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.
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Discover Bank | Charles Schwab Bank | |
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Online Savings Account - Earn 0.40% APY - | High Yield Investor Checking – Unlimited ATM Rebates - | |
Benefits and Features | ||
Savings | ||
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 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 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%. | |
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:
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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 01/28/2021 Charles Schwab Bank: Pricing information from published website as of 02/25/2020. |
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.