SoFi and Chime offer different banking experiences with varying rates and services
From Yahoo Finance: 2025-04-18 10:22:00
Financial technology (fintech) companies like SoFi and Chime are transforming banking with online operations, offering higher deposit rates, low fees, and digital tools. SoFi, founded in 2011, is now a chartered bank with over 10 million customers, providing various financial products. Chime focuses on low fees and offers checking, savings, and Credit Builder accounts.
SoFi’s checking account offers up to 0.50% interest, while Chime’s checking has no interest but includes perks like early direct deposit and overdraft coverage. SoFi’s checking is linked to the savings account, and it offers a welcome bonus of up to $300 compared to Chime’s $100. SoFi’s savings account has a higher interest rate, but Chime offers a flat 2% APY.
SoFi provides extensive financial services, including student loans, mortgages, personal loans, and investing options. It also offers a credit card with 2% cash back. Chime’s services are more limited but cater to customers with past credit issues through products like the Credit Builder secured card and second-chance banking. SoFi generally offers higher APYs on deposit accounts compared to Chime.
SoFi and Chime offer low-fee banking with differences in fee structures. SoFi doesn’t charge monthly maintenance, overdraft, or in-network ATM fees but may have fees for outbound wires and account inactivity. Chime has no monthly fees or minimum balance requirements but charges for out-of-network ATM withdrawals. Customers seeking high rates and a variety of products may prefer SoFi, while those focusing on credit-building options or more attainable savings rates may choose Chime.
Read more at Yahoo Finance: Which fintech offers a better banking experience?