Top 9 Benefits SoFi Bank Offers Over Chime
SoFi and Chime both offer online banking services but reviewing SoFi Bank features, 9 benefits stand out over what Chime offers.
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SoFi vs. Chime: Similar Banking Features
Polling by Forbes in 2022 found 78% of consumers prefer to bank via a mobile app or website. When we reviewed both SoFi and Chime online banking several features were found to be similar. However, after an in-depth review of SoFi Bank we found 9 major benefits that Chime does not offer.
- No Monthly Fees
Both SoFi and Chime account holders don’t pay overdraft fees, minimum balance fees, monthly service fees, or ATM fees.
- Get Paid Two Days Early
Customers of both SoFi and Chime can sign up for direct deposit to receive paychecks up to two days early.
- Mobile App
Pay bills, deposit checks, send money, and manage your digital wallet all in the banking app.
- Free Overdraft Coverage
SoFi and Chime have similar overdraft coverage features where account holders with direct deposit can overdraft their accounts up to an approved amount.
- Free ATMs
SoFi has over 55,000+ fee-free ATMs Nationwide while Chime has 60,000+ free ATMs.
- Automatic Roundups
Automatic roundups on all debit card purchases where the change is transferred to your savings is a feature of both SoFi and Chime.
9 Benefits SoFi Bank Offers Over Chime
The bottom line is SoFi is the best choice for people wanting to build a long-term banking relationship. SoFi refers to its customers are “members,” as such SoFi focuses on the best products to benefit its members.
From checking, high-yield savings, loans, credit cards, investing to free financial and career planning SoFi is a One-Stop Shop for member needs.
1. SoFi is a Bank
SoFi is a fintech-turned-bank. That means SoFi Bank is regulated by state and federal banking regulators like the Office of the Comptroller. Licensed bank customers generally have more protections than with Chime. It’s probably one of the reasons SoFi has way fewer complaints than Chime with the Better Business Bureau.
SoFi Bank provides $250,000 of FDIC insurance per depositor. Additional FDIC insurance is provided by the SoFi Insured Deposit Program that insures deposits up to $2M through participation in the program.
Chime is not a bank. Chime is a financial technology company that provides its products via a banking-as-a-service arrangement with traditional banks. Chime partners with The Bancorp Bank, N.A. or Stride Bank, N.A. to provide free checking, high-interest savings and credit builder services along with FDIC-insurance for customer deposits.
2. SoFi is a One-Stop Shop for its Members
SoFi offers a wide variety of financial products making it ideal to build a long-lasting banking relationship. Here are several SoFi Bank products:
- Interest-bearing checking account (0.50% APY) with direct deposit set up.
- High-Yield Savings account (4.50% APY) with direct deposit set up or (1.20% APY) without direct deposit.
- Personal Loans ($300 Bonus)
- Mortgage Loans
- Student Loan Refinance ($300 Bonus)
- Private Student Loans ($100 Bonus)
- Cash Back Credit Cards
- Investing for Stocks, Fractional Shares, ETFs, IRAs, Crypto ($25 Free Stock)
- Free Financial Planning
- Free Career Coaching
- Insurance Planning
3. Earn a cash bonus for setting up direct deposit
Get up to a $275 welcome bonus with a qualifying direct deposit. SoFi will give new customers a $25 bonus just for opening a new checking and savings account with at least a $100 opening deposit.
In addition, new customers can earn an additional bonus up to $250 by setting up a qualifying direct deposit:
- $50 Bonus for $1,000.00 – $4,999.99 direct deposit.
- $250 Bonus for $5,000.00 or more direct deposit.
4. Earn up to 15% cash back
You can earn up to 15% cashback by using your SoFi debit card at participating stores and restaurants in your local area. Once you have your debit card, use the SoFi Banking app to find local stores and restaurants that have rewards enabled and then activate the specific offers.
5. High-Yield Savings earns up to 4.50% APY
SoFi's High-Yield Savings Account earns up to 4.50% APY for members with direct deposit activity or 1.20% APY without direct deposit. Plus, SoFi's checking account can earn 0.50% APY on checking balances with direct deposit activity.
Chime's savings account although considered a high-yield savings account, only earns 2.00% APY.
6. Savings Vaults
Unlike many savings accounts in the U.S., SoFi's savings account allows members to make unlimited withdrawals with no fees. Most savings accounts have a 6 withdrawal limit per month before incurring a fee to access your money. Here are the benefits of SoFi's Savings Vaults:
- Savings Vaults allow members to earmark money into different vaults for a particular purpose. Similar to the envelope budgeting approach — also known as “cash stuffing” to plan spending.
- Savings Vaults can be an easy way to budget or earmark a monetary goal.
Plus, with SoFi Bank allowing unlimited savings account withdrawals, account holders don't have to worry about any fees associated with using their savings account.
7. Free Financial Planning
Get a clear picture of your financial goals and create an investment strategy that aligns with your goals and risk tolerance with a free SoFi Financial Advisor. Plan for retirement, a big purchase, save for the future, estate plan or get advice to protect your assets.
8. Free Career Coaching
Whether you're looking for a new job, promotion or changing industries, SoFi's free career coaching can help you meet your goals. SoFi members work one-on-one with an experienced career coach to identify goals that are important to you.
9. SoFi 3% Cash Back Credit Card On Everything
Earn 2% unlimited cash back on eligible purchases. If you set up direct deposit, you’ll get 3% cash back for the first year on up to $12,000 in purchases. Reward can be redeemed for cash, investments, or even as a statement credit.
