Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not influenced by compensation. We do not include all companies or all offers available in the marketplace.
    |    Accessibility Options

SoFi vs. Chime: Which Bank Is Right for You?

Review Updated
Steven Porrello
By: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

See Full Bio

Our Banking Expert

Ashley Maready
Check IconFact Checked Ashley Maready
Ashley Maready
Ashley Maready
Writer and Editor

Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Bottom line: Chime is a simple banking app that's great for beginners, while SoFi offers a higher APY on its savings account and more financial products.

SoFi vs. Chime: Account options

Savings accounts

Rates as of Jul 16, 2024
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Chime Savings Account

On Chime's Secure Website.

Rating
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.00 out of 5 stars.
3.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY up to 4.60%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. 2.00%
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Open Account for Chime Savings Account

* SoFi Checking and Savings


SoFi Disclosures

  1. Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  2. APY disclosure: SoFi members with Direct Deposit can earn 4.60% 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 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  3. Fee policy: Our account fee policy is subject to change at any time.
  4. Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed 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 SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
  5. ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot 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.
  6. Early access to direct deposit funds: 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.
  7. Overdraft protection: 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. 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 > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

* Chime Savings Account

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

*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.

The Annual Percentage Yield ("APY") for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of April 3, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

Both SoFi and Chime offer free savings accounts, with no minimum balance requirements. SoFi's savings account has a higher APY than Chime: up to 4.60%² vs. 2.00%. That said, SoFi requires you to set up direct deposit (or make $5,000 in qualifying deposits) before you start earning that top-tier saving rate. Neither Chime nor SoFi offers a stand-alone high-yield savings account; instead, you have to open a checking account first.

Checking accounts

Rates as of Jul 16, 2024
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Chime Checking Account

On Chime's Secure Website.

Rating
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 3.50 out of 5 stars.
3.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY 0.50% Rate info Circle with letter I in it. You can earn the maximum savings APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet. 0%
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Open Account for Chime Checking Account

* Chime Checking Account

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.

*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 and SoFi offer free checking accounts, with debit cards that give you access to the Allpoint ATM network. While these accounts share many features with each other, like early access to direct deposits and unlimited withdrawals, they differ in one big way: Chime's checking account doesn't earn interest, while SoFi offers a 0.50% APY.

CDs

SoFi and Chime have another thing in common: Neither offers certificates of deposit (CDs) at this time.

SoFi vs. Chime: APYs

If your goal is to earn interest, SoFi is the better choice. While Chime offers a 2.00% APY on its savings account, SoFi offers up to 4.60%². Likewise SoFi offers 0.50% on its checking account, while Chime doesn't offer any interest.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of July 16, 2024
Min. to earn: $1
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

4.50%
Min. to earn: $0.01
N/A
Open Account for E*TRADE Premium Savings

On E*TRADE's Secure Website.

SoFi vs. Chime: Customer service

Chime and SoFi have a mixed bag of reviews. For example, on Trustpilot, SoFi has an excellent rating, with 4.6 stars out of over 7,800 reviews. Meanwhile, Chime is rated as poor on the same site, with a 2.6 rating based on over 9,000 reviews. That said, Chime has over 4 stars on its Better Business Bureau profile, while SoFi has a measly 1.67.

As far as availability goes, Chime might be more convenient. Its customer service team is available 24/7 both through phone and live chat within the app. SoFi, on the other hand, doesn't always have a representative nearby to answer questions. You can chat with its customer service team on the phone Monday through Friday from 5 a.m. to 7 p.m. PT or Friday through Sunday 5 a.m. to 5 p.m. PT. While it does have a virtual assistant available 24/7, you'll have to wait to talk to a live representative if you need help outside of those times.

SoFi vs. Chime: Mobile apps

Both companies have highly rated banking apps with clean interfaces and several tools to help you budget and track expenses.

Both apps let you deposit mobile checks, get direct deposits in advance, and benefit from overdraft protections. They also let you track your credit score, get account alerts for shady transactions, and find ATMs near you.

As far as overall reviews go, Chime's app has a higher ranking. On Google Play, it has 4.6 stars (based on over 585,000 reviews), while SoFi has 4.0 stars (based on over 33,000 reviews). Meanwhile, on the Apple App Store, Chime has a 4.8 rating (based on over 727,000 reviews), while SoFi also has a 4.8 rating (based on over 330,000 reviews).

SoFi vs. Chime: Which is right for you?

SoFi and Chime largely overlap. They both have online bank accounts, offer checking and saving account hybrids, and have excellent mobile apps with many of the same features. That said, SoFi offers slightly more financial products (like mortgages and loans) and also has a higher APY on its savings account.

Meanwhile, Chime has better customer reviews for its app, which reflects the immense simplicity and ease that comes with using its mobile banking products.

SoFi Checking and Savings
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.

Rates as of Jul 16, 2024
Award Icon 2024 Award Winner

SoFi Checking and Savings

Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for SoFi Checking and Savings

On SoFi's Secure Website.

Offer Alert
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
APY
up to 4.60%² Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. To Earn APY
$0
  • Competitive APY on both Savings and Checking
  • No account fees³
  • Welcome bonus up to $300 (direct deposit required)¹
  • Early access to direct deposits⁶
  • Tools to help you track savings goals
  • Unlimited number of external transfers (up to daily transaction limits)
  • ATM access⁵
  • FDIC insured (up to $2M with opt-in to SoFi Insured Deposit Program)⁴
  • Combo account only; no stand-alone savings or checking
  • Maximum Savings APY requires direct deposit
  • Overdraft protection⁷ requires monthly direct deposit minimum
  • No branch access; online only

For those who plan to set up direct deposit with their new account, we think SoFi Checking and Savings (Member FDIC) is hard to beat. Not only does this savings account offer a strong APY, but the linked checking account earns an above-average rate, too -- which is a rare perk. Plus, there's the opportunity for a bonus of up to $300¹ and a long list of extra account features. Frankly, it's the kind of combo that could make it worthwhile to switch banking relationships.

You can earn the maximum APY either by making direct deposits into checking or savings, or by depositing $5,000 or more every 30 days. Learn more.


SoFi Disclosures

  1. Bonus disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 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 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  2. APY disclosure: SoFi members with Direct Deposit can earn 4.60% 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 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% 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 10/24/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  3. Fee policy: Our account fee policy is subject to change at any time.
  4. Additional FDIC insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership,asdescribed 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 SoFi.com/banking/fdic/terms. See list of participating banks at SoFi.com/banking/fdic/receivingbanks.
  5. ATM access: We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You willnot 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.
  6. Early access to direct deposit funds: 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.
  7. Overdraft protection: 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. 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 > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
Read Full Review

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • SoFi is an excellent choice for those who want to earn a high APY on their savings and deposits. It's also ideal if you want more than just a deposit account (brokerage, loan, mortgage) and are interested in having all your accounts at one bank.

  • Chime is super ideal for newcomers to the banking world, as its app is easy to use and fairly intuitive.