Discover Bank vs. Capital One 360 | Which Account is Best?
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- Опубліковано 19 лис 2020
- Discover Bank vs. Capital One 360:
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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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Thanks for checking out the video! Would you pick Discover or Capital One 360?
Like the way you explain yet I’m new to Capital One 360. Do you mean it’s giving me an interest on what I transferring in 360 account from my checking account? Hope to learn more from you. Thank you
Doesn’t some places still not take Discover? I know that used to be an issue vs Visa or MC that are accepted almost everywhere. Wanting to know your feedback on this since u have a Discover card.
@@harlawood9811 Yes, It's rare nowadays though, but there's still random places that don't. Mostly small businesses if that.
Quontic bank vs discover
capital one yet i still primarly use ally
Wow so much info under 10 minutes! Love this!
Just go with both like I did. Love them both. One can never have too many quality bank accts. Good vid!
Because of you I got the discover bank and I love it thank you also for the SoFi for the free atm it help a lot because I go overseas a lot
That is so awesome to hear, happy to help! It’s so nice to know that the hours of work that go into these videos are actually helping those who watch them. Thanks so much!
I have both accts. I like the cash back option for discover... it's great for expensive purchases. And the interest rate does change due to covid but it's always more than capital ones saving interest rate. I've kept my capital One acct bc they have kids accts. Which not a lot of my local banks have. And the kids acct actually have a decent rate too v.s. the 0.01 I've seen. Ohhh and capital One have checks. I have to pay the sitter for services so the checks come in handy. I hate having 2 banks. But they both have something I like 👍🏾. ALSO you can add beneficiaries/POD payees to the accts for both banks. I like that too. Such an easy process. My children had bank accts locally which gave them interest quarterly. I closed the accts out and zelled the money to capital One!!!
Very interesting. Thanks so much for sharing!
What is going on everyone, I hope that you all are having a fantastic day.
Haha hey that’s my line!😂
I just got the Discover cashback card checking account I think I’m going to love it
That is so awesome to hear, congratulations on the new account!
Good vid
Quick question how do you add
Thumbnails to your vids are there videos
On this?
To those of us in the South. Capital One is still an online bank. No physical branches or ATMs in the South
It’s some in Miami
Awesome video, great options.
But I travel alot across the country and most of the areas don't have atm nor branches.
I use cash 40% of the time
The guys I work with use cash 80-100% of the time.
The availability to deposit cash at Target location and or branch café/Capital One banks is a no brainer. Plus, Capital One checking debt card is a MasterCard widely used unlike Discover. Even though discover is offering 1% on purchases with its debit card it does not offer the convenience of Capital One if you have them available in your area.
That's fair and not saying you're wrong, but Discover is accepted in most places now. The only places I've ever run into an issue is a local business or two that just doesn't bother.
Discover is getting a cash deposit option next month
@@RickyBobbyYT interesting 🤨
@@killowertz Exactly tho
I’d go with discover cause as a bank they offer more, but for credit cards I like capital one
I just started the video but wanted to ask this while the question was still in my brain. When you review the banks do you discuss their app quality, whether or not they work with apple, google, and samsung pay, and whether or not you can use biometrics for app login?
Thanks for the great question! I sometimes do but that is definitely something I need to do of discussing in every review. Thanks for the comment!
Great review. Was on the fence on which one to get but in the end, Having a CC, and savings account,, had to go with Capital one because like you said, it makes sense to have all accounts under one platform!
I completely agree! Thanks so much for the comment!
@fredys1194 yup I agree! Everything accessible with just one user and password, and transfers between accounts on the same bank is usually instant. I have Discover and if I need to move money from my Savings to my Checking, it is fully available (without restriction) the moment I click the button.
@@helloken what would make more sense for that statement is making a payment on the credit card from your savings or checking and having that instantly apply to your available credit which capital one does actually do.
I would pick capital one because I can deposit cash at a atm and talk to a banker if I need help.
That is a fantastic point, definitely an area that Discover is lacking in at the moment. Thanks for the comment!
That’s a good point, but can’t we deposit cash at discover atm ?
Wait they won’t charge you a deposit fee?
@Music yes absolutely
@@kevinnavarrete8760 no deposit fee if you are using the ATM network C1 uses
I’ve actually loved this
Video . I like 30 mins
Out of Atlanta and we have a cafe ability 25 away from me . So I was thinking capital one . But I’ve seen discover has amazing customer service and more atms . I still don’t know which to choose lol
I’ve never been to a capital one café myself but I’ve always wondered what they are like. Honestly, discovers customer service is amazing and makes up for most of the disadvantages of not having a physical bank to go to. Thanks for the comment
We lose our money plsss help
Can I use the 360 checking debit card the same as one from a credit union? Like if I purchase something through Affirm, Klarna, etc. I can charge the payments to the 360 checking debit card?
Definitely went with Capital One on occasion i need to deposit cash it’s good to have that option
That is a fantastic point and an area that discover is definitely lacking in at the moment. Thanks so much for the comment!
Keep in mind you can only deposit cash at Capital One's official ATMS or locations, which are very few.
@@massifaqiri6711 yes i know; I am lucky to have two locations and one café in NYC so it’s phenomenal
@LaLa Loves Red Velvet Cake!! I think they should be Capital One ATMs, not AllPoint's. I contacted their customer support and they said that you can't deposit using AllPoint ATMs. If you can confirm if they are allPoint, that will mean a lot to me.
@LaLa Loves Red Velvet Cake!! Thanks a lot! It looks like in my area only AllPoint ATMs serve. Thanks a lot for the confirmation. Take care 🙏
Discover is by far the better bank. The only bank I know of that will overnight you a debit or credit card replacement for free.
Their customer service is unmatched for sure and it’s one of the reasons I use a number of their financial services. Thanks so much for the comment!
I was wondering.. if I had some occasional cash.. does Discover have ATMs to deposit?
@@alexnam89 no. Capital one does though.
@@alexnam89 Yeah I find this is the one missing feature with Discover banking. You'll have to get a local credit union / traditional bank or Capital One 360 for this feature then transfer into your Discover account. Discover officially say to handle cash deposits you must buy a money order and then mail it in which sounds ridiculous. Maybe you can at least buy a money order and then take a photo of it then that would be much better but still annoying.
For this reason and because of a $100 account opening bonus, I have both a Discover (my main bank) and an idle Capital One 360 with 70 cents in it for cash deposits that I then transfer over to my Discover account.
If you don't get too much ca$h, I find I can spend it by purchasing gasoline with ca$h. In San Francisco, many gas stations sell gas for cheaper if you pay by ca$h anyway.
@@alexnam89
the only ways to do that in Discover are
1. Deposit cash in a different bank and transfer.
2. Buy a money order with the cash and deposit via mobile app.
like it-) lol ( first time viewer ;p ) nerd - ) always wondered why i should take Discover over Capital one lol - lol looked so close -) yeah yeah -lol
I have the capital one… thinking of getting the discover for travel
I have both, but best costumer service is key. DISCOVER!
Great info, I'm definitely checking out your other videos! The only thing that is hesitating me to switch to an online bank is the aspect of big deposits or withdrawals, which i would usually do in a physical branch. How would this process work with an online bank? I could do big deposits through the certified ATMs?
Thats where zelle comes in for me i make deposits thru chase and zelle it to whichever account you prefer because for the most part zelle is pretty instant and it helps monitor your money
@@sxcmag4170 ah ok so there's the thing, you still have a physical bank to use the branch for big deposits, i see. Would there be another option maybe? Cuz then i would basically just be paying a monthly fee on a national bank account for big deposits 🤣 since i would be using the online bank for everything. Oh... Maybe money orders i guess? Use the mobile deposit checks?
I’m new to the credit card world so I have a stupid question. Is it possible to have a credit card, like the discover credit card/chase credit cards, and have a checking/savings in another bank, for example ally bank??
Thanks for the great question! Not a dumb question at all but yes, you absolutely can have a credit card and a checking/savings account at the same time. Hope this helps!
I've had Discover for some time now but never considered using them as my main banking account but I'm starting to think I should.
APY takes compounding into consideration, so when comparing the two APY’s it doesn’t really matter that discover compounds more frequently. Just matters that their APY is higher than capitol ones
also discover has no overdraft fees capital one does.. I dont use debit cards but I have both Capital one and discover It credit cards. And overall Discover has been so great to me all around
Capital. One has a feature where they don’t charge overdraft fees they will let u overdraft fee free but you have to pay the money back of course but they do have 3 features to help with overdraft
So they capital one doesn’t charge overdraft fees no more
It's so hard for me to decide with what bank to go to, as I'm very flexible, and don't ask for much. But i am looking to get paid interest
There are definitely a lot of great options out there currently. I’ve done a number of reviews on my channel and there are lots of other great resources on UA-cam as well that can help you find the best option for you. Thanks so much for the comment!
Why won’t capital one allow me to overdraw the account ? I was in an accident and it was the only card I had i tried withdrawing more than what I had, I was going to transfer the money back. It was declined and I don’t know why I’m opted in for overdraft
i'm planning on getting a discover it secured card however it says i need non-IRA bank account to fund the security deposit so i am wondering do i need to open a checkings account and if so should i open one with discover? im also new to everything
I think it would definitely be a good idea just to have your own checking account in general and Discover‘s checking account option is fantastic and gives you 1% cashback on up to $3000 in purchases each month. But there are plenty of great checking account options that you could use to fund this secured credit card. Thanks for the great question, I hope this helps!
@@MagnifiedMoney very helpful
Nice video. In NY, Capital One is closing branches left and right like no tomorrow...not even replacing them with their so called “cafes”
Wow that is really interesting I’ll have to look into that! Thanks so much for the support and for sharing this great info!
The Discover Bank uses the Chex system for verification ; I was denied to get one of there checking accounts but irony is i have one of there credit cards// I do have Capital One 360 account and love it, My wife has Discover Checking account and absolutely loves it due to the cash back option // here is more irony she was denied there secured card and credit card. // let and let live.
Theres a workaround for depositing cash into Discover.. you can deposit into your Paypal account at any walmart, cvs, etc.. then transfer to your discover acc
Can you ✔ for 💿 rates online with discover, or would a person physically have 2 enter the discover bank branch 🤔
I personally love Capital one over all others.
Maybe later on I'll try discover, & ally.
What banks you think is best for Business? Especially online business?
Since it doesn't require to go get change and etc compare to physical business.
Personally I use NOVO for business and I love it! I am actually working on a review on the NOVO platform at the moment. Thanks for the comment!
Chase and Capital One are both very good for business checking. Chase is better if your business includes cash payments from customers. Capital one if your business is credit/debit card customer payment solely (Shopify).
safe credit union debit vs capital one debit 360 pls do a vid?
I just opened a discover account my mobile deposit is only $500 so low will this go up?
I never consider cc companies banks. I didn't even know Discover started offering any banking service(s).
Capital is one I've avoided for several years.
I was a Discover credit card number for years before I realized they had banking services as well haha thanks so much for the comment!
CapitalOne 360 also runs a credit check unlike Discover.
Thanks for sharing this great information!
No it doesn't
Both of them runs Chexsystem
@@kkent4174 yes capital one does run your credit for the account they denied me two months and I have a credit card with them and yesterday they sent me a invite to open a capital one 360 account
Even though capital one has the higher end because of physical branches , Discover gives a cash back option that really is better than interest. When you pay bills or swipe your card it automatically saves your percentage of 1% from $1000 to $3000 max . Thats like $20 to $30 a month saved. Plus Discover apy savings is a little higher at the moment than capital one. But both banks are great 😊. I prefer Discover though lol. Petty app perks are a plus too . Apple 🍎 watch app and quick view . 🤷🏾♂️ 😃
Thanks for sharing this great information I really appreciate it!
Unless you have a Ramsey aversion to Credit Cards there's zero reason to use a debit card for purchases anyway where you get less cashback and protection.
I have a capital one 360 branch in my city. I'll have a chat with a bank associate 👌
Can you link discover card to your cash app??
What would be the best bank of my company doesn’t offer direct deposit?
My company is a relatively small business
Citi
Can the parent see what the teenager buys? Or are they just gonna see that the teenager used money and that’s it?
I’m talking about capital one 360.
If they are a joint member on the account then they probably could figure out where the money is being spent based on the bank statement but they would obviously have to go looking for this information. Thanks for the great question, I hope this helps!
So discover IS a bank.. idk why people are telling me they’re just a credit card
Discover debit card is not as widely accepted as Visa and MasterCard debit cards from other banks.
Great point! I have personally never been denied a store that doesn’t accept Discover but I have heard others have this issue and it seems to me like it really depends on the geographic location where you are at. Thanks so much for the comment!
That is a 2000's argument. They are accepted just about anywhere now!
@@LuisGaray wrong most banks like Chase Bank won’t accept Discover card I try to get a cash advance and they won’t take it with out being visa are MasterCard
lets say you a teen and u want to start making money from online such as stocks and crypto currency which card do you recommend ?
Thanks for the great question! Id say buying and reselling items is a great place to start then when you are old enough a consistent investing plan in the markets is a great place to grow your money.
Capital One 360 checking is better.
Who’s here after it was announced that Capital One is going to acquire Discover Financial?
Can you do Discover versus Ally??
Thanks for the great suggestion I’ve added it to my list!
Yesterday I comfirm after seeing several recomendations of hackermattew47 on IG I was shocked that he did what I was tying to do for whole week within few minute I was very impressed 💯
Yesterday I comfirm after seeing several recomendations of hackermattew47 on IG I was shocked that he did what I was tying to do for whole week within few minute I was very impressed 💯
I went with discover i dont like capital one as a company in general
They don't like you either
@@grigorirasputin425 dont care
@@grigorirasputin425 *sighs* LOL
Discover doesn’t have early deposits..can’t add cash to your account..oh the amount you can get via ATM is less than Capital One account
they do now. Up to 2 days early.
Capital One❤
You lost me at the compound conversation
Haha yeah... looking back it wasn’t the best way of explaining it. But long story short, daily compounding is good and monthly compounding is not quite as good. Thanks for the comment haha
Nice video!! Very engaging from beginning to end. Nevertheless, businesses and investment are the easiest way to make money irrespective of which party makes it to the oval office......
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+ 1 ••• (9 1 8). •••• 3. 1 9 •••• 9 1 3 4
Well damn...my application was declined
For which one?
Capital One Has 70,000+ Atm Now
Ally bank. capital one and keybank are the main ones i use. for online i just transfer to online accounts like varo, yotto ect