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. 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.
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 |  | |
Discover Bank | Charles Schwab Bank | |
|---|---|---|
Discover Online Savings - $200 Cash Bonus - | High Yield Investor Checking – Unlimited ATM Rebates - | |
Benefits and Features | ||
| Savings | ||
| CD | 0.20% to 2.15% APY. Terms of 3 months to 10 years. $2,500 minimum | Offers brokered CDs from other banks. Terms range from 1 month to 20 years. Minimum deposit of $1,000. |
| Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | 0.03% APY, $0.01 account minimum |
| Money Market | 0.50% APY under $100,000; 0.55% APY $100,000 or more. $2,500 minimum deposit. | |
| Customer Service | 24/7 Live Customer Service (Telephone and Chat) | |
| ATMs | Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide. | |
| IRA CD | 12-month CD APY of 1.20%. 24-month CD APY of 1.60%. 5-year CD APY of 2.15%. | |
| Locations | 345 branches across the country. You may also open an account online. | |
CreditDonkey® Reviews | ||
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| Savings |   |  |
| Checking | | |
| Money Market | | |
| Customer Service | | |
| Mobile App | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Solid online bank with high APY rates and good customer service... | Popular brokerage with a free checking account that refunds ATM fees... |
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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 and data points from published website as of 04/29/2022 Charles Schwab Bank: Pricing information from published website as of 03/10/2022. | ||
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY222 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 06/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Discover Online Savings - $150 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App). Enter Offer Code CY222 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 06/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Online Savings Account - Earn 0.60% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Which is Better: Discover Bank or Charles Schwab Bank?
Still need help deciding which bank reviews & deals 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
Discover Bank Review
Discover Savings
Discover CD
Is Discover Savings Worth It
Discover Savings Bonus
Articles on Charles Schwab Bank
Charles Schwab Bank Review
Charles Schwab Routing Number
Which Do You Think is Best?
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