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.¹ For most people, we recommend SoFi over Chime due to its range of financial products and higher annual percentage yield (APY) on bank accounts.

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 charge card with no annual fee.²³

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 accounts is more than double what Chime offers, making it a better choice for most.
• SoFi and Chime both offer checking and savings accounts with no monthly account fees or minimum balance requirements.
• 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 pull.
• SoFi’s checking and savings accounts come as a package deal. It doesn’t offer standalone checking or savings accounts.

SoFi vs. Chime comparison

	SoFi	Chime
Year founded	2011	2012
Number of fee-free ATMs	55,000+	60,000+4
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 Savings5 Credit Builder Credit Card
Checking APY	0.50% (as of Jan. 30, 2024) with direct deposit	N/A
Savings APY	Up to 4.60% with direct deposit6	2.00% (as of Oct. 25, 2023) Note: You can’t open a Chime Savings account without opening a Chime Checking account7
Best for …	One-stop shop	Rebuilding credit
	Visit SoFi	Visit Chime

Our verdict

We recommend SoFi over Chime for the average person due to its higher APYs and extensive range of products. SoFi is the best option for having all your financial needs in one basket because it offers everything from checking accounts to loans to insurance and more.

However, Chime is a great option for banking services if you need to build or rebuild your credit because you can apply for a Chime credit card account without having your credit and banking history scrutinized.

How does SoFi work?

SoFi is on our list of the best banks because it offers customers a “one-stop shop” for all their finances. The company has over 6 million members that use it for banking, mortgage loans, personal loans, investing, insurance, student loans, small business loans, and more. SoFi offers a competitive APY of up to 4.60% with direct deposit on its savings account and 0.50% (as of Jan. 30, 2024) APY on its checking account.

The bank has no monthly fees or required minimum balances, and it enables you to get paid up to two days early with direct deposit. SoFi also offers overdraft coverage of up to $50 on debit card purchases, but customers must have monthly direct deposits of $1,000 or more to qualify for that coverage.

SoFi is FDIC insured. You can also opt to participate in the SoFi Insured Deposit Program, which gives you access to up to $2 million in FDIC insurance.

Visit SoFi | Read our SoFi review

How does Chime work?

Chime is a financial technology company (not a bank) founded in 2012. It doesn’t charge monthly service fees or overdraft fees. It also doesn’t have minimum balance requirements on the accounts it offers.

Since Chime is a fintech company and not a bank, its services and debit cards are provided in partnership with The Bancorp Bank or Stride Bank, members FDIC. Chime members can access their money through over 60,000 fee-free ATMs across the country.

The company’s SpotMe overdraft program covers up to $200 on overdraft debit card purchases for those who are eligible.⁹ To qualify, Chime members must receive a single deposit of $200 or more in qualifying direct deposits to the Chime Checking Account, and limits for SpotMe are determined by Chime based on account activity and history.

Chime also offers a secured Visa credit card that’s designed to help members build their credit. There is no credit check required to apply for the card as well as no annual fees, interest, or minimum security deposit required.¹¹⁴ You do, however, need qualifying direct deposits of $200 or more and a Chime Checking account to be eligible to apply for the Chime Secured Credit Builder Visa Credit Card.

This is an important difference from the SoFi credit card, which is recommended for those who have excellent credit.

Visit Chime | Read our Chime review

SoFi vs. Chime: What both companies excel at

• Both SoFi and Chime are online financial companies that offer checking and savings accounts with no fees or minimum balance requirements.
• Both enable you to get your paycheck up to two days early with direct deposit.
• Both provide access to thousands of fee-free ATMs.
• Both are FDIC-insured. Chime is insured through its partnerships with The Bancorp Bank or Stride Bank.

SoFi vs. Chime: checking

SoFi	Chime
0.50% (as of Jan. 30, 2024) APY with direct deposit No monthly service fees No balance minimums Overdraft coverage up to $50 Get paid up to two days early with direct deposit $1,000 daily limit on ATM transaction	No APY No monthly service fees No balance minimums Overdraft coverage up to $200 with SpotMe9 Get paid up to two days early with direct deposit8 $515 daily limit on ATM withdrawals

When it comes to who has the best checking accounts, SoFi and Chime are pretty similar. Both have no monthly service fees, no minimum balance requirements, and enable you to get paid up to two days early with a qualifying direct deposit.⁸

However, SoFi’s checking account earns interest at 0.50% (as of Jan. 30, 2024) APY with direct deposit, while Chime’s checking account doesn’t earn interest at all.

While both SoFi and Chime have access to thousands of ATMs, they differ on how much you can withdraw daily. If overdraft protection is important to you, Chime offers coverage up to $200, depending on your account history. SoFi offers only $50 of overdraft coverage, and you’ll have to set up direct deposit to qualify for that coverage.

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

SoFi vs. Chime: savings

SoFi	Chime
Up to 4.60% 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 Oct. 25, 2023) APY No monthly fees No minimum balance required Offers round-ups on debit card purchases to build savings12 Offers the ability to automatically transfer 10% of direct deposits over $500 into savings10

Saving is important, and both SoFi and Chime make it easy with automatic round-ups on debit card purchases and automatic transfers to savings accounts so you can grow your money.¹²¹⁰

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.

SoFi offers a higher APY on its savings account, but you must have direct deposit to earn that high rate. 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.

3 important differences between SoFi and Chime

1. SoFi offers higher APY on its accounts.

It’s always nice when your money can grow without you having to do much. High-yield savings and checking accounts can help you earn interest on the money you have.

SoFi offers a competitive APY of up to 4.60% with direct deposit on its savings accounts and even provides 0.50% (as of Jan. 30, 2024) APY on checking accounts with direct deposit.

On the other hand, Chime only provides 2.00% (as of Oct. 25, 2023) APY on its savings accounts, which is on the low end. Chime checking accounts aren’t interest bearing.

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

2. 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.

Winner: Chime because the potential overdraft coverage is four times the coverage SoFi offers.

3. SoFi has more financial products available.

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. Chime provides only accounts for checking and savings and a credit card.

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 coverage.

When you should choose Chime

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

What factors to consider before choosing

SoFi and Chime are both great options for online services with minimal fees and no minimum balance requirements. Both also enable you to get paid up to two days early when you set up direct deposit. However, several factors should be considered when deciding which one is best for you.

• Is earning a high interest important to you? SoFi is the better choice because it offers a competitive APY of up to 4.60% with direct deposit on savings accounts and 0.50% (as of Jan. 30, 2024) on checking accounts with direct deposit.
• Do you need to rebuild your credit? Chime’s Credit Builder Secured Visa Credit Card is specifically designed to help customers with bad credit get back in good standing. Chime also doesn’t check your credit before you apply for an account.
• Do you have more than $250,000 in your accounts that you want to ensure is covered by FDIC insurance? With SoFi’s Insured Deposit Program, you can opt in for up to $2 million in FDIC insurance coverage. SoFi offers this extra coverage through partnerships with a network of other FDIC-insured banks. If you don’t opt in for additional coverage, then you have the standard $250,000 of FDIC insurance with SoFi.

FAQ

SoFi vs. Chime: 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.

If you are just starting out on your personal finance journey and have no credit history or if you are at a time in your life when you need to rebuild your credit, Chime will 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.