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. 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	Charles Schwab Bank
	Member FDIC
	Visit Site	Learn More
	SPECIAL OFFER Discover® Online Savings - $200 Cash Bonus - 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
Savings	3.50% APY	0.15% APY
CD	2.00% to 4.00% APY depending on terms	Offers brokered CDs from other banks. 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
Money Market	3.40% APY under $100,000; 3.45% APY $100,000 or more.
Mobile App	iOS & Android
ATMs	Over 60,000 no-fee ATMs	Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.
Customer Service	24/7	24/7 Live Customer Service (Telephone and Chat)
IRA CD	9-month CD APY of 4.00%. 12-month CD APY of 4.00%. 18-month CD APY of 3.80%. 24-month CD APY of 3.80%. 5-year CD APY of 3.50%.
Locations	Online Only	345 branches across the country. You may also open an account online.
	CreditDonkey® Reviews

Savings
Checking
Money Market
Mobile App
Customer Service
Pros & Cons	Pros: High yield No fees 24/7 customer service Cons: No interest checking	Pros: No account minimum No service fees Refund all ATM fees Cons: Only checking or savings Must do banking online
Bottom Line	Solid online bank with high APY rates and good customer service... Read full review	Popular brokerage with a free checking account that refunds ATM fees... Read full review
	Visit Site	Learn More
	Discover® Online Savings - $200 Cash Bonus Discover® Online Savings - $150 Cash Bonus Online Savings Account - Earn 3.50% APY	High Yield Investor Checking – Unlimited ATM Rebates 1-Year CD - Up to 4.35% APY 3-Month CD - Up to 4.27% APY
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 06/26/2025. Charles Schwab Bank: Pricing information from published website as of 06/07/2025.

Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

Expires 9/11/2025

Member FDIC

Discover® Online Savings - $150 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

Get Deal

Expires 9/11/2025

Member FDIC

Online Savings Account - Earn 3.50% APY

Get Deal

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® 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.

Discover CD Review

Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

Discover Bank Bonus

Want to get cash bonuses on a Discover® Bank Online Savings Account? Read on to learn about the promotions currently available.

Discover Checking Account Bonus

Discover® Bank doesn't currently offer a direct bonus for new checking accounts. Instead, it's got other incentives to lure you in.

Discover Savings Bonus

Earn up to $200 bonus by opening a Discover® Online Savings Account. Find out how to qualify with the correct bonus.

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Savings vs Money Market

Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover a Real Bank

Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover® savings account? Get your answers now.

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.