earn 3.30% 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 3.30% 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 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. 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>. Read our full SoFi Checking and Savings review.

Because it also offers loans, investing accounts, business accounts, and more, it's the better option for one-stop-shop financial services even though you can only open one type of bank account. For more information about the platform's banking product, read our full SoFi review.

5.0

AWARD WINNER Best Online Checking

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

Limited-Time Offer: Earn a $50 or $300 bonus with eligible direct deposit and up to 4.00% APY on Savings (3.30% APY¹⁶with +0.70% APY Boost) for up to 6 Months on new accounts. Terms Apply.¹⁷ FDIC Insured.¹⁵

Learn More

Who Chime is best for

We would most recommend Chime to you if:

You want good overdraft coverage
You're working on rebuilding your credit
You already have a high-interest savings account
You want to avoid a credit check when applying for a bank account

Chime may be a better choice if you have a less-than-stellar credit history because it offers a Chime Card™, a secured credit card with a $0 annual fee.

It also doesn't require credit checks to apply for accounts, while SoFi® uses a soft credit check to peek at your financial history. Both Chime and SoFi are some of our picks for the best banks with no credit check because they don't conduct hard credit pulls, but Chime is better for improving your credit and avoiding a credit check altogether. To learn more about Chime's banking products and who we recommend the company for, check out our complete Chime review.

4.9

2026 AWARD WINNER Best Checking for Bad or No Credit

Chime® Checking¹ Chime is a financial technology company, not a bank. Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC.  - No Monthly Fees⁴ There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account. + Get paid up to 2 days early with direct deposit⁵ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Checking Account. No minimum balance. FDIC Insured through The Bank Corp Bank, N.A. or Stride Bank, N.A.

Open Account

SoFi vs. Chime: Checking compared

SoFi and Chime both offer checking and savings accounts with no monthly fees or minimum balance requirements.


APY	0.50% APY with direct deposit	No APY
Monthly maintenance fees	None² <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>	None⁴ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>
Minimum balance	None	None
Overdraft coverage	Overdraft coverage up to $50 with direct deposit¹¹ <p>Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at <a href="https://www.sofi.com/legal/banking-rate-sheet">https://www.sofi.com/legal/banking-rate-sheet</a>. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.</p>	Overdraft coverage up to $200 with SpotMe⁶ <p>SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card.</p><br> <p>Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.</p>
Early paycheck?	Get paid up to two days early with direct deposit¹⁰ <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>	Get paid up to two days early with direct deposit⁵ <p> Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.</p>
ATM access	55,000+ fee-free ATMs ¹⁸ <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 may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.</p> $1,000 daily limit on ATM transactions	50,000+ fee-free ATMs ⁷ <p>Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.</p> $515 daily limit on ATM withdrawals
Cash deposits?	Make cash deposits at 90,000+ participating Green Dot retailers	Make cash deposits at 85,000+ participating retailers, including free deposits at Walgreens¹⁹ <p>Once the retailer accepts your cash, the funds will be transferred to your Chime account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade. </p>

Is SoFi or Chime better for checking?

Quick answer: SoFi is better for checking when it comes to earning interest and using ATMs, while Chime is better for cash deposits and overdrafts. Both can serve as second-chance bank accounts you can open without a ChexSystems or hard credit check.

SoFi is better for earning interest on your balance

SoFi and Chime are very similar in terms of checking, but SoFi is better for interest checking.

SoFi's checking account earns interest at 0.50% APY with direct deposit, while Chime's checking account pays no APY.

SoFi is better for larger ATM withdrawals

While both SoFi and Chime have access to tens of thousands of ATMs, their daily withdrawal limits are different. SoFi's is $1,000, while Chime's is $515. If you use ATMs to withdraw large wads of cash, you'll need to pick SoFi.

Chime is better for cash deposits

Both companies also permit cash deposits, which is somewhat rare for online platforms. In fact, SoFi and Chime are among the best fintechs that accept cash deposits, thanks to the many locations that accept them and the option to deposit cash without paying a fee.

At SoFi, cash deposits are limited to $500 per transaction and $1,000 per day. At Chime, you can deposit up to $1,000 per day, depending on the retailer. With either, you could pay third-party fees.

Chime is better for overdraft coverage

Both SoFi and Chime offer above-average overdraft coverage to protect you from overdraft fees while still allowing you to spend. But while SoFi only offers up to $50 in fee-free overdraft coverage, you can overdraft up to $200 with Chime.

SoFi requires at least $1,000 in monthly direct deposits per rolling 31 calendar days to qualify for overdraft coverage. To use Chime's SpotMe® service, you need to receive at least one qualifying direct deposit of $200 or more into your checking account within the past 34 days.

Want more options to avoid fees?

Check out the best checking accounts with no fees.

SoFi vs. Chime: Savings compared

Both SoFi and Chime offer high-yield savings accounts, but SoFi's best APY is significantly higher than Chime's.


APY	Up to 3.30% APY with direct deposit¹³ <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 12/23/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and 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>	0.75% APY
Monthly maintenance fees	None	None⁴ <p>There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.</p>
Minimum balance	None	None
Automated savings features	Set automatic roundups on debit card purchases Automatically put a portion of your direct deposit into savings with AutoSave	Set automatic round-ups on debit card purchases¹² <p class="">Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account. <br></p> Automatically transfer 10% of direct deposits over $1 into savings⁸ <p>You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).</p>

Is SoFi or Chime better for saving?

Quick answer: SoFi is better than Chime for saving

SoFi is better for earning more interest

SoFi and Chime's savings accounts both earn rates far better than the national average of 0.39% (as of 2/17/26), according to the FDIC, but SoFi is our pick if you can meet direct deposit requirements. It's uncommon for savings accounts to require direct deposit to get the best rate, so this is a caveat we want to acknowledge for SoFi. If you don't link direct deposit, you'll earn 1.00% (as of 12/23/25) APY.

The potential to earn far more interest on your savings with SoFi is why this fintech is considered one of the best Chime alternatives. Even if you can't meet direct deposit activity requirements, consider SoFi for savings. Base interest rates are comparable between SoFi and Chime, and you can earn interest on your checking balance, too, if you go with SoFi.

SoFi is better for automatic transfers

Both companies provide automatic round-ups on debit purchases and automatic transfers to savings accounts so you can grow your money.

While Chime's automatic transfer takes 10% of direct deposits over $1, with SoFi, you can set the amount or portion you want to be transferred. So if you like having more control over that feature, SoFi would be better.

SoFi Plus vs. Chime+

To make the most of banking and otherwise managing your money with either SoFi or Chime, you'll want to try to qualify for the premium membership with your company of choice. For SoFi, this is SoFi Plus. And for Chime, this is Chime+. Not all online companies that offer deposit accounts provide premium memberships like this, and this is one of the many factors that make Chime and SoFi more similar to each other than other platforms (and it seems to us that these companies lean into competing with each other). That said, the perks for these programs are pretty different.

Compare SoFi Plus and Chime+ closely, paying particular attention to the direct deposit requirements, interest rates, and perks for other accounts and services beyond banking.

	SoFi Plus	Chime+
Monthly fee	$10 (unless you qualify with direct deposits)	N/A
Direct deposits required to qualify	$5,000 every 31 days	$200 every 34-day period
Savings APY	Up to 4.00% APY (with a 0.70% APY boost) for up to six months if you enroll by Jan. 31, 2026¹⁷ <p>Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.30% APY as of 12/23/25) for up to 6 months. Open a new SoFi Checking and Savings account and pay the $10 SoFi Plus subscription every 30 days OR receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 3/30/2026. 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> Without boost, up to 3.30% APY	Up to 3.00% APY (0.75% for non-Chime+ members)²⁰ <p>The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY rate is effective as of 01/29/26. No minimum balance required. Must have $0.01 in savings to earn interest. The 3.00% Chime+ APY is available only while you maintain eligibility requirements for Chime+, otherwise the 0.75% APY for non-Chime+ members will apply. See <a href="https://www.chime.com/chimeplus-terms/">Chime+ Terms and Conditions</a> for more details.</p>
Overdraft protection	N/A, same overdraft coverage as other SoFi members	Up to $200 SpotMe overdraft protection
Cash back	10% cash back boost on SoFi credit cards 5% cash back on SoFi Travel bookings	Exclusive cash back deals
Line of credit	N/A	Access up to $500 of your next paycheck with MyPay (MyPay is only offered in select states)²¹ <p>MyPay® line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451).</p><p>To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See <a href="https://www.chime.com/policies/bancorp/mypay/">Bancorp MyPay Agreement</a> or <a href="https://www.chime.com/policies/stride/mypay/">Stride MyPay Agreement</a> for details.</p>
Investing perks	1% match on recurring investments with SoFi Invest²² <p>Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. <a href="https://www.sofi.com/sofiplus/invest/#disclaimers">https://www.sofi.com/sofiplus/invest/#disclaimers</a></p> Preferred IPO access	N/A
Borrowing perks	$1,000 mortgage discount Personal loan rate discount Student loan refinancing rate discount	N/A

SoFi Plus

SoFi Plus is a premium membership that offers extra benefits to SoFi account holders. If you have a SoFi Checking and Savings account or credit card, you're already a SoFi member eligible for SoFi benefits. To upgrade to a SoFi Plus membership, you can either:

Subscribe for $10 per month.
Enroll at no cost when you set up a direct deposit from your employer, payroll provider, or benefits provider and receive at least $5,000 each month in qualifying deposits.

SoFi Plus used to be easier to join without paying

SoFi Plus previously had no minimum you had to meet each month in qualifying deposits to be eligible for a premium membership, which put it heads and tails above similar programs with other companies. Now, the direct deposit requirement to qualify is quite high, and we don't necessarily think paying for SoFi Plus is always worth it.

Chime+

Similar to SoFi Plus, Chime+ is a higher membership tier that qualifies you for additional banking perks, as well as extended borrowing options. To be eligible for Chime+, you need to receive at least $200 in qualifying direct deposits every 34 days to your Chime Checking Account. There is no option to pay to become a Chime+ member at the time of this update, setting it apart from SoFi in yet another way.

It's worth noting that SoFi Plus was introduced first, followed shortly by Chime+. This type of call-and-response is typical among such close competitors in the personal finance industry.

For both of these programs, you aren't guaranteed enrollment in the higher membership tier just because you've qualified before. You'll need to meet eligibility requirements every statement period.

Is SoFi or Chime better for customers?

Banking features are all fine and good, but it doesn't really matter how great a company is on paper unless it backs up its claims with solid customer experiences. Here's how Chime and SoFi stack up with their customer reviews and user sentiments.

Trustpilot

SoFi: 4.2/5 stars
Chime: 3.7/5 stars

App Store

SoFi: 4.8/5 stars
Chime: 4.8/5 stars

Google Play

SoFi: 4.1/5 stars (recently down from 4.3 stars)
Chime: 4.7/5 stars

Online forums like Reddit are also full of comparisons between Chime and SoFi, which only serve to further highlight their similarities but, more importantly, their real-life differences. It can be really helpful to read honest reviews from past or current customers, especially those who have had accounts with both. Here are some Reddit threads with really useful insights in r/sofi:

Editor's note

You might be surprised how many people switch over from Chime to SoFi, but it makes sense if you think about Chime as being more beginner-friendly and SoFi being a little better for those with a bit more experience.

FAQs

Does the Chime checking account earn interest?

No, Chime Checking accounts don't earn interest. This is one of the key features that sets Chime and SoFi apart, as SoFi Checking and Savings earns interest on your entire balance, including checking. When you consider that Chime Checking is a standalone account while SoFi Checking and Savings is a combined account, this could make more sense.

If you decide to bank with Chime and want to earn interest on more of your money, you'll need to transfer some of your balance to your Chime Savings account to earn up to 0.75% APY. Remember that you need a Chime Checking account to open a Chime Savings account anyway, so Chime requires two accounts to earn the most interest, while SoFi requires just one

Is Chime a good option for students?

Chime is a good option for students looking for a checking account, savings account, or secured credit card. I know I didn't have any credit history when I started college, and many other students are in the same boat. Since Chime doesn't require a credit check or a review of your banking history to open an account, it can be the perfect option early in your financial journey.

Is SoFi a good option for students?

Some ways that SoFi is a good option for college students include checking and savings accounts, student loan refinancing, and private student loans to cover school costs like housing, books, supplies, and more. SoFi also offers low fixed and variable rates on its student loans and doesn't charge fees or pre-payment penalties.

Bottom line

Overall, we recommend SoFi for earning a high rate on your checking and savings, and Chime for strong overdraft coverage and credit-building features. We also think SoFi is the better choice for anyone interested in a variety of personal finance accounts, while Chime could be a better fit for bad-credit banking. If you want to access the best-of-the-best features, pay attention to the differences between SoFi Plus and Chime+ and the requirements to qualify.

If neither Chime nor SoFi seems like a good fit for you, check out our list of banks like Chime for more options, but if neither seems like the right choice for you, check out our list of the best online banks for even more variety.

No account fees on SoFi Checking and Savings² 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>
Competitive APYs
Member perks like complimentary financial planning and loan discounts with SoFi Plus³ SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at <a href="http://www.adviserinfo.sec.gov/">www.adviserinfo.sec.gov</a>.
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2026 AWARD WINNER Best Checking for Bad or No Credit

No monthly fees or minimum balance requirements⁴ There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.
Early access to direct deposits⁵ Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.
No fee overdraft up to $200 for eligible members⁶ SpotMe® on Credit is an optional, no interest / no fee overdraft line of credit tied to the Secured Deposit Account available to qualifying members with an active Chime Card Account. To qualify for the SpotMe on Chime Card service, you must receive $200 or more in qualifying direct deposits to your Chime® Checking Account each month and have activated your physical secured Chime Visa® Credit Card or Chime Visa® Debit Card. Qualifying members will be allowed to overdraw their Secured Deposit Account up to $20, but may later be eligible for a higher limit of up to $200 or more based on Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Chime Card Limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s or its banking partners’ discretion. Although Chime does not charge any overdraft fees for SpotMe on Chime Card, there may be out-of-network or third-party fees associated with ATM transactions and fees associated with OTC cash withdrawals. SpotMe on Chime Card won’t cover non-card transactions. <a href="https://www.chime.com/policies/" style="background-color: rgb(255, 255, 255);">SpotMe on Chime Card Terms and Conditions</a>.
Large network of fee-free ATMs⁷ Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
Automatic savings features⁸ You can automatically transfer part of your direct deposits of $1 or more from your Checking Account into your selected Chime account(s).