SoFi VS Chime | Which Bank Account Is The Best in 2021?

SoFi VS Chime | Which Bank Account Is The Best in 2021?

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Is SoFi better than Chime? Is Chime better than SoFi? That's the big question I will answer in this video. I compare two of the most popular online banks, SoFi and Chime. I discuss their features like SoFi Money, SoFi invest, SoFi Relay, Chime Spending account, Chime credit builder, etc. Which one is the better online bank? I will share which bank I think is best and which one I use. ▼▼

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Timestamps:

00:00 - Intro
00:53 - Spoiler Alert
01:33 - Overview of Chime
03:48 - Downsides to Chime
04:26 - Overview of SoFi
07:59 - Downsides to SoFi
08:21 - Conclusion

SoFi vs Chime 2021
Chime Spending Account
SoFi Money
SoFi loans
SoFi invest

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Chime was founded in 2013, making it a veteran of the online banking world. Being an online bank, Chime doesn’t have any brick-and-mortar branches, but it’s partnered with traditional banks Bancorp Bank and Stride Bank, meaning your money is FDIC-insured up to the standard $250,000.

Chime was one of the first online banks to offer zero fees for low balances, maintenance, or even overdrafts. In fact, Chime offers an overdraft protection plan called SpotMe. As long as you have at least $500 in qualifying direct deposits, Chime will cover any overdrafts up to $200. You just pay the money back when you can. It’s like a very convenient short-term loan.

Chime actually offers three separate accounts that work together, the Spending Account, Savings Account, and the Credit Builder account.

You can set your spending account so that every time you use your debit card, it will round up the purchase price to the nearest whole dollar and deposit the extra in your savings account, which is a nice, easy way to start saving. You can also sign up for the Save When I Get Paid feature and have 10% of your paycheck automatically put in your savings account each month, making set-it-and-forget-it saving super easy.

The savings account gives you .5% APY, about 10x the national average for a savings account, and of course it integrates with your other Chime accounts.

The Credit Builder is a good choice if you’re trying to build a credit history. Basically, you “load” your Chime credit card with funds from your Spending Account. Then, as you make purchases, the balance is automatically reported to the credit bureaus as “paid in full.” There’s 0% interest and no credit check. 

SoFi was founded in 2011 and got its start just offering student loans, expanded into personal loans and mortgages, and eventually made the leap into actual banking in 2018. So while it’s technically older than Chime, it’s actually been in the banking business a lot less time. SoFi is partnered with 6 different banks, including Wells Fargo and MetaBank. Fun fact: your accounts are covered by FDIC insurance from each of these banks, meaning your cash is covered up to $1.5 million instead of the standard FDIC amount of $250,000. Just in case that’s something you were worried about.

Like many other online-only banks, and Chime, SoFi has zero low balance, overdraft or maintenance fees, and unlike Chime, they don’t charge a fee for using an out-of-network ATM.

Like Chime, SoFi has an overdraft protection plan available to anyone with at least $500 in qualifying direct deposits. They’ll only cover you up to $50, not $200.

Instead of separate savings and spending accounts, SoFi has SoFi Money, a kind of hybrid account. If you have at least $500 in qualifying direct deposits, your money will earn .25% APY. Without that direct deposit, it’s a paltry .01%, in keeping with most brick and mortar banks.

DISCLOSURE: Some of the links on this page are affiliate links, this means that I may earn a commission if you click through and make a purchase and/or subscribe. Affiliate commissions are a great way to help fund and support the channel. 

I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.

Видео SoFi VS Chime | Which Bank Account Is The Best in 2021? канала Your Friend Andy