SoFi vs. Chase: Which bank is right for you?

JPMorgan Chase is the biggest bank in the US. While SoFi is a newer bank in comparison, its bank accounts, APYs and lending options are all arguably better. But Chase offers many more credit card options with better cashback rewards and has physical branch locations for easy cash access and in-person support.

SoFi vs. Chase: A quick comparison

• SoFi terms and conditions

  New 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.
  
  Our account fee policy is subject to change at any time.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
  See list of participating banks at SoFi.com/banking/fdic/receivingbanks
  
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
  
  Early 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.

SoFi vs. Chase: Product offerings

SoFi is an online bank with a full suite of banking, lending and investing services. While it operates exclusively online, it has over 55,000 Allpoint ATMs and accepts cash deposits at Green Dot locations. Chase is a traditional bank offering around 5,000 physical branches, a network of 16,000 ATMs, personal and business bank accounts and certificates of deposits (CDs).

Both banks feature comparable bank bonuses, such as a $300 signup bonus for meeting activity requirements on SoFi Checking and Savings or the Chase Total Checking account. But in a line-up, SoFi is the better option for affordable, everyday banking.

Banking

SoFi beats out Chase easily in a matchup of checking and savings options. SoFi might only have one account, but its features, lack of fees and rates are better than what Chase offers.

The SoFi Checking and Savings all-in-one account has no monthly fees or opening deposit requirements. You can earn 0.50% APY on your checking with no requirements, easily beating Chase’s interest-bearing accounts sporting only 0.01% or 0.02% APY if you’re eligible for relationship rates. SoFi also offers limited debit cashback rewards you can redeem and view in the app.

SoFi’s savings offers up to 4.50% APY on your balance if you set up direct deposit or deposit at least $5,000 per month. If you don’t meet those requirements, you still earn 1.20% APY, which is higher than any of Chase’s savings or CD options.

Chase offers 10 different checking and savings accounts and a variety of CD terms. But most accounts have monthly fees, and rates on CDs and savings aren’t great. It offers ways to waive monthly maintenance fees, but if you can’t, you’re being nickeled and dimed every month. One of Chase’s most popular accounts is Chase Total Checking®, with a $12 waivable monthly fee. And unlike SoFi, it doesn’t offer an APY or cashback rewards. As for its savings account, Chase Premier Savings charges $25 per month, and the APY is only 0.01% to 0.02% — significantly lower than SoFi’s APY and the national average savings rate of 0.46%, according to the FDIC. ⁽¹⁾

Borrowing

SoFi has more lending options than Chase. SoFi has loans for just about any situation including personal loans you can use for debt consolidation, home improvements, vacations, weddings and more. It offers refinancing loans for vehicles, student loans and home loans, and it can issue private student loans, mortgages and business financing.

Chase also has a full suite of borrowing options. It also features auto, home, business and student financing — but no personal loans.

Where Chase really shines is its credit card offerings. There are over 30 personal credit cards to choose from, and Chase is no stranger to our best credit cards picks. A standout is the Chase Freedom Unlimited® card offering up to 5% cash back with no annual fee. SoFi only has one credit card featuring 2% to 3% cash back. For credit card options, Chase is the clear winner.

Investing

SoFi and Chase both feature investing opportunities.

Chase has made a name for itself in investment banking and wealth management. It offers Self-Directed Investing, IRAs, one-on-one advisory services, unlimited commission-free online trades and its award-winning JPMorgan Wealth Plan.

As an online bank, SoFi takes a digital approach to investing with its online stock trading platform called SoFi Invest®. You can trade stocks and exchange-traded funds (ETFs), use complementary financial planners, invest in alternative investments like commodities, and try auto-investing based on your risk tolerance. SoFi also offers retirement planning with traditional, Roth and SEP IRAs.

Apps, features and more

In terms of app functionality and features, SoFi and Chase are very similar.

SoFi’s app lets you manage your hybrid checking and savings account and create up to 20 savings vaults — or subaccounts. You can also access its investing platform, apply for loans, view cashback offers, create budgets and monitor your credit score.

Chase’s mobile app is also very functional and full of features. You can view your credit cards and accounts, manage rewards, chat with customer support and check out Chase shopping and travel deals. Chase also lets you manage your wealth plan, access credit monitoring services, view your spending trends and apply or open new accounts.

How SoFi’s and Chase’s fees compare

SoFi is the clear winner when it comes to fees. SoFi’s account doesn’t charge any monthly maintenance, overdraft fees or out-of-network ATM fees.

Chase charges a monthly fee on just about all of its personal and business accounts, ranging from $4.95 to $35 per month. While most of its accounts offer multiple ways to waive the fees, it’s still another hoop you gotta jump through. Chase also charges a $3 out-of-network ATM fee.

What customers say about SoFi and Chase

Chase and SoFi both hold an A+ rating on the Better Business Bureau (BBB). Chase has a few thousand more BBB complaints, but that’s not surprising considering its size. Many of SoFi and Chase’s complaints are attempts to get refunds on fraudulent charges on checking accounts or credit cards, managing loans, disputing late fees or account closures. But overall, the complaints against both banks are pretty typical.

Chase does well on Reddit but holds a poor 1.3 rating on Trustpilot. Redditors say that as long as you can meet the requirements to waive the monthly fee on the accounts, it’s a decent bank. Others frequently call out its credit card offerings, praise the self-directed investing, cite decent rates on loans and like Chase’s business accounts. On Trustpilot, users complain of fees, struggles with contacting support over the phone, being ghosted after account applications and sudden account closures.

SoFi has a great reputation on Reddit and a very impressive 4.6-star rating on Trustpilot — practically unheard of for an online bank. On both platforms, most people have good things to say, reporting they switched to SoFi for its convenient opening process, high APYs and the savings vault feature. Many reviews are also about its personal loans, praising its easy loan application process, competitive rates and responsive customer support.

Final verdict: Which one’s better?

SoFi’s checking and savings account is better than Chase’s various accounts. SoFi doesn’t charge any monthly maintenance fees, has high APYs and features a full suite of perks like cash back and envelope budgeting. Also, SoFi receives many more positive reviews than Chase.

Chase’s credit card offerings are better, as SoFi only offers one card with cashback rates that just aren’t very competitive. From everyday cash back, travel and business, Chase has a credit card for just about everyone. And if you want branch access, Chase has locations in 48 states for in-person banking, deposits and customer support. SoFi only operates online, and you’ll pay a $4.95 fee for cash deposits at Green Dot locations.

SoFi at a glance

SoFi’s hybrid account has no minimum deposit to open or monthly fee and has higher APYs than Chase.

Chase at a glance

Chase is the better option for credit cards or if you need branch access.

Alternatives to SoFi and Chase

SoFi’s banking options might outshine Chase, but if you don’t want to meet deposit requirements to get the best APYs, you have other options.

• PNC Bank. A traditional bank like Chase, PNC offers a variety of all-in-one checking accounts called Virtual Wallet, similar to SoFi’s hybrid account. PNC has a variety of personal account offerings and a large branch network nationwide.
• UFB Direct. An online bank that’s known for its high APYs, its Portfolio Savings account offers a 4.83% APY with no balance or opening deposit requirements.
• Varo. Just like SoFi, Varo is a completely online bank. Its checking account’s shining star is the 6% cash back of up to $50 per month, and its savings account has a high 5% APY with no monthly fees or balance requirements.

See how even more bank accounts stack up:

• SoFi vs. Marcus
• SoFi vs. Chime
• Ally vs. Marcus
• Chase vs. Bank of America