If you’re looking to compare financial products like credit cards, loans, or insurance plans, Bankrate and NerdWallet are two of the most popular resources. Both provide comprehensive information to help consumers make smart money decisions.
But which one is better for your needs? Here’s an in-depth look at the key features, pros and cons of Bankrate and NerdWallet to help you decide.
A Brief Comparison Table
| Feature | Bankrate | NerdWallet |
| Credit Card Research | Robust ratings, reviews, comparison tools | Specialized focus with in-depth cards content |
| Mortgage Rate Data | Customized rate tables and trends | Limited mortgage rate information |
| Bank Account Rates | Mainly national average rates | Large database of individual institutions |
| Loan Research | Calculators and personalized rate data | Basic educational guides on loans |
| Insurance Rates | Quotes for various policies | No insurance rate comparisons |
| Investing Guidance | Limited resources | Beginner guides on IRAs and robo-advisors |
| Ease of Use | Dated design but simple rate tables | Sleek, user-friendly site navigation |
| Customer Support | Email and phone support | Email support only |
Overview Of Bankrate
Founded in 1976, Bankrate is one of the oldest and most established personal finance websites. It provides consumers with interest rate information across various financial products:
- Credit cards
- Mortgages
- Auto loans
- CDs
- Checking and savings accounts
- Personal loans
Bankrate also offers rate recommendations by analyzing your credit profile and financial needs. The recommendations aim to match you with financial products that best fit your situation.
In addition to rates, Bankrate provides editorial content like financial tips and calculators. It covers a wide range of money topics from credit scores to taxes.
Bankrate generates revenue through advertising and affiliate partnerships. Advertisers pay to promote their financial products on Bankrate. The site also earns commissions by referring consumers to partner companies.
Overview Of NerdWallet
Founded in 2009, NerdWallet is a newer personal finance website that specializes in credit cards and banking products. It covers:
- Credit cards
- Checking and savings accounts
- Mortgages
- Personal loans
- Student loans
- Insurance
Similar to Bankrate, NerdWallet offers financial advice and money-saving tips across these products. It also provides customized product recommendations by asking users questions to assess their needs and preferences.
NerdWallet primarily makes money through advertising and commissions from partner companies. Advertisers pay NerdWallet to advertise credit cards, bank accounts, and other financial services on their site. NerdWallet also earns referral fees by linking users to partners’ websites.
Key Feature Comparison
Here’s an overview of some of the key features of Bankrate and NerdWallet:
Credit card ratings and reviews
- Bankrate – Provides credit card ratings, reviews, listings of top cards, and customized recommendations.
- NerdWallet – Extensive credit card resources including recommendations, reviews, comparison tools, and guides.
Mortgage rate comparisons
- Bankrate – Mortgage rate tables and mortgage rate trends data. Provides rate comparisons personalized for your situation.
- NerdWallet – Limited mortgage rate data focused on mortgage guides and calculators.
Auto loan resources
- Bankrate – Auto loan rate tables, calculators, and advice on getting the best rates.
- NerdWallet – Minimal information on auto loans.
Bank account and rate information
- Bankrate – Tables with national average interest rates on CDs, savings, checking, and money market accounts.
- NerdWallet – Database of checking and savings account interest rates from banks and credit unions nationwide.
Investment and retirement planning
- Bankrate – Limited resources on investing and retirement.
- NerdWallet – Some guidance on robo-advisors, IRAs, 401(k)s, and investing for beginners.
Insurance rate comparisons
- Bankrate – Quotes for various insurance policies including home, auto, life, health, and pet insurance.
- NerdWallet – Articles on insurance but no rate comparison services.
Financial news and advice
- Bankrate – Wide range of money tips and guides on credit, debt, taxes, banking, retirement and more.
- NerdWallet – Similarly extensive personal finance advice focused on daily money management.
Pros And Cons Of Bankrate
Pros
- One of the largest rate comparison sites covering many financial products.
- Customized rate recommendations based on your personal profile.
- In-depth credit card ratings, reviews and comparisons.
- Provides both national average and customized localized rates.
- Comprehensive money advice articles and guides.
Cons
- Dated site design and navigation compared to NerdWallet.
- Limited customer support options – email only.
- Advertisements and promotional content can sometimes be intrusive.
- Sparse resources for some products like investing and insurance.
Pros And Cons Of NerdWallet
Pros
- Modern, user-friendly website design and navigation.
- Specialized focus on credit cards and banking products.
- Customized product recommendations using your preferences.
- Robust rate database for checking and savings accounts.
- Wide range of financial tips and money advice content.
Cons
- Limited personalized rate comparisons beyond credit cards.
- Sparse resources for mortgages, auto loans, and insurance.
- Advertisements and promotional content can sometimes be intrusive.
- No option to talk to live customer support agents.
Also Read: Is LendingTree Better Than Bankrate?
Which Is Better For Credit Cards?
For credit card research, both NerdWallet and Bankrate offer excellent resources. They provide:
- Hundreds of credit card reviews and ratings
- Customized card recommendations by analyzing your spending habits and preferences
- Side-by-side comparisons of top cards
- Guidance on how to maximize rewards
NerdWallet has a leg up when it comes to the quality of their credit card content. Their reviews are extremely detailed and they update their content frequently.
Bankrate’s credit card database is also robust but some content is not as fresh. Overall both are great options for researching cards and uncovering the best ones for your lifestyle.
Which Is Better For Bank Accounts?
If you want to compare interest rates on bank accounts like savings accounts, money market accounts, CDs, and checking accounts, NerdWallet is better equipped.
They have an extensive database of up-to-date rates from banks and credit unions across the country. You can easily search and filter accounts by feature, type of account, and location.
Bankrate also lists rates for bank products but their data is not as comprehensive. They mainly show national average rates rather than individual institutions.
So NerdWallet has the edge when it comes to researching bank account options thanks to their larger proprietary database.
Which Is Better For Mortgages?
For mortgages, Bankrate pulls ahead as the better comparison platform. They offer customized rate tables tailored to homebuyers based on criteria like your zip code, credit score, property value and loan amount. This helps you find competitive mortgage rates in your local area.
You can also get insights into mortgage rate trends over time using Bankrate’s historical rate data. They have rate information going back more than 30 years.
In contrast, NerdWallet does not provide mortgage rate tables or personalized rate comparisons. They mainly focus on educational mortgage guides instead of actionable rate data.
Overall Bankrate gives a more useful perspective on mortgage rates to help potential borrowers identify affordable lenders.
Also Read: Choose Between NerdWallet And WalletHub.
Which Is Better For Researching Loans?
For researching rates on personal loans, student loans, and auto loans, Bankrate offers a much more robust set of tools and information.
You can use their loan calculators to estimate payments and see sample rates from real lenders tailored to your loan specifics. They also have in-depth rate trend data and advice for getting the ideal loan for your situation.
NerdWallet covers loans mostly through guides instead of customizable rate tables. Their loan content is useful for understanding the basics but lacks the depth of Bankrate’s offerings. Bankrate has the advantage here.
Ease Of Use
NerdWallet has a more modern, visually appealing website that is generally easier to navigate. Their product recommendation process and account comparison tools are streamlined to quickly filter options based on your needs.
Bankrate’s site has a dated look in comparison. But they make up for it by organizing their vast amounts of rate data in simple tables that let you easily compare options.
Both sites could benefit by reducing advertisements and sponsored content cluttering certain pages. But overall, NerdWallet’s cleaner interface makes them slightly more user-friendly.
Trustworthiness
Bankrate and NerdWallet are both reputable sites with editorial teams that thoroughly vet and fact-check content to provide accurate, unbiased information.
They also use encryption, data protections, and maintain privacy policies to keep your information secure. Users can trust both as credible resources for financial advice and rate data.
Customer Support
NerdWallet only offers customer support through email and online contact forms. Bankrate also has email support, but in addition provides phone support during business hours to speak with representatives.
So NerdWallet’s lack of phone support gives Bankrate an advantage for consumers who prefer interacting directly with a person to resolve issues quickly.
Also watch the video of NerdWallet!
Frequently Asked Questions (FAQ)
Yes, Bankrate is a credible source for financial information. As one of the largest personal finance sites, they thoroughly vet their rate data, research editorial content for accuracy, and adhere to strict editorial guidelines. They use trusted security measures to protect user privacy as well. Experts widely consider Bankrate a trustworthy company.
NerdWallet is also a credible source for financial advice and rate comparisons. Like Bankrate, they have robust editorial standards to provide accurate, unbiased information to users. Their content is researched and fact-checked to give consumers a trusted place to find financial guidance and recommendations.
NerdWallet has a strong track record for accuracy across their personal finance content. They use authorized third-party data sources and conduct manual verification to ensure their credit card, loan, and bank account information stays current. Their award-winning team of writers fact-checks all articles against multiple sources. Accuracy is a top priority.
Some top sites similar to NerdWallet for financial guidance and product research are:
Bankrate – Compares rates across financial products.
Credit Karma – Provides credit scores and reports for free.
WalletHub – Finance advice and money tips.
ValuePenguin – Research on credit cards, loans, and insurance.
Credit Sesame – Free credit scores, reports, and monitoring.
These all offer excellent alternatives for researching financial products, comparing options, and improving your finances like NerdWallet. Bankrate is the most closely aligned in terms of breadth of rate data.
Also Read: Differences Between NerdWallet And YNAB
The Verdict
Here’s a quick recap of our key conclusions:
- For credit cards – Both sites are excellent. NerdWallet has an edge on content quality.
- For bank accounts – NerdWallet has more robust rate information.
- For mortgages – Bankrate provides better rate data and customization.
- For loans – Bankrate has more useful tools for researching loan rates.
- For ease of use – NerdWallet has a better designed, more modern site.
- For credibility – Both are equally trustworthy.
- For support – Bankrate offers superior phone support options.
Overall, while NerdWallet excels at credit cards and bank accounts, Bankrate pulls ahead in covering mortgages, personal loans, student loans, and auto loans. Their customizable rate tables provide robust data to make an informed decision. So in general, Bankrate is the better option if you need to research rates on major financial products beyond just credit cards and bank accounts. Their combination of extensive rate information and personalized recommendations makes comparing your options easy.
