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.

		Charles Schwab BankChase
	Discover Bank	Charles Schwab Bank
	SPECIAL OFFER Online Savings Account - Earn 0.40% 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
Savings	0.40% APY	0.05% APY
CD	0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. 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.
Checking	Earn 1% cashback on up to $3,000 in debit card purchases each month	0.03% APY, $0.01 account minimum
Money Market	0.30% APY under $100,000; 0.35% APY $100,000 or more. $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 CD	12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%.
Locations	Online Only	345 branches across the country. You may also open an account online.
	CreditDonkey® Reviews
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & Cons	Pros: 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 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
	Online Savings Account - Earn 0.40% APY Online Checking Account - Earn Cash Back Certificate of Deposit	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 and data points from published website as of 01/28/2021 Charles Schwab Bank: Pricing information from published website as of 07/23/2020.

Member FDIC

Online Savings Account - Earn 0.40% APY

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• 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 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.

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Discover Savings

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.

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Discover Checking Account Review

With Discover Bank's Cashback Debit account, you'll pay no fees and earn money for purchases. Learn more about these benefits—and some downsides—in our guide.

Discover CD

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

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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