Chime Bank vs. SoFi Money | Which Account is Best?

Chime vs. SoFi:
FREE $50 From SoFi- https://www.sofi.com/invite/money?gcp=5fca095f-872b-43e0-aa8f-bbfc63716837

FREE $50 From Chime: https://www.chime.com/r/brendanpaules/

▽MY FINANCIAL TOOLS▽

➤ SoFi Complete Money Management
1) 💸 SoFi - Banking App - Get $75 When You Open a SoFi Invest Account
https://www.sofi.com/share/invest/2938577/

Get $50 When You Open a SoFi Money Account
https://www.sofi.com/invite/money?gcp=5fca095f-872b-43e0-aa8f-bbfc63716837

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➤ Chime Bank
2) 📲 Chime - Banking App - Get $50 for FREE When You Open an Account:
https://www.chime.com/r/brendanpaules/

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➤ WEBULL
3) 📲 Webull - Investing App - Earn 2 Free Stocks (valued at up to $1400) when you deposit $100.
https://act.webull.com/i/undefined/fkl/recommend_316_push

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➤ ROBINHOOD
4) 📈 Robinhood - Investing App - Earn 1 Free Stock when you open an account.
https://join.robinhood.com/brendap549

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➤ MY CAMERA GEAR
5) 📸🎤💡Camera, Microphone, and Lighting Kit
My Camera: https://amzn.to/3aqLolq
My Microphone: https://amzn.to/2zf4uOw
My Lights: https://amzn.to/3cIfCCd
SoFi money charges no fees which means no monthly maintenance fees, no foreign transaction fees, and free ATM access on SoFi’s network which says that they have over 55,000 ATMs. On top of that, you get your free checks and a pretty great debit card that has contactless payment features and gives you some amazing benefits that I have never seen on a debit card even with all of the other banks that we've looked at. Your SoFi debit card gets you discounts on airport concierge services, cashback from a number of retailers, and discounts on a bunch of subscription services that a lot of people actually use like Hulu Disney plus and a bunch more. On top of that, remember you also get extended warranty protection, and purchase protection on qualifying purchases which is again one of those things that you typically only see on credit cards with really high annual fees.

As usual, Chime also has no fees including no monthly fees, overdraft fees, foreign transaction fees, and of course their ATM network which is slightly smaller at 38,000 ATMs. Now, this might sound like a pretty substantial difference but in my experience, the network of Allpoint ATMs is pretty much identical for all of these banks so if anyone advertises themselves as having free ATMs on the all point network then they all pretty much are the same. I've gotta say Chime has some really unique features that others currently do not offer. For starters, their current interest rate is 1% which is four times what SoFi is currently offering and while these numbers are constantly changing as we've talked about before, both companies are dealing with the same low-interest rates across the board right now so the fact that Chime is coming out four times higher is a huge advantage. If that wasn't good enough, they also offer an automatic savings feature which allows you to round up all of your purchases and put that amount into your savings account without even thinking. And of course, the foundational feature that Chime was founded on, you can get your paycheck up to two days early with direct deposit meaning if you usually get paid on Friday then Chime will deposit your paycheck into your account on Wednesday which is another thing that SoFi does not offer currently.

At the end of the day you clicked on this video to hear which one I feel is better and as always it does depend but I do have a straight answer for you. If we are strictly looking at the banking services...in the current circumstances which include the interest rate then I gotta say Chime has SoFi beat. Their automatic savings feature, early paycheck, and significantly higher interest rate are tough to beat and while SoFi does have better cashback features and supposedly a larger ATM network, as someone who uses both networks on a day-to-day basis, the advantages that Chime has outweighed the advantages that SoFi has. But as I've said a million times before, if you want the ability to invest, borrow, and save your money under one umbrella then SoFi is my recommendation. I always advocate to try different things and decide what you like best because my personal take on things may be very different than how you view it after using each app. Plus like I said earlier they both give you sign-up bonuses so use those links in the description to get $100 for free and see which app you personally prefer.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

Видео Chime Bank vs. SoFi Money | Which Account is Best? канала Magnified Money