Chime vs Sofi Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Chime vs. SoFi Bank

As of June 20, 2025 Chime offers an APY of 3.75% for its Chime Savings Account account, compared to SoFi Bank's 3.80% APY for its SoFi Savings account.

SoFi Bank yields $5 more than Chime on a $10,000 balance after one year. Chime pays $375, while SoFi Bank pays $380 - an APY advantage for SoFi Bank.

Chime

Strengths

  • Chime offers a competitive APY of 3.75%, unchanged from 30 days ago.
  • Chime has an App Store rating of 4.8, indicating high user satisfaction.
  • There are no maintenance fees for Chime Savings Account.

Potential Drawbacks

  • Chime requires a direct deposit of $200 to qualify for the 3.75% APY.
  • Chime has a BBB rating of B-, indicating lower trustworthiness.
  • Users must open a checking account before accessing the savings account.

SoFi Bank

Strengths

  • SoFi Bank offers a slightly higher APY of 3.80%, stable over the last month.
  • SoFi has an A+ BBB rating, reflecting strong trustworthiness.
  • SoFi does not require direct deposit for its savings account.

Potential Drawbacks

  • Without direct deposit or qualifying deposits, SoFi's APY may decrease significantly.
  • SoFi's Google Play rating is lower at 4.5 compared to Chime's 4.7.
  • SoFi requires a $5,000 Qualifying Deposit to maintain the higher APY.
Summary: Chime offers a 3.75% APY requiring a $200 direct deposit, with a B- BBB rating. SoFi provides a slightly higher 3.80% APY without a direct deposit requirement and boasts an A+ BBB rating. Both banks have no maintenance fees, but Chime's account setup requires opening a checking account first. SoFi's Google Play rating is lower than Chime's, reflecting a slight difference in user satisfaction.

Compare Chime's vs SoFi Bank's Savings Accounts

ChimeSoFi Bank
ProductChime Savings AccountvsSoFi Savings
APY
1.25% - 3.75% (as of 6/20/2025)3.80% (as of 6/20/2025)
Bundled Account
YesYes
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0.01$0
Maintenance Fee$0$0
Direct Deposit Required
Yes. You need to receive a qualifying direct deposit of $200 or more within the preceding 34 daysNo. Without direct deposit or "Qualifying Deposits" the APY will be significantly lower
NoteChime® is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. To open a savings account you must first open a checking account. To qualify for Chime+ with the 3.75% APY, you must have a Chime Checking account and receive a direct deposit of at least $200. Otherwise, the APY is 1.25%.The 3.80% APY requires either a direct deposit of regular income (of any amount) or a Qualifying Deposit of $5,000 for any 30-day period. The savings account comes bundled with a checking account.
Visit BankChime Savings AccountSoFi Savings
App Store Rating4.8/54.8/5
Google Play Rating4.7/54.5/5
BBB RatingB-A+

Comparative Historical APY Insights (Last 5 Months)

ChimeSoFi Bank
ProductChime Savings AccountvsSoFi Savings
Latest APY3.75 %3.80 %
TrendRisingSideways
Slope (bps/mo)53.60.0
Rate Changes / Mo0.210.00
Days Since Last Change82141
High (-5 m)3.75 %3.80 %
Low (-5 m)2.00 %3.80 %
Draw-down from High0.0 %0.0 %
Volatility (CV)0.2860.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-5 m)
Highest APY in the last 142 days.
Low (-5 m)
Lowest APY in the last 142 days.
Draw-down from High
How far today sits below the 5-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Calculate Savings Growth for Chime vs SoFi Bank

All calculations are based on APY.

Chime

APY: 3.75%

Total savings breakdown:

  • Interest earned: $37.5 (3.61%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.39%)

Your total balance

$1,037.50

Effective APY: 3.75% (based on your deposit and contributions)

Total balance: $1,037.5

Earnings: $37.5

Bank Details

SoFi Bank

APY: 3.80%

Total savings breakdown:

  • Interest earned: $38 (3.66%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.34%)

Your total balance

$1,038.00

Effective APY: 3.80% (based on your deposit and contributions)

Total balance: $1,038

Earnings: $38

Bank Details

After 1 year Chime would earn you $0.5 less than SoFi Bank.

More Comparisons

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