Charles Schwab Bank vs Discover Bank
Charles Schwab Bank is a popular brokerage with a free checking account that refunds ATM fees. How does it compare to Discover Bank? Read our comparison chart below.
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.
While Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms. There are no service fees.
Compare Charles Schwab Bank with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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| Learn More | Visit Site | |
Charles Schwab Bank | Discover Bank | |
|---|---|---|
High Yield Investor Checking – Unlimited ATM Rebates - | Discover® Online Savings - $200 Cash Bonus - | |
Benefits and Features | ||
| Savings | ||
| CD | Offers brokered CDs from other banks. Minimum deposit of $1,000. | 2.00% to 4.00% APY depending on terms |
| Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | |
| Money Market | 3.50% APY under $100,000; 3.55% APY $100,000 or more. | |
| 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 | 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 | 345 branches across the country. You may also open an account online. | |
CreditDonkey® Reviews | ||
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| Savings |   |  |
| Checking | | |
| Mobile App | | |
| Customer Service | | |
| Money Market | | |
| Pros & Cons | Pros:
| Pros:
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| Bottom Line | Popular brokerage with a free checking account that refunds ATM fees... | Solid online bank with high APY rates and good customer service... |
| Learn More | Visit Site | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Charles Schwab Bank: Pricing information from published website as of 04/18/2025. Discover Bank: Pricing information and data points from published website as of 04/22/2025. | ||
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.
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.
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.
Online Savings Account - Earn 3.60% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Which is Better: Charles Schwab Bank or Discover Bank?
Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Charles Schwab Bank or Chase.
In short: Discover Bank's mobile app is outstanding.
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