Table Of Content
When SoFi Bank Wins?
SoFi has developed a decent banking product line since it first started trading. In addition to its hybrid savings and checking account, there are mortgages, loans, and investment products.
The only thing lacking from the product line is a conventional savings account and CDs.
SoFi Money can be a better choice than Chime if:
You want to earn interest on your checking account
You want a conventional credit card
You want to access loans and mortgages
When Chime Wins?
Chime has a more streamlined product line. There is simply one savings account, one checking account, and one credit card. All the products are structured towards helping those who want to build or rebuild credit.
Chime can be a better choice than SoFi Bank if:
You want a secured credit card
You want to build your credit
You want access to a fee free overdraft facility.
SoFi Money | Chime | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
As we touched on above, SoFi has a hybrid online savings and checking account, but there are some neat savings features including savings vaults to have separate savings funds for each of your financial goals. You can earn up to up to 4.20% on your funds.
On the other hand, Chime offers 2.00% on your savings. Like SoFi there is no minimum deposit, so if you want to maximize the returns on your savings, Chime is a better option.
There is no CD comparison, as neither bank currently offers CD products.
SoFi Money | Chime | |
|---|---|---|
APY | up to 4.20% | 2.00% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Checking Needed? | Yes | No |
Main Benefits |
|
|
Checking Account
SoFi’s online Spend and Save account is fee free like the Chime online checking account, but there are some different checking account features.
For example, Chime has a $200 fee free overdraft facility subject to terms, while SoFi offers cash back if you have recurring direct deposits of $500 or more each month.
SoFi Money | Chime | |
|---|---|---|
APY | 0.50% | 0% |
Fees | $0 | $0 |
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
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Mortgage Options
This is a one sided comparison. SoFi has a variety of home loan and mortgage products including home equity loans, fixed rate mortgages and cash out refinancing. The bank allows for prequalification and you can select the term and associated rate that works best for you.
SoFi home loans have a low down payment from 5% and you only need a loan to value ratio of 80% or more. SoFi also offers members a $500 discount on refinancing or home loan fees.
On the other hand, Chime does not currently offer mortgages.
Loan Options
SoFi has a variety of online loan options including credit consolidation loans and home improvement loans for up to $100,000 and there are no origination fees. SoFi also offers its customers cash bonuses. You’ll get $10 for viewing your loan rate and up to $1,000 cash if you proceed with your loan.
Chime does not currently offer lending products apart from its credit card and overdraft service.
Credit Cards
SoFi offers one credit card designed to help users save, invest, or pay down debt. Redeeming rewards for these purposes earns 2% unlimited cash back, while statement credits earn 1%. Timely payments for 12 months reduce your rate by 1%.
Chime’s secured credit card helps build credit with no annual fees or credit check. It requires a security deposit and reports repayments to credit bureaus, with users seeing an average credit score increase of 30 points.
Customer Service
SoFi has a variety of customer service lines according to your banking product. While the credit card line is available 24/7, most of the other lines are only available from 5 am to 7pm.
Chime also has a toll free number that is available 24/7, so you can access the customer service team at any time if you have any queries or questions.
Considering the typically low ratings for banks, it is also a positive that SoFi has a 3 out of 5 Trustpilot rating, while Chime’s is 3.7 out of 5.
Online/Digital Experience
Both SoFi and Chime have an easy to use website to help you access to support and guidance with various finance topics and browse the product line. This ensures a great user experience, particularly if you’re not 100% on what online banking services and products are the best choices for you.
Both banks also have highly rated apps. The SoFi app is rated 4.4 out of 5 on Google Play and 4.8 out of 5 on the Apple Store, while Chime’s app is rated 4.8/5 on Apple and 4.7/5 on Google.
These apps allow you to not only transfer funds and manage your transactions, but you can access support and manage your card.
Which Bank is The Winner?
While they have some products in common, SoFi and Chime have a different approach but does this mean one is a better bank? We’ll need to look a little closer to make that determination.
Both SoFi and Chime offer fee free accounts, but Chime is more geared towards those who want to build their credit. On the other hand, SoFi aims to simplify your finances with one hybrid account.
Chime does offer a higher savings rate, but its checking account is not interest bearing, while SoFi offers 0.25% on checking and savings. So, which one is the best choice for you will depend on your overall goals and aims.
FAQs
What promotion does Chime offer?
Chime appreciates that customers of traditional banks can pay billions of dollars each year. So the primary Chime promotion is to offer overdrafts of up to $200 with no fees.
Does SoFi offer a promotion for opening a new account?
The answer is yes, SoFi offers a bonus for new accounts. As of December 2024 , you can get $50-$300, depending on your deposit and as long as meet the direct deposit requirement.
Is SoFi worth it for Millenials?
SoFi aims to make managing your money easier, which makes it a great choice for millennials. The bank is fully online, so you can manage your account transactions online or using the SoFi app. SoFi has great rates and the bank makes it easier to link your accounts, get into investing and even find a decent loan rate.
Is SoFi worth it if I have bad credit?
While SoFi does not have any specific bad credit products, it is reputed to have flexible requirements. There are many consumer reviews that suggest that it is possible to obtain SoFi products even if you have less than ideal credit.
Unlike many other banks, SoFi does not have a secured credit card. However, the only SoFi credit card option is designed to help you pay down debt, with greater rewards if you use them to pay down a loan.
Is Chime a good banking option for students?
One of the challenges for students is a lack of credit history, and Chime excels in this area. The entire Chime product line is intended to help those who want to build or rebuild their credit.
Despite the fact that Chime does not provide loan products, you can enjoy a fee-free checking account with up to a $200 fee-free overdraft, a great savings rate, and a secured credit card. This can be a great way to build a credit history, which may make it easier to obtain other types of financing in the future.
Is my money secure with Chime?
Chime has FDIC insurance, so deposits of up to $250,000 are federally protected. For your data's security, the bank also offers two-factor authentication and supports fingerprint authentication.
The Chime debit cards are also Visa Zero Liability protected. As a result, you don't have to worry about unauthorized charges and can shop with confidence at millions of merchants.
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SoFi vs Chime: Comparison Methodology
In our detailed comparison, The Smart Investor team thoroughly looked at SoFi and Chime in five main areas:
Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.
Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.
Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.
Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.
Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.
Compare More
SoFi vs Bank of America
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
SoFi vs Ally Bank
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
SoFi vs Marcus
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
SoFi vs Varo
SoFi offers a Spend and Save account that is part savings account and part checking account. You can earn 0.25 percent on your entire balance, but you can also establish savings vaults. These are separate funds within the account that allow you to allocate funds to various savings goals. This allows you to save for both short and long-term goals without having to manage multiple savings accounts.
Varo, on the other hand, has a more traditional savings account that offers an impressive up to 3% interest rate. Higher rates are available if you keep a savings balance of $5,000 or more or receive $1,000 or more in direct deposits during the qualifying period.
Read Full Comparison: SoFi vs Varo Bank: Which Account Is Better For Your Money?
Chime vs Axos
Axos Bank offers home improvement loans as well as checking and savings accounts online. Because Axos is a low-cost online lender, it is able to pass on significant savings to its customers. Axos waives many fees and reimburses ATM and rewards checking fees.
Chime is an online-only company that works with two banks to provide checking and savings accounts. Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties.
Read Full Comparison: Axos VS Chime: Which Online Bank Is Better?
Chime vs Varo
Chime differs from many banks and other financial institutions in that it screens customers in an unusual way. If you don't have perfect credit or are still building your credit history, this may make it easier to open an account with Chime.
Varo, a mobile-only bank, was established in 2015. As a result, there are no bank branches. To use Varo's services, first download and sign into the bank's Apple and Android mobile apps. Varo offers a lot of functionality for on-the-go users, which may entice you to go online.
Read Full Comparison: Chime vs Varo Comparison: Which Online Bank Wins?
Chime vs Aspiration
Aspiration and Chime both have a fairly streamlined banking product offering. Aspiration offers only one hybrid account with a $7.99 per month upgrade option and one credit card option. Chime offers a savings account, a checking account, and a credit card. The product lines' premise, however, differs.
While Aspiration is a banking service aimed at assisting people in living a more environmentally friendly lifestyle, Chime's products are aimed at assisting those who want to build their credit. This will help you decide whether Aspiration or Chime is a better fit for you.
Read Full Comparison: Aspiration vs Chime: Which Banking Service Wins?
Chime vs Current
There are some key differences between Current and a traditional checking account. Current, for example, allows you to access direct deposits up to two days faster and manage your account completely through the mobile app. Keep in mind that Current does not have any physical locations, so you will be unable to deal with any banking issues in person.
Online banking with Chime is not the same as using a traditional banking system. Chime secures and protects your online financial accounts. It is a safe place to keep your money and access it without any technical difficulties. You can round up your purchases to the nearest dollar amount and save the difference because Chime has no monthly or overdraft fees.
Read Full Comparison: Chime vs Current – Which Banking Service Is Better?
Chime vs Marcus
Marcus, a Goldman Sachs Bank division, provides online savings accounts, CDs, and personal loans. Marcus has no physical locations, so you can only access your accounts through the Marcus website, mobile app, or phone-based customer service.
In addition to assisting you in avoiding typical bank fees, Chime includes useful new features such as early direct deposits and automatic saving. While Chime does not provide credit cards or loans, its savings options and competitive interest rates make it an excellent choice, especially for younger people.
Read Full Comparison: Chime vs Marcus: Which Online Bank Wins?
Chime vs Ally
Ally has a robust banking product offering that rivals that of a traditional bank. Savings accounts, checking accounts, CDs, investments, retirement products, personal loans, auto loans, and mortgages are all available.
Chime's product line has been simplified. All Chime products are designed to assist customers in rebuilding or establishing credit. There are only two savings accounts, one checking account, and one credit card available.
Read Full Comparison: Ally vs Chime: Which Banking Account Wins?
Compare SoFi With Alternative Banks
Spend and Save is a SoFi savings and checking account hybrid. For the purposes of this comparison, we'll look at the savings features, of which there are a few. The most visible are the savings vaults. These enable you to set up separate funds to work toward different savings goals without the need for multiple accounts. This helps you organize your money, and you can even designate a vault for your round-up funds.
Bank of America offers a more traditional savings account, but it pays far less interest, ranging from 0.01 percent to 0.04 percent depending on your Preferred Rewards status, compared to SoFi's 0.25 percent. In addition, there is a $8 monthly maintenance fee that can be waived by keeping a balance of $500 or more in the account or linking your checking account. By linking your accounts, you can avoid going overdrawn with Balance Connect.
Read Full Comparison: SoFi Money vs Bank of America: Which Is Better For Your Needs?
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
Since the bank's inception, the SoFi product line has come a long way. You can now get access to investment products, mortgages, and loans, in addition to its hybrid checking and savings account. SoFi even offers insurance. The only thing missing from this bank are CDs and traditional savings accounts.
Ally offers a much broader range of traditional banking products. In addition to checking, savings, and CD accounts, there are investment and retirement products, mortgages, auto loans, and personal loans available.
Read Full Comparison: SoFi Money vs Ally Bank: Compare Banking Options
Marcus is a subsidiary of Goldman Sachs, which is reflected in its banking products. Marcus provides high-yielding savings and CDs, as well as investment options and a variety of loans. This does not, however, include a checking account.
SoFi's banking products are more akin to those of traditional banks. While there are no checking or savings accounts available, rather a hybrid account, you can access loans, mortgages, and investment products. SoFi also offers insurance. CDs and traditional savings accounts, on the other hand, are not available in the SoFi catalog.
Read Full Comparison: Marcus vs SoFi Money: Which Banking Service Is Better?
SoFi offers a Spend and Save account that is part savings account and part checking account. You can earn 0.25 percent on your entire balance, but you can also establish savings vaults. These are separate funds within the account that a