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SoFi® vs. Chime®: Which Is the Better Digital Bank?

Review Updated
Joel O'Leary
Author: Joel O'Leary
Joel O'Leary
Joel O'Leary
Full-Time Personal Finance Writer

Joel is a full-time Personal Finance Writer at Motley Fool Money, where he brings a clear, approachable voice to topics ranging from credit cards to side hustles. He’s been writing about money since 2018, covering topics like credit cards, savings hacks, and the FIRE movement. Before joining the team, he managed editorial content for the How To Money podcast. When he’s not behind the laptop, Joel is likely at the beach surfing, or out and about with his family.

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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 that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

Let's be honest: traditional banks can feel like they're stuck in the past. Paper check books, clunky web apps, and don't get me started on all the sneaky junk fees… It's no wonder millions of people are switching to digital banking.

If you're shopping for a modern, mobile-friendly financial hub, two names likely pop up. SoFi® and Chime®.

Both of these banks are standout players in the fintech world, offering checking accounts, savings with high annual percentage yields (APYs), and a sleek digital experience.

I've reviewed dozens of digital banking options (and I'm a past customer of both Chime and SoFi personally!). Here's how both banks stack up against each other, and which one might be the smarter choice for you.

SoFi overview

SoFi (short for Social Finance) originally started as a student loan refinance company. But it has since morphed into a full-blown digital financial institution. It's pretty massive -- recently even opening up a new football stadium near my house in Los Angeles (SoFi Stadium)!

SoFi has a wide range of banking products, like loans and mortgages, credit cards, investing accounts, etc. It also offers car insurance in partnership with Experian!

SoFi is FDIC insured, meaning deposit accounts are federally protected up to $250,000. It's designed for people who want an all-in-one digital financial experience -- kind of like a financial Swiss Army knife.

Notable perks:

  • High APY on savings accounts
  • No account fees or minimums
  • Early direct deposit (up to two days early)
  • Cash back credit card rewards
  • Automated savings tools and budgeting insights

Chime overview

Chime is a neobank that partners with banks like The Bancorp Bank and Stride Bank to offer its services. While it doesn't offer as many financial products as SoFi, Chime has built a solid reputation around simplicity, low fees, and accessibility.

Chime doesn't call itself a "bank." Think of it more like a tech layer on top of banking. But it still offers a full-featured checking and savings combo with FDIC insurance through its partner banks.

Popular features:

  • No monthly fees or minimum balance
  • Get paid up to two days early
  • SpotMe® overdraft protection (up to $200)
  • High APY on savings for Chime+ members
  • Round-up savings and automatic transfers

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 Motley Fool Money rates bank accounts.

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 Motley Fool Money rates bank accounts.

SoFi vs. Chime: account options

Savings accounts

Let's start with a side-by-side comparison of each bank's savings accounts…

Rates as of Jul 20, 2025
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
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
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 3.80% Rate info Circle with letter I in it. Earn up to 4.00% Annual Percentage Yield (APY) on SoFi Savings with a 0.20% APY Boost (added to the 3.80% APY as of 7/10/25) for up to 6 months. Open a new SoFi Checking & Savings account and enroll in SoFi Plus by 8/12/25. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. 1.25%-3.75% Rate info Circle with letter I in it. Chime+ members are eligible for the max APY of 3.75%, otherwise, the base APY of 1.25% will apply.
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Read Review
Disclaimers

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 July 20, 2025. No minimum balance required. Must have $0.01 in savings to earn interest.

Both SoFi and Chime offer savings accounts with no monthly fees, and no minimum deposit requirements.

At first glance, SoFi might stand out as the higher APY. But you'll need to set up monthly direct deposits to earn that rate. Also, it's not advertised widely, but Chime offers a higher yield for savings accounts with direct deposit set up, too.

Regardless which of these two banks you choose, setting up direct deposit for your paychecks will unlock the best account features.

Checking accounts

Moving onto checking accounts, here are the side-by-side details for Chime vs. SoFi.

Rates as of Jul 20, 2025
Offer
 
 
Account
SoFi Checking and Savings

On SoFi's Secure Website.

Rating
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
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. SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members 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 Eligible 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. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus. 0%
Min. to earn APY $0 $0
Next Steps
Open Account for SoFi Checking and Savings
Read Review
Disclaimers

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.

¹ Eligibility requirements apply. Not all users will qualify. MyPay credit limits range from $20-$500. $2 fee applies to get funds instantly. MyPay™ line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).

² SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

Chime offers a no-fee checking account with no minimum balance, early direct deposit (often two days early), and FDIC insurance through its banking partners. It's got the popular SpotMe® feature, which can let you overdraft by up to $200 on debit card purchases -- fee-free.

SoFi provides a high-yield checking account with no monthly fees or minimums, early direct deposit, and unlimited ATM reimbursements worldwide. Since it's part of a full-service financial ecosystem, you also get access to bonus cash back and integrated tools if you pair it with other SoFi services.

In my opinion, both banks are fairly equal when it comes to checking and savings accounts.

If your goal is to get a higher APY, SoFi is the clear winner. But for regular money management and account features, you'll probably be happy with either choice.

Other financial products

I mentioned earlier that SoFi has a huge range of financial products. Chime does not.

Chime focuses solely on day-to-day money management and the banking basics. It's perfect for young folks who want simplicity with simple checking and savings attached to a debit card.

SoFi is a better spot if you want to have credit cards, loans, and other investment accounts all under one umbrella. It offers retirement accounts, mortgage loans, and even small business banking products.

Comparing customer service

Banks show their true colors when something goes wrong. That's why customer service and reviews are so important.

Here's a high level of the support from each bank:

SoFi support:

  • Support via chat, email, or phone seven days a week
  • Access to financial planners (for investing and wealth management)
  • Personalized help for loans, credit, and investing
  • No physical branch locations

Chime support:

  • 24/7 live chat and phone support
  • Active presence on social media (people actually reply!)
  • No access to human financial advisors
  • No physical branch locations

My two cents: SoFi's support feels a little more premium. But that's really because it offers so many products. Chime is solid, though, and does a great job helping users with day-to-day needs.

As for online reviews and customer feedback, both SoFi and Chime have over 10,000 online reviews on Trustpilot. As of this writing, SoFi has a 4.3 star rating, while Chime is just average at 3.4 stars.

SoFi also has a higher rating with the Better Business Bureau (BBB). It holds an A+ rating currently, while Chime sits at a B-.

These ratings and reviews don't necessarily mean your experience will be good or bad. But it shines light onto how others feel about the services.

SoFi vs. Chime mobile apps

Both SoFi and Chime have well-rated mobile apps, and honestly, both are great. That said, each app serves slightly different users.

Here's a quick chart comparison with stats as of June 2025:

Mobile Feature SoFi App Chime App
App store rating 4.8 (iOS) / 4.5 (Android) 4.8 (iOS) / 4.7 (Android)
Budgeting and goals tools Yes Yes
Investing & trading Yes Not offered
Instant transfer to friends Yes (via SoFi app) Yes (Pay Anyone feature)
Design and usability Sleek, finance-hub style Clean, straightforward
Data source: SoFi and Chime, author's research

SoFi leans into the "financial hub" vibe. Whereas Chime keeps it simple.

So if you want a full dashboard with investing, loans, and smart savings tools, SoFi wins. And if you just want to check your balance and avoid fees, Chime nails it.

Which is right for you?

My honest opinion: If you only want simple banking features with no fees or hassles, both Chime and SoFi are great options. You can stash your cash safely and move it around with the ease of modern features.

I personally held accounts at both banks for a short time, set up direct deposit with each, and moved money around. I had no complaints with everything I tested.

But, if you're looking for a long-term financial partner and want a broader landscape of services, SoFi is the clear winner. If you're ready to take your banking to the next level, apply for a SoFi Checking and Savings (Member FDIC) account today.

FAQs

  • SoFi is a real bank. In 2022, SoFi received a national bank charter, meaning it's a licensed and regulated financial institution. Your deposits are FDIC insured up to $250,000.

  • Chime doesn't charge monthly maintenance fees, overdraft fees (with SpotMe®), or minimum balance fees. However, you may face fees from out-of-network ATMs or for third-party cash deposits.

  • Both apps are highly rated and easy to use. SoFi's app includes extra features like investing, credit monitoring, and budgeting tools, while Chime's app focuses on simplicity and everyday banking.

  • Yes. Both SoFi and Chime offer early direct deposit -- typically giving you access to your paycheck up to two days before your official payday.

  • Nope. Neither SoFi nor Chime currently offers certificates of deposit (CDs) or money market accounts.