Chime Bank vs. SoFi Bank: 2023 Comparison


5/2/20236 min read

Looking for the perfect online bank to meet your financial goals in 2023? We are comparing Chime Bank and SoFi Bank in this in-depth review. Explore their features, including user-friendly apps, fee-free ATMs, high APY rates, goal-oriented savings, and additional perks. Discover which bank offers the best banking experience for you.

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In today's digital era, online banking has transformed the way we manage our finances. Among the leading players in this space, Chime Bank and SoFi Bank have emerged as top contenders, offering a wide range of features and benefits.

Deciding which one is the best fit for your financial needs can be challenging. In this comprehensive comparison, we will delve into the advantages, disadvantages, and unique aspects of Chime Bank and SoFi Bank. By the end, you'll be equipped with the knowledge to make an informed decision about your ideal online banking partner.

Cutting-Edge Apps and User Experience

Both Chime Bank and SoFi Bank have prioritized the development of cutting-edge mobile apps, revolutionizing the way we interact with our bank accounts. Chime Bank's app offers a sleek and streamlined experience, focusing on essential banking functionalities such as checking and savings accounts, credit building, and effortless money transfers. The user interface is intuitive and user-friendly, ensuring a smooth and hassle-free banking experience.

SoFi Bank takes it a step further by providing a comprehensive suite of services within its app. Alongside banking features, SoFi Bank's app encompasses credit cards, loans, investments, and more. With a wealth of options at your fingertips, SoFi Bank's app aims to be a one-stop financial hub, allowing you to manage various aspects of your financial life seamlessly. Whether you prefer simplicity or a feature-rich app, both Chime Bank and SoFi Bank deliver a remarkable user experience.

Winner: SoFi

Fee-Friendly Banking

Say goodbye to the days of being burdened by excessive fees. Chime Bank and SoFi Bank have embraced a fee-friendly approach, placing the financial well-being of their customers at the forefront. Neither bank imposes monthly or yearly fees, ensuring that managing your money remains cost-effective. This fee transparency extends to other aspects of banking as well.

Both banks waive overdraft fees, relieving you from the stress and financial strain that can accompany them. Additionally, they offer free ATM withdrawals within their respective networks, saving you money on transaction fees. It's important to note that Chime Bank charges a nominal $2.50 fee for out-of-network ATM withdrawals. However, if you predominantly use in-network ATMs or are comfortable with Chime Bank's ATM network, this fee should not pose a significant concern. Chime Bank and SoFi Bank prioritize providing fee-free banking experiences, empowering you to take control of your finances without unnecessary costs.

Winner: Tie

Welcome Bonuses and Rewards

In their quest to attract new customers, both Chime Bank and SoFi Bank offer enticing welcome bonuses. By signing up using a referral link, you can unlock these rewards and jumpstart your banking journey. Chime Bank extends a warm welcome with a $100 bonus when you receive a payroll deposit of at least $200 within 45 days. This generous incentive provides a tangible benefit right from the start.

SoFi Bank, known for its commitment to rewarding its customers, goes above and beyond. Upon depositing a minimum of $10, you'll receive a $25 bonus. But the benefits don't end there. SoFi Bank offers opportunities to earn up to an additional $250 if you set up your account with qualified direct deposits. This dedication to rewarding customers sets SoFi Bank apart and enhances the overall banking experience. Furthermore, SoFi Bank offers a suite of additional products where you can earn rewards through their generous referral porgram.

Winner: SoFi

High-Yield Savings and Interest Rates

Earning interest on your savings is a crucial aspect of any bank account. SoFi Bank takes the lead in this category, offering an impressive 4.2% interest rate on deposited funds in their savings account. This rate surpasses Chime Bank's 2% rate, making SoFi Bank an appealing choice for individuals focused on maximizing their savings potential.

Moreover, SoFi Bank also pays 1.2% interest on checking accounts with direct deposits, providing an added incentive to keep your funds in their checking account. In contrast, Chime Bank doesn't offer any interest on checking balances. If you're looking to make the most of every dollar, SoFi Bank's higher interest rates make it an attractive option for individuals who want their money to work harder for them.

This is perhaps the most compelling reason to bank with SoFi, as Chime has fallen behind the competition in recent months with rising interest rates and a resistance to passing the yield to their customers.

Winner: SoFi

Additional Services and Ecosystem

While Chime Bank focuses on simplicity, SoFi Bank offers a broader range of financial services within its ecosystem. SoFi Bank aims to be a one-stop-shop for all your financial needs, beyond traditional banking services. In addition to banking features, SoFi Bank provides investment options, loan services, credit cards, and more.

SoFi Bank's investment platform allows you to explore different investment opportunities, empowering you to grow your wealth and diversify your portfolio. Whether you're a seasoned investor or a beginner, SoFi Bank offers resources and guidance to help you make informed investment decisions.

Additionally, SoFi Bank provides access to loans, making it convenient for those seeking personal loans, student loan refinancing, mortgage options, and more. This comprehensive suite of services within the SoFi Bank ecosystem positions them as a true financial partner, catering to a wide range of financial needs.

Chime Bank, on the other hand, caters to individuals who prefer a simple and straightforward banking experience. They offer a credit Builder credit card, which can be an excellent option for those looking to establish or rebuild their credit history. Chime Bank's primary focus is on essential banking features, ensuring you have the tools you need without overwhelming you with an extensive array of services.

Winner: SoFi

Where does Chime win?

Chime’s app and product offerings are catered towards individuals looking to simplify their finances and/or build credit through their Credit Builder program, which is very significant if you fall in this category.

You can enroll in Credit Builder after you join Chime and receive a qualifying direct deposit to your Checking Account. Credit Builder offers a card with no annual fees, no credit checks and an average APR of 0%. These are major benefits if you are new in building your credit, are working to rebuild your credit or simply want a more basic banking solution to meet your financial needs.


In the ever-evolving landscape of online banking, Chime Bank and SoFi Bank shine as exceptional choices. Whether you prioritize simplicity or desire an all-encompassing financial ecosystem, both banks have something unique to offer. Chime Bank's streamlined app and fee-friendly approach make it an excellent option for those seeking simplicity and essential banking features.

On the other hand, SoFi Bank's comprehensive suite of services, higher interest rates, and rewarding credit card make it a compelling choice for individuals looking for a robust financial hub. Ultimately, the best online banking experience depends on your financial goals, preferences, and lifestyle. Take the time to consider what matters most to you and choose the bank that aligns with your needs. With Chime Bank and SoFi Bank, you can embark on a digital banking journey that will empower you to take control of your finances and achieve your goals.

Disclaimer: The information provided in this blog post is for educational and informational purposes only and details on each bank could change after publishing.  Information should also not be construed as financial advice. Always conduct thorough research and consider your individual circumstances before making any financial decisions. 

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