Financial Technology (vint) Companies have been revolutionizing the banking industry. Because they operate completely on -lein, they have lower overhead costs, allowing them to offer benefits such as higher deposit count rates, low or no fees, and solid digital equipment. Among these companies are Sofi and Chime, both of which are rated among the Five Best Fintech Companies for 2025.
Both offer higher than average savings rates and minimal monthly fees, but how do they compare? They differ in key areas, such as their interest rates and the number of products they offer. Here's a closer look at what it's like banking with Sofi vs Chime, and which one might suit you.
Sofi Technologies, Inc. in 2011. It became a chartered bank in 2022 and has since expanded its offerings and serves more than 10 million customers. Today, the company offers various financial products and services, including bank accounts, borrowing, loans, mortgages and investment.
Chime Financial, Inc., is a Fintech company in San Francisco founded in 2012 by Chris Britt and Ryan King. Its mission is to keep fees for its financial products low, making money from exchange fees instead of consumers. Although it offers several products, it focuses primarily on checking and savings. However, its credit builder account can be a useful way for those with poor or limited credit to establish a healthy credit profile.
Sofi and Chime offer check -up accounts with no monthly fees, minimum balances, or minimum opening deposits. Neither account has overdraft fees, and you can access an extensive ATM network with both accounts.
One of the most notable differences is that a SOFI check account pays up to 0.50% log on checking account balances, while Chime pays no interest. However, the Chime checking account offers other benefits such as early direct deposit and up to $ 200 in overdraft broadcasts with the SpotMe® program (SOFI covers up to $ 50 in overdrafts).
Another difference is that a Sofi check account is bundled with their savings account, so you have to open both at the same time. In addition, Sofi's Welcome Bonus Up to $ 300, while Chime's is $ 100.
Sofi made our list of 10 best free checking accounts Available today.
Sofi and Chime offer high -product savings accounts with no monthly fees, minimum balances, or minimum opening deposit requirements. However, a Sofi savings account offers a higher interest rate than a chime savings account. That's one of the reasons why Sofi is included in our list of 10 Best High Product Savings Counts.
That said, to earn the highest rate of SOFI, you must set up a direct deposit or receive $ 5,000 in qualified monthly deposits – otherwise, the APY drops to 1%. Meanwhile, Chime offers a 2% apartment on all savings balance with no caveats.
Originally a student loan refinancing provider, SOFI continues to offer refinancing and private student loans. Its product line also includes personal loans, which you can use for different purposes, such as improving homes and consolidation of credit cards. It offers a mortgage refinancing and loans, including FHA, VA, and home equity credit lines (HELOC). You can also invest with Sofi, whether you prefer to invest or active robo-invest, and allows you to invest in the company's IPOS. Sofi also offers a Credit card with unlimited cash 2% back.
Chime products and services are not so extensive, but unlike Sofi, it offers products specifically designed to help customers with past credit issues. For example, the credit assurance card does not require a credit check, for example, and has no minimum deposit. Chime also offers a Second Chance Bank Accountthat allows you to open an account without running a Chexsyystem or credit check.
Sofi generally offers higher apys on its deposit accounts. His savings account pays up to 3.8% APY versus 2% for Chime. Meanwhile, its checking account pays 0.5% APY, while Chime Check Checking account pays no interest.
However, if you are not eligible for Sofi's top savings account rate, you only earn 1% Apy. With Chime, savings account balances earn 2% APY no matter what. Therefore, the bank with the better rates depends on whether you can meet SOFI requirements.
Sofi and Chime offer low fee banking options, but there are some differences in their fee structures.
SOFI does not charge monthly maintenance fees, overdraft fees, or ATM fees in a network. However, you may face some fees in some situations. For example, Sofi charges out domestic wires as well as inactivity of accounts.
Chime also raises a minimum of fees. There are no monthly maintenance fees, overdraft fees, or minimum balance fees. However, it charges a $ 2.50 fee for removing ATMs outside the network or removing over -the -counter cash. There is no counting inactivity fee.
Those who want the best rates on account balances and accounts and able to meet the requirements for a direct deposit or application deposits should consider banking with SOFI. In addition, customers who want access to a wider range of products should consider SOFI. For example, Sofi offers student loans, mortgages, personal loans, and investment.
While chime product lines are not so extensive, some customers still have a better choice. For example, his credit builder is secured by a visa credit card allows you to apply for a credit card without any credit checks and start building your credit. Similarly, it offers a second chance banking, no need for chexsystems or credit checks. Finally, while Sofi's maximum savings rates are higher, Chime does not have a direct deposit requirement, making its rates more achievable for some customers.