SoFi vs. Chime: Which fintech offers a better banking experience?
Financial technology (fintech) companies have been revolutionizing the banking industry. Because they operate entirely online, they have lower overhead costs, allowing them to offer perks such as higher deposit account rates, low or no fees, and robust digital tools. Among these companies are SoFi and Chime, both of which Yahoo Finance ranked among the five best fintech companies for 2025.
Both offer higher-than-average savings rates and minimal monthly fees, but how do they compare? They differ in key areas, such as their interest rates and the number of products they offer. Here's a closer look at what it's like to bank with SoFi vs. Chime, and which one may be better suited for you.
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SoFi Technologies, Inc. was founded in 2011. It became a chartered bank in 2022 and has since expanded its offerings and serves more than 10 million customers. Today, the company offers various financial products and services, including bank accounts, lending, loans, mortgages, and investing.
Read our full review of SoFi
Chime Financial, Inc., is a San Francisco-based fintech company founded in 2012 by Chris Britt and Ryan King. Its mission is to keep fees for its financial products low, making money from interchange fees instead of from consumers. While it offers several products, it primarily focuses on checking and savings. However, its Credit Builder account can be a helpful way for those with poor or limited credit to establish a healthy credit profile.
Read our full review of Chime
SoFi and Chime offer checking accounts with no monthly fees, minimum balances, or minimum opening deposits. Neither account has overdraft fees, and you can access an extensive ATM network with both accounts.
One of the most notable differences is that SoFi's checking account pays up to 0.50% interest on checking account balances, while Chime pays no interest. However, the Chime checking account offers other perks such as early direct deposit and up to $200 in overdraft coverage with the SpotMe® program (SoFi covers up to $50 in overdrafts).
Another difference is that SoFi's checking account is bundled with their savings account, so you must open both at the same time. Additionally, SoFi's welcome bonus is up to $300, while Chime's is $100.
SoFi made our list of the 10 best free checking accounts available today.
Both SoFi and Chime offer high-yield savings accounts with no monthly fees, minimum balances, or minimum opening deposit requirements. However, SoFi's savings account offers a higher interest rate than Chime's savings account. That's one of the reasons why SoFi is included in our list of the 10 best high-yield savings accounts.
That said, to earn SoFi's highest rate, you must set up direct deposit or receive $5,000 in qualifying monthly deposits — otherwise, the APY drops to 1%. Meanwhile, Chime offers a flat 2% on all savings balances with no caveats.
Originally a student loan refinancing provider, SoFi still offers refinancing and private student loans. Its product line also includes personal loans, which you can use for various purposes, such as home improvement and credit card consolidation. It offers mortgage refinancing and loans, including FHA, VA, and home equity lines of credit (HELOC). You can also invest with SoFi, whether you prefer active investing or robo-investing, and it lets you invest in company IPOs. SoFi also offers a credit card with unlimited 2% cash back.
Chime's products and services aren't as extensive, but unlike SoFi, it offers products specifically designed to help customers with past credit issues. The Credit Builder secured card, for example, requires no credit check and has no minimum deposit. Chime also offers a second-chance bank account, which lets you open an account without running a ChexSystems or credit check.
In general, SoFi offers higher APYs on its deposit accounts. Its savings account pays up to 3.8% APY versus 2% for Chime. Meanwhile, its checking account pays 0.5% APY, while Chime's checking account pays no interest.
However, if you don't qualify for SoFi's highest savings account rate, you only earn 1% APY. With Chime, savings account balances earn 2% APY no matter what. Therefore, the bank with the better rates depends on whether you can meet SoFi's requirements.
Both SoFi and Chime offer low-fee banking options, but there are some differences in their fee structures.
SoFi does not charge monthly maintenance fees, overdraft fees, or in-network ATM fees. However, you could incur certain fees in some situations. For instance, SoFi charges for outbound domestic wires as well as account inactivity.
Chime also charges minimal fees. There are no monthly maintenance fees, overdraft fees, or minimum balance fees. However, it does charge a $2.50 fee for out-of-network ATM withdrawals or over-the-counter cash withdrawals. There is no account inactivity fee.
Those who want the best rates on checking and savings account balances and can meet the requirements for direct deposit or qualifying deposits should consider banking with SoFi. In addition, customers who want access to a broader variety of products should consider SoFi. For example, SoFi offers student loans, mortgages, personal loans, and investing.
Although Chime's product lines aren't as extensive, it can still be a better choice for some customers. For instance, its Credit Builder Secured Visa Credit Card lets you apply for a credit card with no credit checks and start building your credit. Similarly, it offers second-chance banking, which doesn't require ChexSystems or credit checks. Finally, while SoFi's top savings rates are higher, Chime doesn't have a direct deposit requirement, making its rates more attainable for some customers.
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