Chime vs. Discover Bank | Online Bank Tournament Semi-Final Part 2

Chime vs. Discover Bank:

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So with Chime bank, you're going to have that no fee structure and get access to their network of 38,000 ATMs which are completely free to use. Now there's no formal budgeting section that gives you a really in-depth look of your credit score and your spending habits but you can break down your spending within the Chime App into various categories and at the very least identify where you might be spending too much and more importantly where you can cut back. You are currently going to earn a really competitive 1% interest rate on all of the money that is in your savings account. Chime really started to set itself apart from the competition when it essentially pioneered the early paycheck feature. Lastly, you do have access to the green dot reload feature which is the same system that Varo uses that allows you to deposit cash at over 90,000 retailers like CVS and Walgreens so not only are you able to withdraw cash for free from their ATMs but you can also make a deposit if you need to.

Alright so moving on to discover bank, once again you're going to have that no fee structure that we've all come to know and love and this has a better network of ATMs that's currently at 60,000. Similar to Chime you are also going to have that separate checking and savings account and on your savings account you're currently earning 0.7% which is just a little bit lower than Chime bank currently but these next few features more than make up for that small difference in my opinion. Outside of your checking and savings account, you will also get access to money market accounts, CD’s with varying lengths from a few months all the way up to five years which is currently a 0.90% interest rate. But the best feature in my opinion of the discoverer bank account is that you can earn 1% cash back on all your purchases up to $3000 in purchases per month which basically means you can earn 30 bucks a month in free money just for using it with your regular everyday purchases.

So with the exception of those money market and CD accounts and the cashback offers, discover and chime are on a very similar level with most of their features. Their interest rates are nearly the same, they both offer some form of peer to peer transfers, and even though discovers flat 1% cash back is a little better in my opinion, chime does have some cash back options with partnered retailers. So you can probably see why I put these head to head since they are very similar but the one factor that is a big differentiator is in the customer service. I've said it before and I will say it again, discover as a company has some of if not the best customer service of any company I have ever had to contact. They offer 24/7 US-based customer service of friendly and knowledgeable individuals.

So in this battle between Discover bank and Chime, I would give this one to Discover Bank. Obviously, that customer service is a factor, but it goes beyond that. The cashback rewards offered by Discover are easy to use and understand and will give you a greater monetary benefit at the end of the day not to mention the money market and CD accounts that they offer at some pretty competitive rates. So personally, I would give this one to Discover Bank.

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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 vs. Discover Bank | Online Bank Tournament Semi-Final Part 2 канала Magnified Money