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 it 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 of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% 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 9/23/26. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/23/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
  
  We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor 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 $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
  
  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 may be incurred when using out-of-network ATMs. 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.
  
  Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
  
  Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.

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 thousands of physical branches, a solid network of ATMs, personal and business bank accounts and certificates of deposits (CDs).

Both banks feature comparable bank bonuses, such as a $50 or $400 signup bonus for meeting activity requirements on SoFi Checking and Savings, and Chase offers some nice cash bonuses for new customers as well. 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 up to 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’s savings offers up to 3.30% APY on your balance if you’re a Plus member ($10/month), or if you set up direct deposit or deposit at least $5,000 per month. If you don’t meet those requirements, you still earn up to 0.80% APY, which is still higher than any of Chase’s savings options.

Chase offers 10 different checking and savings accounts and a variety of CD terms. But most accounts have monthly fees, and rates on 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 $15 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 0.38%, 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), 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 or overdraft fees. There’s an optional $10 monthly subscription fee for the Plus membership, but if you just want the highest savings APYs with SoFi, you could also just set up direct deposit or deposit $5,000 per month.

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 personal 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’s credit card options are limited. 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 or pay a monthly fee to get the best savings 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 4.01% 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 3.75% APY with no monthly fees or balance requirements.

See how even more bank accounts stack up:

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