How does the interest rate of Discover Bank's checking account compare to that of Capital One?

When it comes to checking account interest rates, both Discover Bank and Capital One offer rates that are higher than the national average, but Discover Bank has a slight edge over Capital One.

As of March 2023, Discover Bank's checking account interest rate is 0.05% APY, while Capital One's interest rate is 0.01% APY. While the difference in interest rates may seem small, it can add up over time, especially if you have a large balance in your checking account.

It's worth noting that both banks may offer different interest rates depending on the type of checking account you have and your balance. Additionally, interest rates are subject to change, so it's important to check with each bank to get the most up-to-date information.

Discover Bank's checking account currently offers a 1.00% APY, while Capital One's 360 Checking account offers a 0.10% APY. This means that if you deposit $1,000 in a Discover Bank checking account, you would earn $10 in interest per year. If you deposit the same amount in a Capital One 360 Checking account, you would earn $1 in interest per year.

However, there are other factors to consider when choosing a checking account, such as fees, ATM access, and customer service. Discover Bank does not charge any monthly maintenance fees, while Capital One charges a $25 monthly fee if you do not meet certain requirements. Discover Bank also has a network of over 60,000 ATMs that you can use without fees, while Capital One has a network of over 39,000 ATMs that you can use without fees. Finally, Discover Bank has a customer satisfaction rating of 87% on Trustpilot, while Capital One has a customer satisfaction rating of 83% on Trustpilot.

Ultimately, the best checking account for you will depend on your individual needs and preferences. If you are looking for a checking account with a high interest rate, Discover Bank may be a better option. However, if you are looking for a checking account with no monthly fees or a large ATM network, Capital One may be a better option.