Checkmate saves you almost twice as much as Honey

The 2022 savings study is here. The results are powerful.

Quick read
Written by
The Checkmate Team
Published on
September 8, 2022

This is what happens when you spend far too much time over-engineering a savings tool until it's completely insane.

We know we can save you tons of money on all the things you already buy. But we want to make sure that you know it too. So we have conducted a study that both concludes that Checkmate saves you almost double as much as the nearest competitor. This is broken down in detail below:

Savings Study 2022

We conducted a test with the Checkmate extension, two of our hottest competitors, and 16 popular online stores.

Using our Checkmate extension, we were able to save users almost twice as much as other savings extensions like Honey and Rakuten while having a way less annoying experience.

Here are all the details:

In September of 2022, Checkmate and two leading competitors were compared in order to test our hypothesis (that we save you the most money). This experiment included Honey, a leader in online coupon deals and Rakuten, a leader in cashback offerings.

Using a direct side-by-side comparison of the savings process between Checkmate and Honey, and stats from Rakuten’s website, here’s what we found:

Honey Savings

To better understand the savings offered by Honey, we selected 16 top online stores from both hemispheres and used codes sourced by Checkmate and Honey. We ran a comparison to see just how much Honey could save us, vs. how much we could save using Checkmate. To make it fair we only included sites supported by both Honey and Checkmate (we both support 40,000+ sites so, this wasn't hard) and filled the basket with a bunch of items to make sure the codes could have a fair chance at finding a discount equally between the tools.

Per the results of our study linked below, Honey savings amounted to roughly 16.3%, which comes pretty close to the 17.92% savings that they advertise. From the results of this study, we found that Checkmate saved an average of 27.4%— nearly double the savings offered by Honey.

Rakuten Savings

Rather than comparing Checkmate savings directly to Rakuten (as our offerings are slightly different), we instead pulled data on their average savings. While the company claims you’ll earn up to 40% in savings, the actual amount you earn depends on the cashback offers you redeem. According to a recent review from FinanceBuzz, this turns out to be roughly 2% in cashback at most stores. This means that you’d earn roughly $2 back for a $100 purchase.

Keep in mind that with Rakuten, you can only earn your cashback in $5 increments every three months. With Checkmate, savings happens instantly. And for the cashback fans, don’t worry— we’ll be adding that to our savings repertoire down the road.

Checkmate Savings

Because Checkmate is a dynamic savings tool that incorporates personalized coupons, your personal gift cards, and proprietary member-only gift cards— it’s no surprise we’re able to save you more than the competition.

On these 16 major stores in September 2022, Checkmate achieved 27.4% savings on averages compared with Honey's savings of 16.3%.

Savings Study Results


Why are our results so strong?

The market has moved to a personalized savings approach, and the days of big public deals are evaporating. This makes total sense, everything in 2022 is data driven. We wrote a whole piece on this here. .