Charles Schwab Bank vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Charles Schwab Bank
Schwab Bank Investor Savings™
0.15%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppIn-Person AccessShow Fine Print & Trends Hide Details
Charles Schwab Bank
Schwab Bank Investor Savings™
Discover Bank
Online Savings Account
3.40%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Discover Bank
Online Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Charles Schwab Bank vs. Discover Bank Savings Calculator
Discover Bank earns $1,964.4 more than Charles Schwab Bank.
Charles Schwab Bank
Schwab Bank Investor Savings™
Savings Breakdown
- Interest Earned+$86.10(0.5%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,086.10
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Charles Schwab Bank vs. Discover Bank
Why Charles Schwab Bank?
No distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.40% vs 0.15%) on all balances
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.8 vs 2.9)
— Key Feature Differences —
Better Returns at $10,000
Discover BankDiscover Bank's Online Savings Account earns more on smaller deposits (approx. $340 vs $15/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $850 vs $38/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.40% APY with no bundling, direct deposit requirement or caps.
Shared Benefits
Over a 1-year period, Discover Bank's Online Savings Account pays $325 more interest on a $10,000 balance than Charles Schwab Bank's Schwab Bank Investor Savings™.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary
Discover Bank offers a significant advantage with its Online Savings Account, boasting a competitive APY of 3.40%. This account is online-only and does not require a checking account or direct deposit, making it accessible and straightforward for users. In contrast, Charles Schwab Bank's Schwab Bank Investor Savings™ has a much lower APY of 0.15%, though it also has no minimum deposit or maintenance fees. Overall, Discover Bank stands out as the winner due to its substantially higher yield, providing better returns for savers.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Stop Losing Interest
See who beats both Charles Schwab Bank and Discover Bank.
| Feature | Charles Schwab Bank | Discover Bank |
|---|---|---|
| APY | 0.15% Verified: 12/10/2025 Stable (90d) | 3.40% Verified: 12/10/2025 ↘︎ 0.10%90d Change |
| Product Name | Schwab Bank Investor Savings™ | Online Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0.01 | $0 |
| Monthly Fee | $0 | $0 |
| Branch Access | Yes | None |
| Account Type | Online & Branches | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.8 Android2.9 | iOS4.9 Android4.8 |
| BBB Rating | A+ | A+ |
| Next Steps |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Charles Schwab Bank | Discover Bank |
|---|---|---|
| Schwab Bank Investor Savings™ | Online Savings Account | |
Current APY | 0.15% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -0.0 | -3.8 |
Days Since Change | 314 | 71 |
10-Month High | 0.15% | 3.75% |
10-Month Low | 0.15% | 3.40% |
Adjustments / Mo | 0.00 | 0.38 |
Volatility Score | 0.000 | 0.034 |
How to read these metrics(Click to expand)
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