Loans and savings

If I were to open a growth money market savings account with Bank of America I would receive an interest rate of range of 13 to .45 per year depending on how much I invest. For a loan on a new car the range of interest is 2.99-3.94. The rate for a used car is 3.49-3.89% per year.

For Capital One

-Savings Account offers an interest rate of 1.2% per year for investment over $1,000

-Auto loan rate is 2.99% up to 36 months

Capital One's savings account and auto loan rates are both advantageous to the investor and individual taking a loan compared to Bank of America. The bank charges more on loans than interest, because they want to make a profit. Their revenue from loans needs to outweigh their interest distributed in order to make a profit. Banks have different rates to appeal to certain consumers and to gain a competitive advantage over other banks.

https://www5.bankofamerica.com/applyonline/process.action
http://www.capitalone.com/directbanking/online-savings-accounts/