Accreting black holes and neutron stars at luminosities above 0.01 of the critical Eddington luminosity have a lot of similarities, but also drastic differences in their radiation and power density spectra. The efficiency of energy release due to accretion onto a rotating neutron star usually is higher than in the case of a black hole. The theory of the spreading layer on the surface of an accreting neutron star is discussed. It predicts the appearance of two bright belts equidistant from the equator. This layer is unstable and its radiation flux must vary with high frequencies.