Capital One, Discover and Chase offer a variety of financial services including online banking.
Online bank accounts are a great place to store your money. They are as safe as regular banks and allow you to access your money from anywhere. They also tend to pay higher interest rates than regular banks and charge lower fees.
If you’re looking for a good online bank, especially for savings, Capital One, Discover, and Chase are good choices, although each has its own pros and cons.
Capital One Bank vs. Discover vs. Chase: Review
| Brand | Best for | Special features |
|---|---|---|
| Capital one bank | Basic online banking experience | Specialized accounts for children and adolescents |
| Discover | Online checkout and personal lending | Receive rewards for purchases with a debit card |
| chase | People who need all financial services in one company | Wide network of physical branches |
In a nutshell
- Capital one bank great for people looking for basic free online banking.
- Discover great for people who need a checking account that rewards them for their purchases.
- chase great for people who want to do all their banking, borrow and invest in one place.
About Capital One Bank
Capital One may be better known for its credit card offerings, but has spent the past few years expanding its banking services. The company began opening physical outlets called Capital One Cafés that combine the service you’d expect from a bank with the atmosphere and drinks menu in a café.
Main characteristics
Capital One Bank is predominantly an online bank with several physical locations in major cities. The bank offers checking accounts, savings accounts and certificates of deposit (CD).
None of the Capital One accounts have a minimum balance and they do not charge a monthly fee. This makes it easy for anyone to open an account. Savings accounts pay competitive interest rates, and current account customers can access their money free of charge at over 40,000 Capital One and Allpoint ATMs across the country.
Apart from a wide range of credit cards, Capital One also offers auto and small business loans.
Special features
Capital One offers several accounts designed to help young people learn about money. You can open a child savings account and use it to show your children the ability to save money and earn interest. MONEY Account is a teen checking account that you can use to track your teen’s spending and teach them how to manage their money responsibly.
Fees
One of the advantages of Capital One Bank is that none of its accounts charge a monthly fee or require a minimum balance. You don’t have to worry about fees eroding your account balance.
Capital One has its own ATMs and is part of the Allpoint ATM network, providing customers with over 40,000 ATMs that they can use free of charge. However, Capital One does not refund ATM fees charged by other banks.
Pros and cons
Before opening an account with Capital One Bank, consider these pros and cons.
pros
- Competitive interest rates
- Specialized accounts for children and adolescents
- Check and save available accounts
- Some physical locations
Minuses
- No ATM fees reimbursement
- A little loan available options
Why use Capital One Bank?
Capital One Bank is a good choice if you are looking for a free basic online bank. It doesn’t have the killer features and variety of services that some other online banks have, but it does offer inexpensive, functional accounts.
It’s also a good choice if you have kids and want to be able to open your bank accounts for them, but you also have tools you can use to teach them how to manage money.
About Discover
Discover is another lender and credit card issuer that has started offering online banking services.
Main characteristics
Discover the offerings of checking and savings accounts, as well as CDs and money market accounts. As with many online banks, these accounts are not charged a monthly fee; the CD alone has a minimum deposit of $ 2,500.
The savings account has a competitive interest rate and the checking account comes with a network of over 60,000 free ATM machines, making it easy to get cash when you need it.
You can also work with Discover if you need to borrow money. Discover offers credit cards, student loans, personal loans, mortgage loans and mortgage refinancing.
Special features
A unique feature of Discover is that it offers rewards for purchases with a debit card. Typically, one of the top reasons to use a credit card is because credit cards offer cashback or other rewards, while debit cards do not.
Learn about the changes for a monthly 1% cashback on debit card purchases up to $ 3,000. This means that you can earn $ 30 every month by making purchases with a debit card.
Fees
Discover highlights their lack of a commission structure for their accounts. The bank does not charge a monthly service fee for any of its accounts and offers many other free services, including:
- Replacement debit cards
- New checkbooks
- Official bank checks
- Stop payments
- Deposited item returned
- Insufficient funds deal
Pros and cons
Before opening an account with Discover, consider these pros and cons.
pros
- Short or no commission
- Competitive interest rates
- Awards for purchases from a debit card
Minuses
- No physical locations
- Minimum $ 2,500 deposit for CDs
Why use Discover?
Discover is a good choice if you want a checking account that rewards you, or an online bank that has more lending options than Capital One. The opportunity to earn 1% cashback on debit purchases is good for those who cannot qualify for a credit card as you can earn over $ 300 a year in rewards.
Visit Discover Cashback Checker
About Chase
Chase is one of the largest financial companies in the world. With over $ 3.2 trillion under management, it is considered the largest bank in the United States and the fifth largest bank in the world. It offers almost every financial service you might need, including banking, credit and investment services.
Main characteristics
Chase has an extensive network of physical banks, but it also allows for online account opening, making it a good choice for people who require the convenience of online banking but also want to be able to get help in person when they need it.
Chase banking services are reliable, with many types of checking and savings accounts that cater to clients with varying asset levels. The more money you have in the bank, the more services you can get, including ATM refunds, free money transfers, and overdraft services.
The downside to his savings accounts is that interest rates are not very competitive. If you want to increase the profitability of your balance, you will need an account with another bank.
If you need more than checking and savings accounts, Chase also offers loans, including mortgages, car loans and credit cards. You can also work with Chase to manage your investments, whether you want to manage your portfolio yourself or with the help of an advisor.
Special features
Chase doesn’t offer many special features like Discover debit card rewards. What sets Chase apart from others is the sheer number of services it provides. If you like, this may be the only company you work with in any financial matters.
If you have a lot of money in your Chase bank and investment accounts, you can unlock special features like exclusive support lines, credit rate discounts, and early ticketing for events, but you’ll need around $ 100,000. with Chase before you can open accounts that offer these benefits and avoid monthly fees.
Fees
Most of Chase’s bank accounts will be charged some kind of monthly fee, even the basic one. The higher the level of service, the higher the commission.
Typically, you can avoid being charged by meeting some of the requirements, with the requirements becoming more stringent as the level of service increases.
For example, Chase Total Checking has a $ 12 monthly fee that Chase will waive if you meet any of the following requirements:
- Get $ 500 in electronic deposits
- Maintain a minimum balance USD 1,500
- Maintain average $ 5,000 balance on all your Chase accounts
Sapphire Checking is charged a $ 25 monthly fee, which you can avoid if your Chase accounts have a total balance of $ 75,000.
Pros and cons
Before opening an account with Chase, consider these pros and cons.
pros
- Banking, lending and investment all services in one place
- Large network physical departments
- Premium service for people with great balance
Minuses
- Even basic accounts have (avoidable) monthly fees
- Poor interest rates
Why use Chase?
Chase is the bank to use if you are looking for a one-stop company to meet all your financial needs. If you work with Capital One or Discover, you will need to find other companies to invest in or obtain certain types of loans. With Chase, you can keep all your money in one place.
Deal of the day: Chase now offers a $ 225 bonus upon opening Total Checking® Account… There is no minimum deposit and all deposits are FDIC insured up to $ 250,000 per depositor.
FAQs
Here are some frequently asked questions about online banking.
Connected:
Capital One Bank vs. Discover and Chase Online Banks: Results
Online banking has grown in popularity in recent years and it is now possible to satisfy all your banking needs without visiting a physical bank. Capital One Bank, Discover, and Chase offer online banking services, so if you are looking to open an account, take the time to consider these options.
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