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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7 сен 2024
