SoFi Money vs. Chase Bank | Which Account is Best?
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- čas přidán 24. 08. 2024
- SoFi Money vs. Chase Bank:
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Let's start off with the banking side of things with SoFi money. So SoFi money is more of a hybrid account meaning you're not going to have that separate checking and savings account but regardless of that, all of the money in your SoFi money account is currently going to earn 0.25% at the time of recording this video. Now 0.25% isn't great but as we'll see later, that is significantly better than what most national banks are currently offering. With SoFi you have absolutely no fees across the board, you have access to their network of 55,000 free to use ATM's, and you have free overdraft protection meaning if you accidentally overdraft this account then no worries SoFi is going to cover you up to $50 and you will not owe any fees at all.
Not surprisingly, Chase does have that more traditional model meaning they have a separate checking and savings account option and with their checking accounts there are a ton of different options to choose from including their everyday checking, premium checking, student accounts, and under each of those categories there's even more options to choose from. Now for most of us the Chase total checking account is probably the best option so let's take a look at that one. So the Chase total checking account does have a $12.00 monthly fee however you can really easily get this waived if you have either $500 in electronic deposits, an average balance of $1500 in this account or a balance of $5000 across all of your different Chase accounts. You also have access to their network of 16,000 ATMs and 4,700 physical branch locations plus you have there online bill payment tools through chase online and the chase mobile banking app as well as their overdraft services, integration with the Zelle payment platform and some pretty great signup bonuses at the moment depending on which account you decide to go with.
The biggest bummer in my opinion with the savings account is that they currently pay an interest rate of 0.01% and of course I will say that these rates are constantly changing but national banks aren't exactly known for paying super high interest rates so if that is something that you're concerned about then I wouldn't hold your breath and wait around for them to pay significantly more than 0.01%. So SoFi definitely has the upper hand as far as interest rates are concerned however Chase does have a number of additional account options including CDs, college checking accounts, business accounts, and several others that SoFi does not currently offer. Now outside of banking, Chase obviously has their JPMorgan Chase investing platform while SoFi has SoFi invest which is a more basic investing tool with individual stocks, ETFs, IPOs, and crypto investing options as well.
The main difference is that Chase has those physical brick and mortar locations whereas SoFi is a fully online bank so if you live near a Chase branch and you feel like you will need to physically go there for whatever reason then obviously Chase is going to be the better choice in that scenario. Now the other huge difference is the mobile apps for each of these platforms.
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I have an account with both banks. Use Chase for zelle, credits card, and just physical branch where I can deposit and withdrawal money. I use SoFi for the early pay and the crazy APY! I also like their vaults options and the fact that I can do everything else on SoFi! Can’t go wrong with both!
Same here. Exactly.
Lol that’s exactly what I’ve done, was just hoping I wasn’t missing out on something.
Does chase have the cool mini savings thing that sofi has? The vaults?
I have chase only as a joint account with the wife for bills and what not other than that my primary bank is SoFi. It was Navy federal but there only great with CDs
Why don’t you disclose that you are technically sponsored by SoFi? You have a sign on bonus link that financially compensates your for every person who opens an account
I like the hybrid model of Capital One 360 best of both worlds ~~
Thats a really great point. Thanks for the comment!
Only drawback is Cap doesn’t reward you for good behavior. Meaning if you get your score up to anything over 800, they’ll finance you. But they really rather finance a 675-740. Anything over that their rates aren’t competitive.
These are the two banks I have been considering, thanks!
This is great. I’ve been bounced around since Simple. But, I wasn’t sure if I wanted Cap One, or Chase. I certainly don’t want BBVA or PNC. They’re very last century in their approach. Sounds like this is Simple on PED’s.
We're sorry, at this time SoFi Money is not compatible with Zelle. Big no no for me
Chase couldn't pay me 100% daily on my money for my business.
Just got my sofi account. Thanks for helping me decide and helping me learn about sofi. Never even know it existed. I used your affiliate link :) thank you!
Thanks so much for the support K I really appreciate it!
Chase hands down. Physical branches, better app, easy to use. Good but not great UI, but better than SoFi’s clunker of an app. I can’t stand the eye soreness of seeing ads and clutter and not to mention tabs I have little interest in and are not removeable.
Sofi has way better apy
*Thanks for checking out the video! Do you prefer SoFi or Chase?*
Sofi or ally . No fees i like ally buckets, sofi rewards so I’ll be using both
Chase
My wife and I just opened a Chase account as we used to bank with Simple but they closed down and we didn't want to bank with BBVA. Can you deposit cash into your Sofi account? And if so how long does it take to be available in the account?
Thanks for the great question! You can make cash deposits through Green Dot at participating retailers using your SoFi Money Mastercard debit card.
I did the exact same. BBVA was terrible right from the start. I chose to go with chase just so I could have a relationship with them and J.P. Morgan for credit cards.
Chase sucks. THeir credi tcards are good.
Sofi is leaps beyond their banking.
Capital 1, Discover are good banks!
Great reviews as always...imo I could never feel completely comfortable with total online banking need that brick and mortar environment !
Me to if i gotta slap somebody....cant to it online
Yeah if they screw you over got to have some place to go blow up.
I use zelle with chase, capital one, ally and keybank so mostly use those. when i need a phyical bank then chase or ally is what i use. for online then use ally, sofi or capital one in addition to some others so it really depoends on my needs
Can you do Security Bank? They have some good options on the benefits part.
Chase is absolute GARBAGE
I'm glad I closed their checking account.
I love their Freedom Credit Card tho
This is great video, although I do have an account with 3 Banks PNC, Ally and SoFi ,(with their debit cards not credit ones) planning to go with 2 more as my other back ups Chase and a credit union, any helpful advice?
SoFire all day!
Haha agreed. Thanks for the comment!
I haven't noticed the use of a secondary camera before. Is that new?
Can you do an update on this video topic? SoFi vs Chase in 2023? 😭
SoFi vs Navy Federal please
Can you deposit your own checks from another bank into your SoFi Account?
It takes like a week or so for deposit that’s the downside
Sofi vs U.S. Bank please
Hi! Do you know if there is an online bank where we can open an account without a SSN?
Hmm...I'm not sure on that one! I'll do some research and see what I can find. Does anyone have a better answer? Thanks for the great question Monica Pozo!
Do u have a phn number?
Wow I have both cards. I use my Chase more because it's a national bank number one Bank in America. I have a Roth IRA as well with them and most of all my money is with Chase. I use my sofi card for certain things.
Its good to have everything in one bank it’s also bad if you have your mo why spread to different accounts it can help in the case that a certain bank shuts down for good or has lawsuits
SoFire 🔥
😀❤️👍👍
Thanks for the comment!
@MagnifiedMoney There's no link for SoFi Money? I want to switch from my Chase checking to a SoFi Money account and would love to use your link to support the channel. I just discovered this video and I love how clearly you explain things professionally. You gained a new subscriber. Thank you for the high quality content!