Since there are no standalone bank accounts, SoFi Checking and Savings is a good choice for individuals who are in the market for both types of accounts. The bank offers a very competitive tiered interest rate structure—, one of the highest rates available on a checking account—and few fees. It also provides automated savings tools to help customers build up their savings.
Having a SoFi account opens the door to other potentially valuable benefits, like rate discounts, financial planning services, and exclusive event access.
As with most online banks, there are no physical branch locations for in-person banking. However, live chat and phone service still keep you connected to real people when you need a little extra support.
SoFi vs. Chime®
Chime® is not a bank—it’s a financial technology company that offers banking products and services¹. The Chime® Checking Account2 functions like a checking account, while the Chime® Savings Account lets you earn interest.
In terms of interest rates, SoFi offers a considerably higher APY on its combined Checking and Savings account than Chime offers on its standalone savings account—0.50% APY on checking and 4.50%¹ APY on savings if you set up direct deposit or by depositing $5,000 or more every 30 days. Customers who don’t meet this criteria earn 1.20% APY on savings balances01 vs. Chime’s 2.00%3. Both SoFi and Chime are fee-friendly: SoFi doesn’t charge any overdraft fees03, and Chime offers a SpotMe®4 feature designed to help you avoid overdraft fees.
You can also open a credit card with Chime (Secured Chime Credit Builder Visa® Credit Card), though that card is intended to help you build credit5 rather than earn rewards. Chime offers access to over 60,000 fee-free ATMs6. It’s also possible to deposit cash7 into a Chime account at more than 8,500 Walgreens locations—with SoFi, you don’t have that convenience.
Fidelity vs. SoFi
The Fidelity Cash Management Account works like a checking account in that you can use it to make purchases and pay bills. Like the SoFi Checking and Savings account, you can earn interest on balances, though the rate isn’t quite as competitive.
You won’t pay typical bank fees with a Fidelity account, and you can link it to a Fidelity brokerage account for easy transfers. Balances are FDIC-protected, and Fidelity reimburses ATM fees globally.
There are no other banking products offered at Fidelity, and you won’t find loans or credit cards here either. You can, however, open an IRA or a taxable brokerage account—something you can also do at SoFi.
Ally vs. SoFi
At first glance, there isn’t much difference between Ally Bank and SoFi Bank N.A.. Both offer checking and savings accounts with above-average interest rates and minimal fees.
Ally, however, is a full-service bank, while SoFi is not. In addition to checking and savings accounts, Ally offers money market accounts and certificate of deposit (CD) accounts. You can apply for mortgages, personal loans, auto financing and credit cards from Ally, which also offers investment and retirement accounts. SoFi solely offers its unified Checking and Savings account.
On the other hand, you won’t find student loans or student loan refinancing with Ally, and the interest rate on Ally’s checking accounts lags behind SoFi’s rate. Ally also has a smaller ATM network, but you can get up to $10 in out-of-network ATM fees reimbursed each statement period.
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1Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.
2Chime Checking Account is required to be eligible for a Savings Account.
3The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.
4SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.
Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won’t cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe Terms and Conditions.
5To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime® Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
6Out-of-network ATM withdrawal and over the counter advance fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
7Once the retailer accepts your cash, the funds will be transferred to your selected Chime Account. Barcode and debit card cash deposits land in the Checking Account. Credit Builder card cash deposits first go through your Card Account and then land in your Secured Account. Cash deposit fees may apply if using a retailer other than Walgreens and Duane Reade
01SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
02New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
03Sofi account fee policy is subject to change at any time.
04Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
05Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking> Savings> Current APY or (ii) Banking> Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
