SoFi vs Chime
By Itai Varochik | Updated 2026
Quick Verdict
Overall Winner: Chime (4.2/5)
We tested SoFi and Chime side-by-side. Chime comes out ahead overall, but SoFi may be better for specific use cases.
Score Breakdown
| Criteria | SoFi | Chime |
|---|---|---|
| Features | 8.5/10 | 7.5/10 |
| Ease of Use | 8.5/10 | 9/10 |
| Value for Money | 9/10 | 9.5/10 |
| Customer Support | 7.5/10 | 7/10 |
| Overall | 8.5/10 | 8/10 |
Feature Comparison
| Feature | SoFi | Chime |
|---|---|---|
| Checking & Savings | Yes | No |
| Investing | Yes | No |
| Loans | Yes | No |
| Credit Card | Yes | No |
| Relay | Yes | No |
| Spending Account | No | Yes |
| Savings Account | No | Yes |
| Early Deposit | No | Yes |
| SpotMe | No | Yes |
| Round Ups | No | Yes |
| Chime Credit Builder Visa® Secured Card | No | Yes |
| Mobile Banking App | No | Yes |
Pricing Comparison
SoFi: No fees
Chime: No fees
SoFi Pros & Cons
Pros
- All-in-one financial platform (bank, invest, loans)
- Commission-free stock and crypto trading
- Competitive savings APY (up to 4.00%)
- No account fees or minimums
- Free financial planning and career coaching
- IPO access for qualifying members
Cons
- Basic investing tools for advanced traders
- Limited crypto selection (30+ coins)
- 2% cash back requires SoFi product redemption
- No tax-loss harvesting on robo-advisor
- Joint accounts not available for investing
Chime Pros & Cons
Pros
- Zero monthly maintenance fees, overdraft fees, foreign transaction fees, and minimum balance fees.
- Early direct deposit, allowing access to paychecks up to two days sooner than traditional banks.
- Automatic savings features like Round Ups and a high-yield Savings Account to encourage financial growth.
- SpotMe: a fee-free overdraft service for up to $200, providing a safety net for unexpected expenses.
- User-friendly mobile application with robust features for managing accounts on the go.
- Chime Credit Builder Visa® Secured Card helps improve credit scores without a hard credit check or annual fee.
Cons
- No physical branch locations, which can be a drawback for users preferring in-person banking services.
- Limited ATM network compared to traditional banks, potentially incurring out-of-network fees for some transactions.
- Does not support joint accounts, limiting its utility for couples or shared financial management.
- Lower APY on savings compared to some high-yield online banks, especially for high-balance savers.
- Customer service is primarily digital, which may not suit all users' preferences for support.
Key Specifications
| Spec | SoFi | Chime |
|---|---|---|
| Rating | 4/5 | 4.2/5 |
| Pricing | No fees | No fees |
| Year Founded | 2011 | 2012 |
| Headquarters | San Francisco, CA | San Francisco, CA |
| Employees | 5,000+ | 2,000+ |
| Bank Charter | Yes | N/A |
| Best For Region | United States | United States |
| Cash Account APY | 4.50% | N/A |
| Overdraft Fee | N/A | $0 |
| Early Direct Deposit | N/A | Yes |
Our Verdict
Chime wins overall. Choose SoFi if you value Young professionals wanting one financial app. Choose Chime if you prioritize Fee-averse consumers looking to avoid common banking charges..
Frequently Asked Questions
Is SoFi better than Chime?
Based on our testing, Chime scores higher with a rating of 4.2/5 compared to SoFi's 4/5. However, the best choice depends on your specific needs.
What is the main difference between SoFi and Chime?
SoFi is known for: All-in-one fintech platform with banking, investing, loans, and financial planning.. Chime is known for: Fee-free mobile banking with early direct deposit and automatic savings..
Which is cheaper, SoFi or Chime?
SoFi pricing: No fees. Chime pricing: No fees.
Can I use SoFi and Chime together?
While both tools serve similar purposes in the Digital Banks category, some users do use complementary features from both platforms.
What are the pros of SoFi?
All-in-one financial platform (bank, invest, loans). Commission-free stock and crypto trading. Competitive savings APY (up to 4.00%)
What are the pros of Chime?
Zero monthly maintenance fees, overdraft fees, foreign transaction fees, and minimum balance fees.. Early direct deposit, allowing access to paychecks up to two days sooner than traditional banks.. Automatic savings features like Round Ups and a high-yield Savings Account to encourage financial growth.
Which digital banks should I choose?
Choose SoFi if you value Young professionals wanting one financial app. Choose Chime if you prioritize Fee-averse consumers looking to avoid common banking charges..