Discover Bank vs. Capital One 360:

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🏦 SoFi Complete Money Management
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➤ Amex Green - https://magnified.reviews/Amex-Green
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➤ Amex Business Gold - https://magnified.reviews/BusinessGold

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📊 Wealthfront Automated Investing
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💵 Current Card
➤ Current | Modern Banking App - https://magnified.reviews/CurrentCard

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First of all both of these banks are going to offer basic checking account and with Discover you are going to earn 1% cash back on up to $3000 in purchases every single month Which isn't a whole lot but if you have $3000 in regular expenses anyways then this is 30 bucks a month for free and that is a lot more than you would ever earn in interest from most banks. Now Capital One is going to offer their standard 360 checking account but they also have some options for children and their very popular teen money checking account. Both of these checking accounts come with absolutely no fees and free access to their respective networks of ATMs.

Okay so moving on from there, we have savings accounts which again are pretty similar but there are some very important differences the first of which is in the interest rate. Discover is currently going to offer a 0.55% interest on your savings account while Capital One is going to offer just 0.5%. However, discover compounds their interest every single day and pays it out monthly while Capital One goes with the more traditional route and compounds their interest monthly and pays it out monthly. This basically means that you're actually going to earn a little bit more in interest.

Beyond that, both of these checking accounts are going to have no fees as per usual and both discover and Capital One are going to offer CDs in varying lengths. Neither of these CD options charge any fees which is always great to know and both companies are going to offer IRA CD’s and IRA savings options both in a Roth where you pay taxes on your income now and a traditional IRA where you pay taxes on it when you withdraw that money in the future. Discover also offers personal loans and while I couldn't find anything about personal loans on capital one's website, I do have a feeling that they offer them as well and I do know for a fact that they offer auto loans and various business account options as well.

Lastly I do also want to mention that both companies offer money market accounts which remember is going to give you the best of both worlds with quick access to your money through ATM withdraws and a debit card but also still allowing you to earn some interest on that money as well. Now the respective interest rates are going to be slightly lower than what we talked about for these savings accounts just for the convenience of being able to access that money immediately but if you do want to be able to withdraw your money at a moments notice and also still earn some interest on it then both companies are going to offer these money market accounts that you should definitely check out.

So at the end of the day, I don't know if there is a definitive winner just because they are so similar but I know for me personally, since I am a discover it credit card member, I personally have found that it's just easier for me to use the discover banking services since everything is nice and organized under one app. So take a look at your other financial tools and see which of these accounts lines up with those the best. As always let me know what other banks you'd like to see go head to head in future videos.

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