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Discover Bank vs Charles Schwab Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Charles Schwab Bank? Read our comparison chart below.

Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

While 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.

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

 Discover Bank
 Visit SiteLearn More
 

Discover Bank

Charles Schwab Bank

SPECIAL OFFER
Online Savings Account - Earn 1.70% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
High Yield Investor Checking – Unlimited ATM Rebates - Learn More

Read Charles Schwab Bank Review

 

Benefits and Features

Savings1.70% APY. No fees and no minimum deposit.
0.18% APY
CD0.35% to 2.20% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.00%. Minimum deposit of $2,500 to open.Offers brokered CDs from other banks. Terms range from 1 month to 20 years. Minimum deposit of $1,000.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month. No fees and no minimum deposit.0.15% APY, $0.01 account minimum
Money Market1.55% APY under $100,000; 1.60% APY $100,000 or more. No fees. $2,500 minimum deposit. 
Customer Service
24/7
24/7 Live Customer Service (Telephone and Chat)
ATMs
Over 60,000 no-fee ATMs
Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.
IRA CD12-month CD APY of 2.00%. 24-month CD APY of 2.05%. 5-year CD APY of 2.10%. 
Locations
Online Only
345 branches across the country. You may also open an account online.
 

CreditDonkey® Reviews

 Discover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • No account minimum
  • No service fees
  • Refund all ATM fees
Cons:
  • Only checking or savings
  • Must do banking online
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewPopular brokerage with a free checking account that refunds ATM fees... Read full review
 Visit SiteLearn More

High Yield Investor Checking – Unlimited ATM Rebates

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Discover Bank: Pricing information from published website as of 10/31/2019

Charles Schwab Bank: Pricing information from published website as of 12/06/2019.

Which is Better: Discover Bank or Charles Schwab Bank?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

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


Articles on Discover Bank


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 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.

Which Do You Think is Best?


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