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.
Visit Site | Learn More | |
Discover Bank | Charles Schwab Bank | |
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Online Savings Account - Earn 4.25% APY - | High Yield Investor Checking – Unlimited ATM Rebates - | |
Benefits and Features | ||
Savings | ||
CD | 2.00% to 4.70% APY depending on terms. $2,500 minimum | 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 | 0.45% APY, $0.01 account minimum |
Money Market | 4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit. | |
ATMs | Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide. | |
Customer Service | 24/7 Live Customer Service (Telephone and Chat) | |
IRA CD | 12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%. | |
Locations | 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:
| 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 04/09/2024. Charles Schwab Bank: Pricing information from published website as of 04/11/2024. |
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Discover® Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
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.