SoFi® vs. Chime® [2025]: Rates + Range vs. Second-Chance Banking

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 Savings11 <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	None4 <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>	None6 <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 deposit3 <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 deposit12 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible 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.</p> Debit card roundups Automated savings transfers	Early direct deposit7 <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 coverage8 <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 roundups13 <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> Automated savings transfers10 <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 3.60% APY with direct deposit2 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and&nbsp;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>	1.00% 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 10/16/25. No minimum balance required. Must have $0.01 in savings to earn interest.&nbsp;</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 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">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.&nbsp;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&nbsp;<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>.</b></p>

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 <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 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 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% 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 11/12/25. 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> 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

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

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

Limited-Time Offer: Earn up to a $300 bonus and up to 4.30% APY on Savings (3.60% APY¹⁶ <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 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 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/" >sofi.com/banking</a>. SoFi Checking and Savings is offered through&nbsp;SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.60% 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 3.60% 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 11/12/25. 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> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.¹⁷ <p>Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 1/31/26. 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> FDIC Insured.¹⁵ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">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.&nbsp;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&nbsp;<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>.</b></p>

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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^® Credit Builder Secured Visa^® Credit 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

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best for Bad or No Credit

Chime® Checking¹ <p class="">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.&nbsp;<br></p> - No Monthly Fees⁶ <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> + Get paid up to 2 days early with direct deposit⁷ <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>

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

Open Account

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	None4 <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>	None6 <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 deposit12 <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible 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.</p>	Overdraft coverage up to $200 with SpotMe8 <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 deposit3 <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 deposit7 <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 5 <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> $1,000 daily limit on ATM transactions	50,000+ fee-free ATMs 9 <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

Which is better for checking?

SoFi and Chime are very similar in terms of checking, but SoFi is better for interest checking. Chime is better for checking if you specifically want a second-chance bank account you can open without a ChexSystems check or credit check, or you want the better overdraft coverage. 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. 

SoFi's checking account earns interest at 0.50% 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.

Savings compared

Both SoFi and Chime offer high-yield savings accounts, but the APY on SoFi's account is significantly higher than what Chime offers.

APY	Up to 3.60% APY with direct deposit2 <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and&nbsp;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>	1.00% APY
Monthly maintenance fees	None	None6 <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	Ability to set up automatic roundups on debit card purchases AutoSave feature automatically puts a portion of your direct deposit into savings	Offers round-ups on debit card purchases13 <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 $1 into savings10 <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>

Which is better for saving?

SoFi and Chime's savings accounts both earn rates far better than the national average of 0.40% (as of 9/15/25), according to the FDIC, but SoFi's would be our pick if you can meet direct deposit requirements. It's not common for savings accounts to require direct deposit activity to qualify for 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 11/12/25) APY.

If you can't meet direct deposit activity requirements, choose Chime since its base earning rate is higher.

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.

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 3.60% with direct deposit on its savings accounts and even provides 0.50% APY on checking accounts with direct deposit.

Chime only provides 1.00% APY on its savings accounts, which is on the low end when compared to the most competitive accounts (which may earn 4.00% APY or more). Chime checking accounts aren't interest-bearing.

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.

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.)⁸ <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>

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 $50.¹² <p>Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with Eligible 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.</p>

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.

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, 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 4.30% APY (with a 0.70% APY boost) for up to six months if you enroll by Jan. 31, 2026 Without boost, up to 3.60% APY	Up to 3.50% APY (1.00% for non-Chime+ members)18 <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 10/16/25. No minimum balance required. Must have $0.01 in savings to earn interest. The 3.50% Chime+ APY is available only while you maintain eligibility requirements for Chime+, otherwise the 1.00% 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)19 <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 Invest20 <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.

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:

• "Thinking of switching from chime to Sofi. Is it better or worse? And what are the upsides?"
• "New to SoFi"
• "Are you happy with Sofi?"

FAQs

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.

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.

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2025 award winner Best Checking and Savings Combo

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  High APY of up to 3.60%² <p>Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 1/24/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and&nbsp;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> with direct deposit
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  Paycheck access up to 2 days early with direct deposit³ <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>
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  No monthly maintenance or overdraft fees⁴ <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>
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  Streamlined savings and savings goals with Vaults
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  Access to a large ATM network⁵ <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>

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2025 award winner Best for Bad or No Credit

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  No monthly fees or minimum balance requirements⁶ <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>
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  Early access to direct deposits⁷ <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>
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  No fee overdraft up to $200 for eligible members⁸ <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>
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  Large network of fee-free ATMs⁹ <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>
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  Automatic savings features¹⁰ <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>