Banking » Compare Banks » Discover vs Chase Bank: Where to Save Your Money?
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Discover vs Chase Bank: Where to Save Your Money?

While Chase does have some innovative features, Discover certainly is the better option. Here's our full comparison - which bank is better?
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Chase Bank is a full-service financial institution with nearly 4,900 branches and 16,000 ATMs. Chase Bank provides its customers with a wide range of banking, lending, and investment products.

Chase is well known for its vast credit card offerings, which include popular travel rewards and cash back credit cards, in addition to checking, savings, and CD accounts. Usually, it offers bonuses and promotions for new customers.

Chase explore banking products
Chase app features (Screenshot taken by our team from Chase app)

Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.

It offers FDIC-insured checking accounts, savings accounts, money market accounts, CDs, and retirement products. It also does not charge monthly maintenance fees, excess withdrawal fees, or insufficient funds fees on deposit products, to name a few. 

Banking Options

Discover Bank
Chase Bank
Savings Accounts
Checking Accounts
CDs
Money Market Account
Debit Card
Credit Cards
Personal Loans
Mortgage
Government Mortgage
Business Loans
Investing Capabilities

Savings Account

When comparing Discover and Chase savings accounts, it is immediately apparent that Discover has better rates, with an impressive 4.25%, as of June 2024.

Another advantage is that the Discover savings account is completely fee free, while Chase charges $5 per month unless you can meet the waive requirements. Additionally, Chase has withdrawal limits and if you make over 6 withdrawals in a month, you’ll incur a $5 fee.

Discover Bank
Chase Bank
APY
4.25%
0.01%
Fees
$0
$5 per month Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
Minimum Deposit
$0
$25
Checking Needed?
No
No
Main Benefits
  • Easy to use app
  • No fees for maintenance, insufficient funds, stop payments or account closure.
  • Up to 6 transfers or withdrawals, 16,000+ ATMs
  • Quick Deposit checks by taking a picture with your smartphone

Checking Account

Discover also comes out ahead when you compare the checking accounts.

Although Chase has multiple checking account options, the basic “Everyday” Chase checking account incurs a fee unless you meet the waive requirements, additionally, you don’t get the perk of cash back on debit card spending that you receive with the Discover checking account.

Discover Bank
Chase Bank
APY
0% (1% cash back on up to $3,000 in debit card purchases each month)
None
Fees
$0
$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
Minimum Deposit
$0
$0
Main Benefits
  • Earn 1% cashback on your account debit card
  • No overdraft fees
  • ATM network with 60,000+ machines with no fees
  • Discover Zelle allows you to quickly move money or send or receive money with no fees
  • Online secure bill payments through the website or app
  • Introductory welcome bonus if you open a qualified checking account
  • Paperless statements for up to seven years
  • Account alerts

However, Chase does have autosave that allows you to automatically transfer as little as $1 a day into your savings account to help you towards your savings goals.

Additionally, Chase offers new customers a welcome bonus, but this is a time sensitive offer that may not be available at all times. Chase charges a $34 overdraft fee.

Link Chase checking account to external account
Link Chase checking account to external account (Screenshot from Chase app)

Compare CDs

The comparison between the CD options is more of a close call. The Chase rates vary from 3.00% – 4.75% depending on your deposit amount, but there is no minimum, while Discover has a minimum $2,500 deposit, which is a far larger barrier to entry. However, if you do have this amount to deposit, you can access rates of 3.75% – 4.30%.

Discover
Chase
Minimum Deposit
$2,500
$1000
APY Range
3.75% – 4.30%
3.00% – 4.75%
APY 6 months
4.25%
3.00%
APY 12 months
4.70%
2.00%
APY 24 months
4.00%
2.50%
APY 36 months
3.75%
2.50%
No Penalty CD
/
/

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Credit Cards

Discover has a decent choice of credit card options that all offer rewards. The most popular card is the Discover Cash Back that has a 0% introductory rate and offers up to 5% cash back. 

However, there is also a Gas & Restaurant card where the rewards are weighted towards this category, a travel card offering miles and an NHL card for all 31 teams. Discover also has student cards that allow up to 5% cash back and a Secured card that helps those looking to build their credit to also earn rewards.

One great feature of the Discover credit cards is that they all come with Unlimited Cashback Match for the first year. At the end of the first year, Discover will match your cash back dollar for dollar automatically with no spending minimums or reward maximums.

Card
Rewards
Bonus
Annual Fee

1-5% 5% cashback on up to $1,500 in rotating category purchases each quarter when you activate the bonus category (then 1%), as well 1% percent cash back on all other purchases
Cashback Match All cash back earned at the end of the first 12 months is matched.
$0

Discover it® Chrome Gas & Restaurants

Discover it® Chrome Gas & Restaurants
1-2% 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all your other purchases
Match Bonus Discover matches all cash back you earn at the end of your first year
$0

Discover It miles card review

Discover it® Miles
1.5X unlimited 1.5x miles for every dollar spent on all purchases
Discover Match® All miles earned at the end of the first year are matched.
$0

Discover It Student Chrome Card Review

Discover it® Student Chrome
1-2% 2% cashback at gas and restaurants (up to $1,000 every quarter) and 1% on groceries and other student related products
Match Bonus Discover will match all cash back earned at the end of your first year
$0

Discover It Secured review

Discover it® Secured
1-2% 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and unlimited 1% cash back on all other purchases
Cashback Match™ Discover will match all the cash back you’ve earned at the end of your first year.
$0

Chase has a massive choice of 31 credit card options. This includes 20+ Travel cards, 7 hotel cards and 7 business cards. Chase is partnered with United, Southwest, Avios, Hyatt, Amazon, Disney and even Starbucks, so you can tailor your card to your preferred brands to get the best rewards. 

Most of the cards have no annual fee, but there are some notable exceptions, such as the Sapphire Reserve that has an annual fee of $550, but you can earn 5x points on flights and 10x points on hotels and car rentals.

Card
Rewards
Bonus
Annual Fee

chase_sapphire_preffered

Chase Sapphire Preferred® Card
2X – 5X 5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
60,000 points 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
$95
Chase Freedom Flex
Chase Freedom Flex℠ Card
1-5% 5% cash back on up to $1,500 in combined purchases on selected categories each quarter and 5% cash back on travel purchased through Chase Ultimate Rewards®. Also, you can earn 3% cash back on dining at restaurants (including takeout and eligible delivery services), drugstore purchases , and 1% on all other purchases
$200 $200 bonus after you spend $500 on purchases in the first 3 months from account opening
$0

chase freedom unlimited card

Chase Freedom Unlimited®
1.5% – 5% 5% on travel purchased through Chase Ultimate Rewards, 3% on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% cash back on all purchases
$200 Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
$0

Chase Sapphire Reserve®
1X – 10X

5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases.

60,000 points 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
$550

Marriott Bonvoy Boundless Card review 2019

Marriott Bonvoy Boundless® Credit Card
1x – 6X 6X points for every $1 spent at over 7,000 hotels participating in Marriott Bonvoy® with the Marriott Bonvoy Boundless® credit card. Plus, earn up to 10X points from Marriott for being a Marriott Bonvoy® member. Plus, earn up to 1X point from Marriott with Silver Elite Status. Earn 3X points for every $1 on the first $6,000 spent in combined purchases each year on grocery stores, gas stations, and dining. Earn 2X points for every $1 you spend on all other purchases.
3 Free Nights 3 Free Nights (each night valued up to 50,000 points) after you spend $3,000 on purchases in your first 3 months from your account opening
$95
united explorer
United Explorer Card
1X – 2X 2x per $1 spent on United purchases, hotel accommodations, restaurants & eligible delivery services and 1x per $1 spent on all other purchases
50,000 miles 50,000 miles after you spend $3,000 on purchases in the first 3 months your account is open.
$95 ($0 first year)

Personal Loans

While Chase doesn't offer personal loan, Discover has a couple of relevant options for borrowers.

Unlike the other lenders on this list, Discover is one of the few that lend to people in all 50 states. They also do not charge an origination fee and have a loan calculator on their website to assist you in getting started. 

Discover only conducts a soft pull inquiry when you apply for a personal loan, but you must have a minimum yearly income of $25,000. In order to be accepted, your credit score cannot be lower than 660. 

A Discover personal loan can be used for a variety of purposes, including financing large purchases such as home repairs or a wedding, as well as debt consolidation. 

Discover
APR
7.99% – 24.99%
Loan Amount
$2,500 – $40,000
Terms
36 to 84 months

Customer Service

Discover allows customers to access the support team via phone or chat 24/7, but Chase’s customer service system is a little more sophisticated.

In addition to a fairly comprehensive help website page, there are customer service lines, Twitter and Facebook support 7 am to 11pm ET Monday to Friday and 10 am to 7 pm ET on the weekends, or you can schedule a meeting with an agent in your local branch. Chase even has a dedicated line for military personnel and veterans whether they are here or overseas.

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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
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Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Online/Digital Experience

Both Discover and Chase have an app that is available for iOS or Android devices. The apps have a good reputation with Discover’s rated 4.9/5 and 4.6/5 for the Apple Store and Google Play respectively. Chase’s app has similar ratings with 4.8/5 on the Apple Store and 4.4 out of 5 on Google Play.

However, Chase does appear to have a more comprehensive website. You can fully explore and compare the products and access how to videos and other support materials. Both sites have a clean design and are easy to use that offer a great user experience.

The chatbot within the digital assistant can assist with a range of inquiries, from transaction details to helping set up account alerts. The ability to interact conversationally with the app enhances the overall user experience.

Chase digital assistant chatbot
Close account with Chase digital assistant (Screenshot from Chase app)

Which Bank is The Winner?

Both Discover and Chase are large reputable financial institutions, so to summarize which bank is better, we’ll need to recap the positives and potential negatives.

In terms of the savings and checking accounts, while Chase does have some innovative features, Discover certainly is the better option. It offers better rates with genuine fee free account management, so you don’t need to worry about account minimums or deposits to ensure the fee is waived for that particular month.

However, Chase’s CDs are a little more accessible. While you may not be able to access the higher Discover rates, there is no minimum and you can earn 0.2% to 0.5% depending on your CD term. So, unless you have $2,500+ that you are prepared to tie up for 5 years, Chase is likely to be the better option for you.

Where Chase really stands apart is the sheer number of credit card options. Chase is partnered with some great brands including Starbucks, Disney, airlines and hotels, so you can choose the card that is likely to yield the best rewards for your spending habits and preferences.

Chase_logo

discover logo
The Smart Investor Logo
APY Savings The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
0.01%
4.25%
Up to 5.02%
Checking Fee The monthly fee on checking account
$12 Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
$0
Compare Banking
Mobile App Rating
4.8/5 on iOS
4.3/5 on Android
4.9/5 on iOS
4.7/5 on Android
Various Banks
Open Account
on Chase website
Open Account
on Discover website
Compare
on our website

FAQs

Discover offers savings account promotions for new accounts as well as on a variety of credit cards. As of June 2024 , Discover Online Savings offers $150 – $200 bonus promotion based on your minimum deposit. There are also promotions on Discover Cashback Debit Account

Yes, Chase offers bank promotions for new customers as well as on a variety of credit cards.  As of June 2024 , you can get $100 if you open a new Chase College Checking bank account and you meet Chase terms and conditions.

Most service providers limit the number of credit cards that a customer can have at any given time. This also applies to Discover, which has its own credit card limit rules.

Customers can only have two Discover credit cards active at the same time. Before you can open a second card, you must typically have held your first card for at least one year. However, it is possible to obtain a second card sooner.

You can also have two versions of the same card with Discover. This allows you to get the most out of your rewards. However, Discover may require additional security checks to confirm the authenticity of your application.

The APY on the Discover Online Savings account is among the highest offered by top online savings accounts. The same interest rate applies to all balances. This is in contrast to some competing online savings accounts, which offer tiered rates based on account balance. A stop payment order, an excessive withdrawal, insufficient funds, or monthly maintenance will not be charged to you. The Discover debit card is accepted at 415,000 ATMs across the United States. Account holders can withdraw funds for free from any of the 60,000 ATMs in the Allpoint and MoneyPass networks. If you want to open a CD, you'll need at least $2,500 to get started.

While Chase Bank is excellent for those looking to earn a sign-up bonus for opening a checking account, its interest rates on a variety of savings products are very low when compared to the majority of banks.
Savings accounts at Chase Bank are similar to checking accounts in that they offer ultra-low interest rates and the possibility of high fees. Each savings account allows for a maximum of six withdrawals per statement. Following that, each withdrawal is subject to a $5 Savings Withdrawal Limit Fee.

The Chase Ultimate Rewards Program enables you to get the most out of the points you earn with your Chase credit card. You can earn bonus points on certain purchases or redeem them for cash, gift cards, travel, and other items.

Even if you do not have a cash back card, you can convert your rewards into direct deposits into your bank account or statement credit. You can also transfer your points at a 1:1 ratio to travel partners.

However, the rewards program goes above and beyond. You can use your points and card to gain access to exclusive events based on your passions and interests. Alternatively, you can use your points to pay for a portion or all of your Amazon or Apple purchase, or you can choose from over 150 gift card options.

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Discover vs Chase Bank: Comparison Methodology

In our detailed comparison, The Smart Investor team thoroughly looked at Chase Bank and Discover in five main areas:

  1. Checking Accounts (30%): We checked things like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers for customers.

  2. Savings Accounts including CDs (20%): We focused on important stuff like how much interest you can earn (APY), the smallest amount you need to open an account, how flexible the accounts are, and if they're insured by FDIC. We also looked at special savings offers, different types of CDs, and any fees for taking money out early.

  3. Credit Cards (15%): We looked at what rewards you get, how much the card costs each year, any bonuses you get for signing up, perks for traveling, how much interest you pay on balances, and if you can transfer balances from other cards.

  4. Lending Options (15%): We checked out the different kinds of loans they offer, like personal loans, student loans, mortgages, and loans where you use your home as collateral.

  5. Customer Experience And Bank Reputation (20%): We looked into how easy it is to use their online and mobile banking, how helpful their customer support is, what people say about them online, any awards they've won, and how stable they are financially. This gave us a good idea of what it's like to be a customer and how much people trust them.

Compare Chase Versus Alternative Banks

Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.

American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.

Read Full Comparison: American Express vs Chase Bank

Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.

While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.

Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?

The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.

Furthermore, both have a very impressive selection of more than credit card options.

Read Full Comparison: Chase vs Citi: Which Bank Account Wins?

Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.

Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?

Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.

Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.

Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.

Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

Both banks have account maintenance fees that can be waived by meeting one of several requirements. The rates are also quite similar, so which bank is best will come down to what products you’re looking for.

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Chase Bank is our winner with a complete package of banking services. SoFi is best for savings rates, online experience, and lending options.

Chase vs. SoFi: Which Bank Account Is Better?

Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.

American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.

Read Full Comparison: American Express vs Chase Bank

Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.

While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.

Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?

The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.

Furthermore, both have a very impressive selection of more than credit card options.

Read Full Comparison: Chase vs Citi: Which Bank Account Wins?

Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.

Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?

Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.

Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.

Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.

Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.

American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.

Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?

Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.

Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.

Read Full Comparison: Discover vs Citi: Compare Banking Options

The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.

While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.

Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?

Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.

Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.

Read Full Comparison: Discover vs Bank of America: Compare Bank

SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.

Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.

Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?

Banking Reviews

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Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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