SoFi® vs. Chime: Which Is Better?

Both SoFi and Chime offer mobile banking options with no monthly fees or opening deposit requirements. Chime is better suited if you want credit-building opportunities, overdraft features or a second-chance checking account, as it’s one of the few financial institutions that doesn’t review your banking history when you apply for an account. However, SoFi offers a wider range of products, higher APYs, various lending options and an investing platform.

SoFi vs. Chime: A quick comparison

• SoFi terms and conditions

  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 receiveda 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 sofi.com/banking. 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 http://www.sofi.com/legal/banking-rate-sheet.
  
  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 https://www.sofi.com/legal/banking-rate-sheet
  
  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 Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
  
  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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  
  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.
  
  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.
  
  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 https://www.sofi.com/legal/banking-rate-sheet. 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.
  
  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 sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.

• Chime terms and conditions

  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.
  ATMs: Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
  Deposit: Once the retailer accepts your cash, the funds will be transferred to your Chime Checking Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade.
  Mobile Deposit: Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member's direct deposit enrollment status.
  Chime Savings Account: Chime Checking Account is required to be eligible for a Savings Account.
  APY: The Annual Percentage Yield (“APY”) is variable and may change at any time. The disclosed APY is accurate as of date of publication. No minimum balance required. Must have $0.01 in savings to earn interest.
  Get Paid Early: 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.
  Chime Card:: To apply for a Chime Card, Chime® Checking Account is required to apply.
  SpotMe: 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. SpotMe on Chime Card Terms and Conditions.
  Federal Tax Return Direct Deposit: Chime members may choose to direct deposit their state and/or federal tax refunds with Chime. They may choose to direct deposit no matter what tax preparer they choose. They do not need to file through Chime in order to direct deposit their refund. If a member does direct deposit their federal refund they may receive the refund up to 6 days early. This only applies to federal refunds, not state. When marketing the speed of the tax refund it must always include the following elements: federal tax refund, up to 6 days early, with direct deposit.
  MyPay®: MyPay® is only offered in select states. 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 Bancorp MyPay Agreement or Stride MyPay Agreement for details. 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 Bancorp MyPay Agreement or https://www.chime.com/policies/stride/mypay/ for details.

SoFi vs. Chime: Product offerings

Chime and SoFi are both top banking options and often win a spot in our best checking account picks.

SoFi has significantly more products and services available than Chime. SoFi offers a hybrid checking and savings account, tons of loan options and an investing platform. In contrast, Chime offers a credit-building card and separate checking and savings accounts, but no investing platform or traditional lending options.

Chime+ vs. SoFi Plus

Both SoFi and Chime offer a “plus” membership tier, called Chime+ and SoFi Plus. With either, you get some more perks with the accounts, such as early direct deposit or higher savings rates.

• Chime+ requirements. Set up direct deposits of $200 or more.
• SoFi Plus. Pay a $10 monthly SoFi Plus membership fee.

Banking

SoFi and Chime both offer checking and savings options with no monthly fees, but they lack variety compared to other major institutions, like Chase or Wells Fargo, which have multiple bank account offerings.

SoFi accepts or joint ownership of its SoFi Checking and Savings account, and you can’t open joint accounts with Chime.

SoFi offers:

• SoFi Checking and Savings is an all-in-one online checking and savings account with no monthly fees or opening deposit requirements.
  • Checking features: Earns up to 0.50% APY with no balance requirements.
  • Savings features: A high-yield savings account that comes with up to 20 “Vaults” so you can separate your savings goals. With a Plus membership (requires $10 monthly fee), or with eligible direct deposit, or by depositing at least $5,000 per month, you can earn up to 3.30% APY on your balance. If you’re not a Plus member or don’t meet deposit requirements, your APY drops to 1.00%.

Chime offers:

• Chime® Checking has no monthly fees or opening deposit requirements. Chime won’t review your ChexSystems report, making it a solid second-chance banking option. Unlike SoFi, Chime’s checking account isn’t interest-bearing. With a Chime+ membership, you can also access the overdraft service Chime SpotMe®, and the cash advance option called MyPay.
• Chime Savings offers up to 1.00% APY with no monthly fees or opening deposit requirements. You can set up automatic deposits and use savings round-ups. Plus, there’s no maximum interest you can earn. With Chime+, you can earn a higher 3.50% APY with the savings. However, you must have a Chime® Checking account to open the savings account.

Borrowing

Chime offers a credit-building card that’s best for those looking for an accessible credit option with no interest charges, while SoFi is better for those looking for a comprehensive suite of lending options like credit cards, personal loans and refinancing.

SoFi offers:

• Personal loans for debt consolidation, weddings, home improvement and more. Rates start at 8.99% APR with no prepayment penalties or late fees. However, you may need a credit score of at least 680.
• Refinancing options such as auto loans, student loans, medical resident, medical professional, law and MBA and parent PLUS.
• Student loans for undergraduate, graduate, MBA and more.
• Home loans such as FHA, VA, cash-out refinance, mortgage refinancing and home equity loans.
• Small business loans through its marketplace, which is designed as a way for business owners to compare several financing options across top lenders
• SoFi Credit Card. Earn unlimited 2% cash back with this card that has no annual fee. You can also earn up to 3% cash back on SoFi Travel purchases.

Chime offers:

• Chime Card with no annual fee or interest charges, no minimum security deposit and no credit check. This card is designed to help users build credit history.

Related: Debit cards that build credit without charging interest

Investing

Chime lacks an investing platform, whereas SoFi offers SoFi Invest®, an investing platform that lets you invest in stocks, exchange-traded funds (ETFs), mutual funds and alternative asset funds. SoFi also offers retirement accounts such as traditional, ROTH or SEP IRAs.

Apps, features and more

SoFi also offers these perks:

• Savings vaults and round-ups. Separate your savings goals with the envelope budgeting method using SoFi’s vaults. Its savings round-up feature also rounds up purchases to the nearest dollar and transfers the difference to your savings account.

Chime’s overdraft fee-free with SpotMe® service is a standout feature:

• Chime SpotMe. This service allows you to fee-free overdraft your checking account up to $200 when you make a purchase or withdrawal from an ATM. There are no fees for this service, but you must make direct deposits of at least $200 in a 34-period to qualify for it.
• Savings features. There are no deposit requirements with Chime’s savings account, and there’s no maximum interest you can earn. Similar to SoFi, Chime also has a round-up feature to stack your savings quickly

.

How SoFi’s and Chime’s fees compare

SoFi and Chime are neck-in-neck when it comes to fees. Both of their banking options lack monthly fees and opening deposit requirements. They both use the Allpoint ATM network, giving you access to thousands of ATMs across the country with no fees. Chime has a few more ATMs because you can visit retail locations, such as 7-Eleven, CVS and Circle K, to deposit or withdraw cash.

However, SoFi charges a small 0.2% foreign exchange Mastercard fee, while Chime doesn’t charge a foreign transaction fee at all. However, Chime does charge a $2.50 fee for withdrawing cash out with ATMs out of its network.

SoFi’s Plus membership costs a $10 monthly subscription fee. You used to be able to get Plus by just setting up direct deposit, but that path is no longer available as of December 2025.

What customers say about Chime and SoFi

SoFi holds the highest Better Business Bureau (BBB) rating of A+, and Chime holds a slightly lower A rating. These BBB ratings are based on a company’s ability to respond and resolve customer complaints, so they’re both solid in that area.

However, Chime has thousands more customer complaints than SoFi, with the majority claiming that their accounts were closed without notice, which has been attributed to Chime’s fraudulent alert system that was incorrectly flagging accounts and closing them.

SoFi customers on Reddit are mostly happy. Many say they chose SoFi for its competitive APYs and mention that they haven’t had many issues managing the account and that the vault feature lets them organize their savings.

For Chime, Redditors largely discuss the Credit Card and say they’ve seen major improvements to their credit scores, and many also mention the usefulness of the Chime SpotMe feature. However, there’s a trend from Chime customers claiming they’ve had issues with deposits.

Final verdict: SoFi wins

Directly compared to Chime, SoFi is better. SoFi offers more account options than Chime, and its hybrid account is full of features.

SoFi’s checking balance earns interest with no balance requirements, and SoFi’s savings balance earns up to 3.30% APY as a Plus member or by meeting deposit requirements. Chime’s savings automatically earns up to 1.00% APY, and requires Chime+ to earn its best rate, similar to SoFi.

However, if you need a credit-building card or a second-chance bank account, Chime is worth considering. Chime doesn’t use ChexSystems to view your banking history, so if you have a rough bank account track record, it won’t factor into your eligibility for its checking account. Chime’s accounts are also free to open and maintain, so while SoFi might beat out Chime head-to-head, it’s still a solid online banking option.

SoFi at a glance

SoFi is better for more account options and stronger rewards.

Chime at a glance

Chime is best for credit-building or if you have a poor banking history.

Alternatives to SoFi and Chime

Neither SoFi nor Chime offer physical branches, and you’ll have to pay a fee to deposit cash. And neither offers certificates of deposit (CDs). If you need a bank with branch access and more traditional offerings, you’ve got options.

• Chase Bank. One of the Big Four banks, Chase offers a variety of personal and business banking options, including checking, savings, kids banking, CDs, credit cards and lending.
• Upgrade. Similar to SoFi and Chime, Upgrade is an online bank offering no monthly fees and cashback rewards through its Upgrade Rewards Checking Plus account.
• Current. Similar to Chime, Current is a fintech company. It offers savings pods, savings rewards, cashback rewards, paycheck advances and a credit-building card called Current Build with no APR.

See how even more bank accounts stack up:

• SoFi vs. Marcus
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