Charles Schwab Bank vs Discover Bank

Charles Schwab Bank is a popular brokerage with a free checking account that refunds ATM fees. How does it compare to Discover Bank? Read our comparison chart below.

Charles Schwab Bank offers an Investor Checking account with unlimited ATM fee reimbursements worldwide and no foreign transaction fees. No minimum to open and no service fee. It is tied to a brokerage account but you don't have to use it.

While Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.

Compare Charles Schwab Bank with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews and pros.

	Charles Schwab Bank	Discover Bank
		Member FDIC
	Learn More	Visit Site
	SPECIAL OFFER 3-Month CD - Up to 3.96% APY - Learn More Read Charles Schwab Bank Review	SPECIAL OFFER Online Savings Account - Earn 3.40% APY - Learn More Read Discover Bank Review
	Benefits and Features
Savings	0.15% APY	3.40% APY
CD	Offers brokered CDs from other banks. Minimum deposit of $1,000.	2.00% to 4.00% APY depending on terms
Mobile App		iOS & Android
ATMs	Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.	Over 60,000 no-fee ATMs
Customer Service	24/7 Live Customer Service (Telephone and Chat)	24/7
Locations	345 branches across the country. You may also open an account online.	Online Only
	CreditDonkey® Reviews

Savings
Checking
Mobile App
Customer Service
Money Market
Pros & Cons	Pros: No account minimum No service fees Refund all ATM fees Cons: Only checking or savings Must do banking online	Pros: High yield No fees 24/7 customer service
Bottom Line	Popular brokerage with a free checking account that refunds ATM fees... Read full review	Solid online bank with high APY rates and good customer service... Read full review
	Learn More	Visit Site
	3-Month CD - Up to 3.96% APY 1-Year CD - Up to 3.95% APY 6-Month CD - Up to 3.84% APY	Online Savings Account - Earn 3.40% APY Certificate of Deposit Discover® CD Rates
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Charles Schwab Bank: Pricing information from published website as of 09/30/2025. Discover Bank: Pricing information and data points from published website as of 09/30/2025.

Member FDIC

Online Savings Account - Earn 3.40% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

Certificate of Deposit

3.50% APY for 6-month term
4.00% APY for 12-month term
3.80% APY for 18-month term
3.60% APY for 24-month term
3.60% APY for 36-month term
3.60% APY for 5-year term

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Member FDIC

Discover® CD Rates

No minimum opening deposit required
No fees
FDIC insured

Term	CD Rates
3 Months	2.00% APY
6 Months	3.50% APY
9 Months	3.50% APY
1 Year	4.00% APY
1.5 Years	3.80% APY
2 Years	3.60% APY
2.5 Years	3.60% APY
3 Years	3.60% APY
4 Years	3.60% APY
5 Years	3.60% APY
7 Years	3.50% APY
10 Years	3.50% APY

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Which is Better: Charles Schwab Bank or Discover Bank?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Charles Schwab Bank or Bank of America.

In short: Discover Bank's mobile app is outstanding.

Articles on Charles Schwab Bank

Charles Schwab Bank Review

Charles Schwab is more than a brokerage. It also offers high yield checking and savings interest rates that might far surpass your local bank. Read on to learn the pros and cons.

Charles Schwab High Yield Savings

Charles Schwab Bank has a savings account with no fees and a free debit card. But how does its APY stack up against other accounts?

Charles Schwab Routing Number

You'll need the right routing number to transfer money in or out of your Charles Schwab bank account. Find yours and learn more about money transfers in our guide.

Articles on Discover Bank

Discover Bank Review

Discover® Bank offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.