SoFi vs Chime (2026)
SoFi is a chartered bank whose savings pays 3.30% APY with eligible direct deposit or $5,000 in qualifying deposits every 31 days, and 0.80% APY without. Chime is not a bank: partner banks hold the money, and its savings rate runs from 1.00% to 4.00% APY depending on how much direct deposit arrives in 34 days. The difference comes down to the size of your direct deposits and how much overdraft room you want.
By Wealthy Pot Editorial · Facts checked October 19, 2026
| Feature | SoFi | Chime |
|---|---|---|
| Type | Banking + investing | Neobank |
| Deposits held by | SoFi is the bank | The Bancorp Bank, N.A.; Stride Bank, N.A. |
| $10,000 in savings for a year | $330 at 3.3% (if conditions met) | $400 at 4% (if conditions met) |
| Savings APY | 3.30% APY with direct deposit (0.80% without); new accounts can add 0.90% for up to 6 months | 1.00% APY standard; 3.00% Chime Plus ($200+ direct deposit); 4.00% Chime Prime ($3,000+ in 34 days) |
| Monthly fee | $0 (SoFi Plus optional, $10/mo) | $0 |
| Minimum deposit | $0 | $0 |
| Early direct deposit | Yes | Yes |
| ATM network | 55,000+ (Allpoint) | Fee-free in-network ATMs; $2.50 out of network |
| Best for | People who get paid by direct deposit and want checking, savings, investing and loans with one bank | People with $3,000+ a month in direct deposits who want fee-free banking and SpotMe overdraft coverage |
The $10,000 row is our arithmetic at each headline APY, assuming you meet its conditions and the rate holds for a year.
Key differences
The two savings rates hang on different conditions. SoFi pays 3.30% APY with eligible direct deposit, or with $5,000 or more in qualifying deposits every 31 days, and 0.80% APY otherwise. New SoFi accounts opened by December 31, 2026 that set up direct deposit within 60 days can add 0.90% for up to six months, for up to 4.20% APY. Chime counts only qualifying direct deposits in the past 34 days: $3,000 or more earns 4.00% APY (Chime Prime), a single $200 deposit or $400 in total earns 3.00% APY (Chime Plus), and less earns 1.00% APY, at rates effective 10/06/26.
A hypothetical saver keeps $10,000 in savings for a year at unchanged rates and gets $1,500 a month by direct deposit. That qualifies for SoFi's 3.30% APY, about $10,000 x 3.30% = $330, and for Chime Plus at 3.00% APY, about $10,000 x 3.00% = $300. With $3,000 or more every 34 days, Chime Prime would earn about $10,000 x 4.00% = $400. With no direct deposit and less than $5,000 a month coming in, SoFi pays about $10,000 x 0.80% = $80 and Chime about $10,000 x 1.00% = $100.
Overdraft room differs too. SoFi covers negative balances of up to $50 with no fee. Chime's SpotMe on Debit, also free, starts at $20 and may rise to $200 or more, needs Plus-level direct deposits and does not cover ACH payments. Chime also offers MyPay, a line of credit of up to $500 per pay period, free within 24 hours or $2 to $5 for instant delivery. On ownership, SoFi Bank, N.A. holds deposits itself (FDIC certificate 26881), while Chime says pass-through coverage at The Bancorp Bank or Stride Bank applies only if certain conditions are met.
Where SoFi wins
- A chartered bank: deposits held at SoFi Bank, N.A., not a partner bank
- 3.30% APY on savings with direct deposit or $5,000+ in deposits every 31 days
- New-account boost to 4.20% APY for up to six months (opened by December 31, 2026)
- Program coverage up to $3M
- No monthly fee and 55,000+ fee-free Allpoint ATMs
Where Chime wins
- 4.00% APY on savings with $3,000+ in direct deposits in 34 days
- No monthly fee, and the Plus and Prime tiers are free
- SpotMe covers debit overdrafts with no fee
- Paychecks up to 2 days early
- Secured Chime Card with no annual fee and no interest
Which should you choose?
Pick SoFi if
- You are paid by direct deposit and want 3.30% APY on savings at a chartered bank.
- You open a new account by December 31, 2026 and can set up direct deposit within 60 days for the boost to 4.20% APY.
- You keep more than $250,000 in cash and want SoFi's program coverage of up to $3M.
- You want banking and a brokerage account in one app.
Pick Chime if
- You get $3,000+ a month in direct deposits and want 4.00% APY on savings.
- You overdraw small amounts now and then and want no-fee overdraft coverage on debit purchases (SpotMe, from $20).
- You withdraw cash at Allpoint or 7-Eleven ATMs, which Chime counts in its 47,000+ fee-free network.
- You want to build credit with a secured card that has no annual fee and no interest.
SoFi vs Chime: FAQ
Which pays more on savings, SoFi or Chime?
It depends on your direct deposits. With $3,000 or more in qualifying direct deposits in 34 days, Chime pays 4.00% APY, above SoFi's 3.30% APY. With smaller direct deposits, Chime pays 3.00% APY and SoFi 3.30% APY. With no direct deposit, Chime pays 1.00% APY and SoFi 0.80% APY, unless $5,000 or more in qualifying deposits reaches SoFi every 31 days. New SoFi accounts can add a 0.90% boost for up to six months. See our SoFi savings review.
Is SoFi or Chime a real bank?
SoFi is. SoFi Bank, N.A. is a national bank and FDIC member (certificate 26881) that holds deposits itself. Chime is a financial technology company; its accounts are held at The Bancorp Bank, N.A. or Stride Bank, N.A., and Chime says pass-through insurance applies only if certain conditions are met. On May 7, 2024 the CFPB ordered Chime to pay a $3.25 million civil penalty over slow refunds on closed accounts. On May 2, 2024 FINRA fined SoFi's broker-dealer, SoFi Securities, $1.1 million; that action was not against SoFi Bank.
Which charges fewer fees, SoFi or Chime?
Neither charges a monthly fee; SoFi Plus is an optional $10 a month. Chime lists 47,000+ fee-free ATMs, then $2.50 per out-of-network withdrawal plus the owner's fee, $2.50 per over-the-counter cash withdrawal and 1.75% for instant transfers to an outside account. SoFi lists 55,000+ fee-free Allpoint ATMs. SoFi's fee sheet (effective May 18, 2026) lists no SoFi fee at other ATMs (the operator may charge), up to $4.95 charged by retail partners for a cash deposit and 0.75% (min $1, max $30) for an instant transfer out.
Compare these against every option in our neobanks comparison.
We summarize each company's published terms and pricing, not user reviews or our own testing. Facts come from our full reviews of both apps, each checked against the company's own pages, deposit agreements and regulator records on October 19, 2026 with every source listed. Many neobanks are fintechs whose deposits are held at partner banks. We do not earn a commission from either app. Nothing here is financial advice.