SoFi® vs. Chime®: Which Online Bank Accounts Are Best?

SoFi and Chime⁹ <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> are online financial companies offering banking services like checking and savings accounts and debit and credit cards. See how they stack up with a side-by-side comparison of product availability, the annual percentage yields (APYs) of different accounts, and what makes each stand out.

SoFi vs. Chime at a glance

	SoFi	Chime
Year founded	2011	2012
Products offered	Checking Savings Credit cards Loans (personal, student, auto, etc.) Insurance Investing	Checking Savings10 <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 01/24/25) with direct deposit	N/A
Savings APY	Up to 3.80% with direct deposit1 <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>	2.00% (as of Sept. 9, 2024)11 <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> Note: You can't open a Chime Savings account without opening a Chime Checking account
Best for …	High interest rates and non-banking accounts	Overdraft coverage and building credit
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)
	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 coverage¹² <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>

SoFi's 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.¹³ <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. See full bonus and annual percentage yield (APY) terms at <a href="sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p> <p>SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% 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 SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. 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>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.</p>

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.

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 Secured Chime Credit Builder Visa^® Credit Card, a secured credit card with a $0 annual fee.¹⁴ <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>

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.

Checking compared

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

SoFi Checking

Chime® Checking

0.50% (as of 01/24/25) APY with direct deposit No monthly fees{% disclaimer slug='sofi-account-fee-policy' % No balance minimums Overdraft coverage up to $5015 <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 deposit2 <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> 55,000+ fee-free ATMs 4 <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 transaction

No APY No monthly fees5 <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> No balance minimums Overdraft coverage up to $200 with SpotMe7 <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 deposit6 <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> 50,000+ fee-free ATMs 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> $515 daily limit on ATM withdrawals

SoFi and Chime are very similar in terms of checking, but SoFi is better for interest checking, while Chime is better for 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% (as of 01/24/25) 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.

SoFi®

Chime

Up to 3.80% 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 fees5 <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> No minimum balance required Offers round-ups on debit card purchases to build savings16 <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 savings17 <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>

SoFi and Chime's savings accounts both earn rates far better than the national average of 0.41% (as of 1/21/25), 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 01/24/25) 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 $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.

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 3.80% with direct deposit on its savings accounts and even provides 0.50% (as of 01/24/25) 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 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.)⁷ <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>

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 $50.¹⁵ <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>

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.

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.