In recent years, financial technology companies, commonly known as fintechs, have been reshaping the landscape of the banking industry. Operating exclusively online, these companies enjoy significantly lower overhead costs compared to traditional banks. This allows them to offer enticing benefits such as higher interest rates on deposit accounts, low or even zero fees, and an array of advanced digital tools designed for customer convenience. Among these prominent fintech companies are SoFi and Chime, both of which have recently been highlighted by Yahoo Finance as two of the five best fintech firms to watch for 2025.

SoFi and Chime both provide higher-than-average savings rates and minimal monthly fees, but a closer examination reveals that they differ in several critical areas, including interest rates and the variety of products offered. This article delves deeper into the offerings of SoFi and Chime, aiming to assist prospective customers in determining which banking option might be better suited for their needs.

SoFi vs. Chime: General Overview

About SoFi
SoFi Technologies, Inc. was established in 2011 and achieved chartered bank status in 2022. Since then, it has broadened its service offerings and now caters to over 10 million customers. Today, SoFi provides a diverse range of financial products and services, including various types of bank accounts, lending options, mortgages, and investment opportunities.

About Chime
Founded in 2012 by Chris Britt and Ryan King, Chime Financial, Inc. operates out of San Francisco. The companys mission centers around minimizing fees associated with financial products, relying instead on interchange fees generated through transactions. While Chime offers several financial products, its main focus lies on checking and savings accounts. Notably, the Chime Credit Builder account serves as a valuable tool for individuals with limited or poor credit histories, allowing them to establish a healthier credit profile.

SoFi vs. Chime: Deposit Account Options

Checking Accounts

Both SoFi and Chime present checking accounts that are devoid of monthly fees, minimum balance requirements, or minimum opening deposits. Importantly, neither institution imposes overdraft fees, and both provide access to an extensive network of ATMs across the country.

A distinguishing factor is SoFis offering, which provides up to 0.50% interest on checking account balances. In contrast, Chime does not offer any interest on its checking accounts. However, Chime compensates with features such as early direct deposit and a SpotMe program that allows customers to overdraw their accounts by up to $200, compared to SoFis limit of $50.

Additionally, it's worth noting that SoFis checking account is linked to its savings account, meaning customers must open both accounts simultaneously. Furthermore, SoFi presents a generous welcome bonus that can reach up to $300, whereas Chime offers a comparatively modest bonus of $100.

Savings Accounts

Both companies excel in offering high-yield savings accounts that come without monthly fees, minimum balances, or initial deposit requirements. However, SoFis savings account typically boasts a higher interest rate compared to that offered by Chime, which is part of the reason SoFi is often listed among the top ten high-yield savings accounts available today.

Importantly, to qualify for SoFis maximum interest rate, customers must set up direct deposits or receive at least $5,000 in qualifying monthly deposits; otherwise, the annual percentage yield (APY) drops significantly to 1%. Conversely, Chimes savings accounts provide a flat APY of 2% on all balances without any conditions, making it a straightforward option for account holders.

SoFi vs. Chime: Additional Products and Services

Originally starting as a provider of student loan refinancing, SoFi has expanded its offerings to include refinancing for student loans and private loans, personal loans for varied purposes such as home improvement or credit card debt consolidation, as well as mortgage refinancing options. Their product suite also includes FHA, VA, and home equity lines of credit (HELOC), along with investment opportunities that allow customers to engage in both active and robo-investing, including investment in initial public offerings (IPOs). Additionally, SoFi features a credit card that offers unlimited 2% cash back on all purchases.

While Chimes product range is not as extensive as SoFis, it does cater to specific audiences, particularly those dealing with past credit challenges. For instance, its Credit Builder secured card enables individuals to apply for a credit card without any credit checks and without a minimum deposit. Moreover, Chime also offers a secondary banking option that allows customers to open accounts without undergoing ChexSystems or credit checks, appealing to those who may have struggled with traditional banking requirements.

Comparative Analysis: APYs and Fees

In general, SoFi tends to offer higher annual percentage yields (APYs) across its deposit accounts. For example, its savings account can pay up to 3.8% APY, while Chimes savings account is capped at 2% APY. When it comes to checking accounts, SoFi offers a 0.5% APY, whereas Chime does not provide any interest on its checking account.

However, its essential to consider the requirements for earning SoFis higher rates. If a customer cannot meet the criteria to qualify for SoFis top savings rate, they will only earn 1% APY. In contrast, Chimes 2% APY is accessible to all customers regardless of their account activity.

Both companies emphasize low fees, yet variations exist within their fee structures. SoFi does not impose monthly maintenance fees, overdraft charges, or in-network ATM fees. Nevertheless, users may encounter fees for outbound domestic wires and inactivity on their accounts.

Chime mirrors this low-fee approach, with no monthly maintenance fees, overdraft fees, or minimum balance requirements. However, customers will face a $2.50 fee for withdrawals made from out-of-network ATMs or for over-the-counter cash withdrawals. Chime does not charge an account inactivity fee, which could be beneficial for casual users.

Who Should Bank with SoFi?

Individuals seeking the most competitive rates on checking and savings accounts, coupled with the ability to meet direct deposit or qualifying deposit requirements, may find SoFi to be the ideal banking partner. Additionally, those interested in a wide array of financial products, including student loans, mortgages, personal loans, and investment options, should consider SoFis comprehensive offerings.

Who Should Bank with Chime?

While Chimes range of financial products may not be as extensive as SoFis, it remains a suitable option for certain customers. For instance, individuals needing to build or rebuild their credit may benefit from Chimes Credit Builder Secured Visa Credit Card, which requires no credit checks. Moreover, its second-chance banking options enable individuals to open accounts without undergoing ChexSystems or credit checks, making it an attractive choice for those who have faced challenges with traditional banks. Lastly, Chimes straightforward savings rate of 2% without any strings attached may appeal to customers seeking simplicity in their banking experience.