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How are Rize and Chime different?

October 16th, 2017

There are many of differences between Rize and Chime, but there are also similarities, which contributes to the, “How are they different?” question. To give some background, Rize is an intelligent savings account that automatically saves for the goals you care about. We do this through higher interest, power up features, and personalized goals. In short, saving is our bread and butter. On the other hand, Chime is a bank that offers you a debit card, spending account and savings account. Aka, they’re a full on bank that provides a savings account as part of their service.

Choosing what you use to save money is a big decision, so let’s figure out what the best option for your scenario or lifestyle is. We’ll start by walking you through the differences, and end with why one or the other may be the right service for what you’re looking for.

Main Difference

Chime is a bank that comes with a Chime Visa® Debit Card, a spending account and a savings account that helps you save automatically. However, saving for them is a functionality, not their specialty. Rize makes saving a priority by allowing you to pick specific goals to save towards and when you want to complete them. We also provide Power Ups, which help you get to your goals faster. Another big difference is that Rize is not a bank, we maintain individual brokerage accounts, meaning we’re both a savings account, and soon, an investment account. This review by Wallet Hacks goes into more detail about that.

Other differences: Fees, interest, and features

Fees

There are no fees and no minimum deposits required for either Rize or Chime. Rize depends on a pay what you want model, where you can pay $2, $4 or even $0 per month to use our service. We want to know what Rize is worth to you. Since Chime has a debit card, they charge $2.50 for every ATM transaction, unless you go to a MoneyPass ATM.

Interest

Rize provides an interest rate that is 15x the national average, at 0.90% APY. This is compounded monthly, so you get interest every single month! Chime has a low interest rate: 0.01% APY. They offer a 10% bonus on your weekly roll-up amount to make up for that. For example, if you transfer $15.00 in change over to your savings account, you’d get a $1.50 bonus. However, the con is bonuses are capped at $500 per year.

Features

Rize has many features that big savers love:

  • Power ups: Accelerate gradually pushes you to save more by automatically increasing your monthly savings 1% each month. Boost monitors your checking account and pulls out a bit of spare change when it makes sense, usually once or twice a week.
  • Overdraft protection: Rize puts in an overdraft protection of $50. You can customize it if you want to make it higher or lower. This way, you’re never charged overdraft fees.
  • Unlimited goals: Make an unlimited amount of goals, and pick an automatic saving schedule that fits your life. You also get an unlimited amount of transfers from goal to goal, or from goal to checking account.
  • Updates: Rize will tell you when an automatic transfer is coming up, executed, and how much interest you’ve saved!

Chime features are more banking oriented rather than savings-based:

  • Money management: You can pay bills, send checks, and transfer funds between accounts. Though, checks and cash can be difficult to deposit. You can also save money with every paycheck by automatically depositing 10% of every paycheck into your Chime savings account.
  • Rounding: When you buy something with your bank card, Chime rounds up the amount to the nearest dollar and deposits the difference in savings.
  • Debit Card security: When using the card, there is a Visa Zero-Liability Policy that protects all unauthorized purchases just in case the card gets stolen. You can also temporarily block your card to keep your money secure.
  • Updates: Chime gives you daily balance updates and real-time alerts for every banking transaction or deposit.

The bottom line

Chime is a mobile-only bank that offers a checking, or “spending,” account and a savings account that grows effortlessly. Rize a mobile friendly online solution to automate your saving for the goals you care about.

To sum it up, Chime is best for anyone comfortable with automating all of their banking, as it’s both a bank account and an app to manage that account. Rize is best if you want control, transparency and customization in a savings account. We’re here to help you get to your goals as fast as we can!

So, which is best for you? Are you looking for a bank solution or a savings solution?

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