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 and pros.

	Discover Bank	Charles Schwab Bank
	Member FDIC
	Visit Site	Learn More
	SPECIAL OFFER Online Savings Account - Earn 3.40% APY - Learn More Read Discover Bank Review	SPECIAL OFFER 3-Month CD - Up to 4.01% APY - Learn More Read Charles Schwab Bank Review
	Benefits and Features
Savings	3.40% APY	0.15% APY
CD	2.00% to 3.85% APY depending on terms	Offers brokered CDs from other banks. Minimum deposit of $1,000.
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)
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	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
	Online Savings Account - Earn 3.40% APY Certificate of Deposit Discover® CD Rates	3-Month CD - Up to 4.01% APY 6-Month CD - Up to 3.84% APY 9-Month CD - Up to 3.77% 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 10/23/2025. Charles Schwab Bank: Pricing information from published website as of 10/18/2025.

Member FDIC

Online Savings Account - Earn 3.40% APY

Get Deal

No fees
No minimum opening deposit
No minimum balance required

Member FDIC

Certificate of Deposit

3.50% APY for 6-month term
3.85% APY for 12-month term
3.70% APY for 18-month term
3.50% APY for 24-month term
3.50% APY for 36-month term
3.50% APY for 5-year term

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Member FDIC

Discover® CD Rates

No minimum opening deposit required
No fees
FDIC insured

Term	CD Rates
3 Months	2.00% APY
6 Months	3.50% APY
9 Months	3.50% APY
1 Year	3.85% APY
1.5 Years	3.70% APY
2 Years	3.50% APY
2.5 Years	3.50% APY
3 Years	3.50% APY
4 Years	3.50% APY
5 Years	3.50% APY
7 Years	3.50% APY
10 Years	3.50% APY

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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 Wells Fargo.

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.