SoFi® vs. Chime®: Which Reigns Supreme?

SoFi® and Chime are online financial companies offering banking services like checking and savings accounts and debit and credit cards.⁵ <p class="">Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.<br></p> For most people, we recommend SoFi over Chime due to its range of financial products and competitive annual percentage yield (APY) on bank accounts like its high-yield savings account.

That said, Chime may be a better choice if you have a less-than-stellar credit history because it offers a Secured Chime Credit Builder Visa^® Credit Card, a secured credit card with a $0 annual fee.⁶ <p>The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.&nbsp; To apply for Credit Builder, you must have an active Chime® Checking Account.</p> ⁶ <p>The secured Chime Credit Builder Visa® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.&nbsp; To apply for Credit Builder, you must have an active Chime® Checking Account.</p>

Let’s compare the advantages and disadvantages of SoFi and Chime so you can determine which may be the best option for you.

Key takeaways

• Both SoFi and Chime offer interest-bearing savings accounts, but the APY on SoFi's account is significantly higher than what Chime offers, making it a better choice for most.
• SoFi and Chime both offer checking and savings accounts with no monthly fees or minimum balance requirements.² <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>
• SoFi offers a “one-stop shop” for a number of different financial products.
• Chime only offers checking, savings, and a credit card account.
• Chime doesn’t require credit checks to apply for accounts, while SoFi® does a soft credit check.
• SoFi’s checking and savings accounts come as a package deal. It doesn’t offer standalone checking or savings accounts.⁷ <p>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 Direct Deposits received during the Direct Deposit Bonus Period) <b>OR</b> $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="http://sofi.com/banking">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members with Direct Deposit can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.00% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 Dec. 3, 2024. There is no minimum balance requirement. 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></p>
• Chime has FDIC insurance coverage through its partner banks The Bancorp Bank and Stride Bank. SoFi is a Member, FDIC.

SoFi vs. Chime at a glance

	SoFi	Chime
Year founded	2011	2012
Number of fee-free ATMs	55,000+3 <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 incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.</p>	50,000+8 <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>
Products offered	Checking Savings Credit cards Personal loans Student loans Mortgage loans Small business loans Insurance Auto loan refinancing Investing IRAs ETFs Crypto trading	Checking Savings9 <p class="">Chime Checking Account is required to be eligible for a Savings Account.<br></p> Credit Builder Credit Card
Checking APY	0.50% (as of 12/3/24) with direct deposit	N/A
Savings APY	Up to 4.00% with direct deposit1 <p>SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Dec. 3, 2024. There is no minimum balance requirement. 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></p>	2.00% (as of Sept. 9, 2024) Note: You can’t open a Chime Savings account without opening a Chime Checking account10 <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 September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</p>
Best for …	One-stop shop	Rebuilding credit
	Visit SoFi®	Visit Chime

Checking comparison

SoFi Checking

Chime® Checking

0.50% (as of 12/3/24) APY with direct deposit No monthly fees No balance minimums Overdraft coverage up to $5011 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p> Get paid up to two days early with direct deposit12 <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> $1,000 daily limit on ATM transaction

No APY No monthly fees No balance minimums Overdraft coverage up to $200 with SpotMe13 <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p> Get paid up to two days early with direct deposit4 <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> $515 daily limit on ATM withdrawals

SoFi and Chime are nearly identical. Both have no monthly fees, no minimum balance requirements, and have the option for qualifying customers to get their direct deposits up to two days early.⁴ <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>

A distinction is that SoFi’s checking account earns interest at 0.50% (as of 12/3/24) APY with direct deposit, while Chime’s checking account pays no APY.

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.

Both SoFi and Chime have options to protect you from overdraft fees. SoFi requires at least $1,000 in monthly direct deposits to qualify for overdraft coverage. Only qualifying members can use Chime’s SpotMe® service.¹³ <p>SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account; SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month. Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. <a href="https://www.chime.com/policies/">SpotMe on Credit Builder Terms and Conditions</a>.</p>

Winner: SoFi due to the higher APY and more generous daily ATM withdrawal limit.

Savings comparison

SoFi®

Chime

Up to 4.00% APY with direct deposit No monthly fees No minimum balance required Ability to set up automatic roundups on debit card purchases to build savings AutoSave feature automatically puts a portion of your direct deposit into savings

2.00% (as of Sept. 9, 2024) APY No monthly fees No minimum balance required Offers round-ups on debit card purchases to build savings14 <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.&nbsp;<br></p> Offers the ability to automatically transfer 10% of direct deposits over $500 into savings15 <p>Save When I Get Paid automatically transfers 10% of your direct deposits&nbsp;of $500 or more from your Checking Account into your savings account.</p>

When it comes to rewarding the habit of saving, both SoFi and Chime are excellent. Savings accounts with both companies provide automatic round-ups on debit purchases and automatic transfers to savings accounts so you can grow your money.¹⁴ <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.&nbsp;<br></p> ¹⁵ <p>Save When I Get Paid automatically transfers 10% of your direct deposits&nbsp;of $500 or more from your Checking Account into your savings account.</p>

While Chime’s automatic transfer takes 10% of direct deposits over $500, 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.

But let’s talk about the main feature I always look at before opening a high-yield savings account: the APY. Obviously, SoFi offers a higher APY on its savings account, but the catch is that you must have direct deposit to earn that high rate. Unfortunately, that would exclude me from earning on my savings with SoFi, but you might have no problem meeting that requirement.

Chime’s savings account APY is lower, but you are only required to have one penny in your account to start earning interest.

Winner: SoFi due to its higher APY, but Chime if you don’t have a direct deposit option.

3 important differences between SoFi and Chime

SoFi offers higher APY on its accounts

For your emergency fund or other savings, SoFi offers a competitive APY of up to 4.00% with direct deposit on its savings accounts and even provides 0.50% (as of 12/3/24) APY on checking accounts with direct deposit.

Chime only provides 2.00% (as of Sept. 9, 2024) APY on its savings accounts, which is on the low end. Chime checking accounts aren’t interest-bearing.

Let’s look at how your savings could grow with a Chime vs. a SoFi savings account, if you deposited $2,000 via direct deposit and added nothing more to it for five years. Interest is paid monthly with both Chime and SoFi.

	Total after 3 years	Total after 5 years
Chime	$2,123 ($123 interest earned)	$2210 ($210 interest earned)
SoFi	$2,295 ($295 interest earned)	$2,516 ($516 interest earned)
Note: Reflects potential earnings as of August 23, 2024. APY is subject to change and your results could be different.

Here’s another way to look at it. Let’s say you put in $1,000 as an initial deposit and continue contributing $100 each month to your savings account for up to ten years.

	Balance after 3 years	Balance after 5 years	Balance after 10 years
Chime	$4.768 ($168 in interest)	$7,409 ($409 in interest)	$14,493 ($1,493 in interest)
SoFi	$5,000 ($400 in interest)	$7,989 ($989 in interest)	$16,783 ($3,783 in interest)
Note: Reflects potential earnings as of August 23, 2024. APY is subject to change and your results could be different.

Clearly, you’ll earn more dollar-for-dollar with the SoFi savings account as long as you maintain direct deposits to qualify for that rate. Without direct deposit, Chime’s savings account is better.

Winner: SoFi because it offers higher interest rates on its savings and checking accounts.

Chime has generous overdraft protection coverage

Overdraft protection helps you if you don’t have enough money in your account to cover a purchase or charge. Chime’s SpotMe overdraft protection covers qualifying members for up to $200 on debit card purchases and cash withdrawals without fees or interest. (Note that SpotMe limits start at $20 and can be increased up to $200 based on your account history and activity.)

SoFi also offers overdraft coverage with no fees. However, not everyone is eligible to receive it. To be eligible for overdraft protection, you need to set up a qualifying direct deposit of at least $1,000 or more per month. If you are eligible, the most SoFi will cover you for overdrafts is $50.¹¹ <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.&nbsp; The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking &gt; Savings &gt; Current APY or (ii) Banking &gt; Checking &gt; Current APY.&nbsp; Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.<br></p>

Winner: Chime because the potential overdraft coverage is four times the coverage SoFi offers (although there are caveats for each account’s overdraft protection, so read the fine print).

SoFi offers a full suite of financial products

There’s something to be said about having all your financial products under one roof. SoFi offers almost every financial product you need, from loans and banking services to insurance and investing. I can see the convenience of keeping, for example, my savings and checking account at the same place where I get my auto and life insurance.

Chime provides only accounts for checking, savings, and a credit card. While these are all essential, they’re also pretty basic.

Winner: SoFi for being a one-stop shop for all your financial needs.

Which company should you choose?

When you should choose SoFi

• If you like all your financial needs under one roof
• If you want to earn high APY on your checking and savings accounts
• If you need more FDIC insurance than the standard $250,000 coverage¹⁶ <p><b>SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance 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 $2M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/terms">SoFi.com/banking/fdic/terms</a> See list of participating banks at <a href="http://sofi.com/banking/fdic/receivingbanks">SoFi.com/banking/fdic/receivingbanks</a></b></p>

When you should choose Chime

• If you need more than $50 in overdraft coverage
• If you need to rebuild your credit
• If you prefer to send paper checks (through an app)

FAQ

Bottom line

Overall, we recommend SoFi over financial technology company Chime due to its higher APYs and product availability. It’s convenient to have your bank accounts and other accounts, like personal loans and investments, all in one place.

However, if you’re rebuilding your credit or just starting out, Chime may be a better option for you. Chime doesn’t require a credit check when you open a checking or savings account, and the Chime Credit Builder Card could help with that goal as well if you apply and qualify for the card.