Which fintech offers a better banking experience?

Financial technology (fintech) companies have been transforming the banking industry with their innovative online platforms that offer higher deposit rates, lower fees, and advanced digital tools. Two standout companies in this space, SoFi and Chime, have been recognized by Yahoo Finance as among the top five fintech companies for 2025.

SoFi, founded in 2011 and chartered as a bank in 2022, has grown to serve over 10 million customers. It provides a range of financial products and services, including bank accounts, lending, mortgages, and investing. On the other hand, Chime, established in 2012, focuses on keeping fees low and generates revenue from interchange fees rather than consumer fees. While Chime offers various products, its primary focus is on checking and savings accounts, with a unique Credit Builder account designed to help individuals build or repair their credit.

When comparing SoFi and Chime, there are notable differences in their offerings. SoFi’s checking account stands out with up to 0.50% interest on balances, while Chime’s checking account does not offer interest but provides perks like early direct deposit and overdraft coverage up to $200 with the SpotMe® program. Additionally, SoFi requires customers to open a checking and savings account together, whereas Chime offers a standalone checking account. SoFi also provides a welcome bonus of up to $300, while Chime offers $100 as a welcome bonus.

In terms of savings accounts, both SoFi and Chime offer high-yield options with no monthly fees or minimum balances. SoFi’s savings account offers a higher interest rate than Chime’s, but Chime’s account provides a flat 2% APY on all balances without any requirements. SoFi’s highest savings rate can be earned by setting up direct deposit or receiving qualifying monthly deposits, otherwise, the APY drops to 1%.

SoFi’s product lineup includes student loan refinancing, private student loans, personal loans, mortgage options, investment opportunities, and a credit card with 2% cash back. On the other hand, Chime offers products tailored to individuals with past credit issues, such as the Credit Builder secured card and a second-chance bank account that doesn’t require credit checks.

Both SoFi and Chime offer fee-free banking, with SoFi not charging monthly maintenance fees, overdraft fees, or in-network ATM fees. Chime also has minimal fees, with no monthly maintenance fees or overdraft fees, but does charge a $2.50 fee for out-of-network ATM withdrawals.

In conclusion, customers looking for higher interest rates on their deposits and a wide range of financial products may prefer banking with SoFi. On the other hand, individuals seeking to build or rebuild their credit without credit checks may find Chime’s offerings more suitable. Ultimately, the best choice between SoFi and Chime depends on individual financial goals and preferences.