Table Of Content
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
It offers FDIC-insured checking accounts, savings accounts, money market accounts, CDs, and retirement products. It also does not charge monthly maintenance fees, excess withdrawal fees, or insufficient funds fees on deposit products, to name a few. The Discover Cashback Debit Account is a checking account with a debit card that allows you to earn cashback on all of your purchases, which was previously reserved for credit cards.
Chase Bank is a full-service financial institution with nearly 4,900 branches and 16,000 ATMs. Chase Bank provides its customers with a wide range of banking, lending, and investment products. Chase is well known for its vast credit card offerings, which include popular travel rewards and cash back credit cards, in addition to checking, savings, and CD accounts. Usually, it offers bonuses and promotions for new customers.
Chase Bank caters to a wide range of customers, from students to military veterans, and from the typical household to personal banking relationships. However, because of the low interest rates, it is not a viable option for people who want to maximize their savings. Monthly service fees are another issue for those who do not want to pay for banking services, though most fees can be waived if certain monthly requirements are met.
Banking Options
Discover Bank | Chase Bank | |
|---|---|---|
Savings Accounts | ||
Checking Accounts | ||
CDs | ||
Money Market Account | ||
Debit Card | ||
Credit Cards | ||
Personal Loans | ||
Mortgage | ||
Government Mortgage | ||
Business Loans | ||
Investing Capabilities |
Savings Account
When comparing Discover and Chase savings accounts, it is immediately apparent that Discover has better rates, with an impressive 4.30%, as of September 2023.
Another advantage is that the Discover savings account is completely fee free, while Chase charges $5 per month unless you can meet the waive requirements. Additionally, Chase has withdrawal limits and if you make over 6 withdrawals in a month, you’ll incur a $5 fee.
Discover Bank | Chase Bank | |
|---|---|---|
APY | 4.30% | 0.01% – 0.02% |
Fees | $0 | $5 per month
Can be waived if you carry $300 account balance at the start of the month, $25+ autosave or linking a Chase checking account
|
Minimum Deposit | $0 | $25 |
Checking Needed? | No | No |
Main Benefits |
|
|
Checking Account
Discover also comes out ahead when you compare the checking accounts. Although Chase has multiple checking account options, the basic “Everyday” Chase checking account incurs a fee unless you meet the waive requirements, additionally, you don’t get the perk of cash back on debit card spending that you receive with the Discover checking account.
However, Chase does have autosave that allows you to automatically transfer as little as $1 a day into your savings account to help you towards your savings goals. Additionally, Chase offers new customers a welcome bonus, but this is a time sensitive offer that may not be available at all times. Chase charges a $34 overdraft fee.
Discover Bank | Chase Bank | |
|---|---|---|
APY | 0% (1% cash back on up to $3,000 in debit card purchases each month) | None |
Fees | $0 | $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
|
Minimum Deposit | $0 | $0 |
Main Benefits |
|
|
Compare CDs
The comparison between the CD options is more of a close call. The Chase rates vary from 3.00% – 5.00% depending on your deposit amount, but there is no minimum, while Discover has a minimum $2,500 deposit, which is a far larger barrier to entry. However, if you do have this amount to deposit, you can access rates of 2.00% – 5.00%.
Discover | Chase | |
|---|---|---|
Minimum Deposit | $2,500 | $1000 |
APY Range | 2.00% – 5.00% | 3.00% – 5.00% |
APY 6 months | 3.40% | 4.00% – 5.00% |
APY 12 months | 4.85% | 3.00% – 3.75% |
APY 24 months | 4.30% | 2.00% |
APY 36 months | 4.30% | 2.00% |
No Penalty CD | / | / |
Credit Cards
Discover has a decent choice of credit card options that all offer rewards. The most popular card is the Discover Cash Back that has a 0% introductory rate and offers up to 5% cash back.
However, there is also a Gas & Restaurant card where the rewards are weighted towards this category, a travel card offering miles and an NHL card for all 31 teams. Discover also has student cards that allow up to 5% cash back and a Secured card that helps those looking to build their credit to also earn rewards.
One great feature of the Discover credit cards is that they all come with Unlimited Cashback Match for the first year. At the end of the first year, Discover will match your cash back dollar for dollar automatically with no spending minimums or reward maximums.
Chase has a massive choice of 31 credit card options. This includes 20+ Travel cards, 7 hotel cards and 7 business cards. Chase is partnered with United, Southwest, Avios, Hyatt, Amazon, Disney and even Starbucks, so you can tailor your card to your preferred brands to get the best rewards.
Most of the cards have no annual fee, but there are some notable exceptions, such as the Sapphire Reserve that has an annual fee of $550, but you can earn 5x points on flights and 10x points on hotels and car rentals.
Chase also has some innovative cards like the Slate Edge that allows you to lower your interest rate by up to 2% each year, with an automatic review to obtain a higher credit limit when you spend $500 in the first six months and pay on time. Chase even has a Freedom Student card that allows those in full time education to earn 1% cash back on all purchases with no annual fee.
Personal Loans
While Chase doesn't offer personal loan, Discover has a couple of relevant options for borrowers.
Unlike the other lenders on this list, Discover is one of the few that lend to people in all 50 states. They also do not charge an origination fee and have a loan calculator on their website to assist you in getting started. They offer flexible repayment terms, fixed rates, and a staff of 100% US-based loan specialists to assist you.
Discover only conducts a soft pull inquiry when you apply for a personal loan, but you must have a minimum yearly income of $25,000. In order to be accepted, your credit score cannot be lower than 660. Discover is a good option because their rates are competitive, and borrowing from them means you're making payments directly to the creditor.
A Discover personal loan can be used for a variety of purposes, including financing large purchases such as home repairs or a wedding, as well as debt consolidation. You can also use your personal loan to cover unexpected expenses, such as home renovations or the purchase of a new vehicle.
Discover | |
|---|---|
APR | 6.99% – 24.99%
|
Loan Amount | $2,500 – $35,000
|
Terms | 36 to 84 months
|
Customer Service
Discover allows customers to access the support team via phone or chat 24/7, but Chase’s customer service system is a little more sophisticated.
In addition to a fairly comprehensive help website page, there are customer service lines, Twitter and Facebook support 7 am to 11pm ET Monday to Friday and 10 am to 7 pm ET on the weekends, or you can schedule a meeting with an agent in your local branch. Chase even has a dedicated line for military personnel and veterans whether they are here or overseas.
Online/Digital Experience
Both Discover and Chase have an app that is available for iOS or Android devices. The apps have a good reputation with Discover’s rated 4.9/5 and 4.6/5 for the Apple Store and Google Play respectively. Chase’s app has similar ratings with 4.8/5 on the Apple Store and 4.4 out of 5 on Google Play.
However, Chase does appear to have a more comprehensive website. You can fully explore and compare the products and access how to videos and other support materials. Both sites have a clean design and are easy to use that offer a great user experience.
Which Bank is The Winner?
Both Discover and Chase are large reputable financial institutions, so to summarize which bank is better, we’ll need to recap the positives and potential negatives.
In terms of the savings and checking accounts, while Chase does have some innovative features, Discover certainly is the better option. It offers better rates with genuine fee free account management, so you don’t need to worry about account minimums or deposits to ensure the fee is waived for that particular month.
However, Chase’s CDs are a little more accessible. While you may not be able to access the higher Discover rates, there is no minimum and you can earn 0.2% to 0.5% depending on your CD term. So, unless you have $2,500+ that you are prepared to tie up for 5 years, Chase is likely to be the better option for you.
Where Chase really stands apart is the sheer number of credit card options. Chase is partnered with some great brands including Starbucks, Disney, airlines and hotels, so you can choose the card that is likely to yield the best rewards for your spending habits and preferences.
 |  |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| 0.01% – 0.02% | 4.30%
| Up to 5.02%
|
Checking Fee
The monthly fee on checking account
| $12
Can be waived if you maintain a $1,000 minimum daily balance, making direct deposits or Associated SnapDeposits of $500 or more per statement cycle, or holding $2,500 in combined deposit accounts with the same statement cycle date or having a Health Savings Account or investment account
| $0 | Compare Banking |
Mobile App Rating | 4.8/5 on iOS 4.3/5 on Android | 4.9/5 on iOS 4.7/5 on Android | Various Banks
|
on Chase website |
on Discover website |
on our website |
FAQs
Can I get a savings account bonus with Discover?
Discover offers savings account promotions for new accounts as well as on a variety of credit cards. As of September 2023 , Discover Online Savings offers $150 – $200 bonus promotion based on your minimum deposit. There are also promotions on Discover Cashback Debit Account
Can I get a checking account bonus with Chase?
Yes, Chase offers bank promotions for new customers as well as on a variety of credit cards. As of September 2023 , you can get $100 if you open a new Chase College Checking bank account and you meet Chase terms and conditions.
How Many Discover Credit Cards Can I Have at One Time?
Most service providers limit the number of credit cards that a customer can have at any given time. This also applies to Discover, which has its own credit card limit rules.
Customers can only have two Discover credit cards active at the same time. Before you can open a second card, you must typically have held your first card for at least one year. However, it is possible to obtain a second card sooner.
You can also have two versions of the same card with Discover. This allows you to get the most out of your rewards. However, Discover may require additional security checks to confirm the authenticity of your application.
Is Discover a good place to save your money?
The APY on the Discover Online Savings account is among the highest offered by top online savings accounts. The same interest rate applies to all balances. This is in contrast to some competing online savings accounts, which offer tiered rates based on account balance. A stop payment order, an excessive withdrawal, insufficient funds, or monthly maintenance will not be charged to you. The Discover debit card is accepted at 415,000 ATMs across the United States. Account holders can withdraw funds for free from any of the 60,000 ATMs in the Allpoint and MoneyPass networks. If you want to open a CD, you'll need at least $2,500 to get started.
Is Chase Bank a good place to save your money?
While Chase Bank is excellent for those looking to earn a sign-up bonus for opening a checking account, its interest rates on a variety of savings products are very low when compared to the majority of banks.
Savings accounts at Chase Bank are similar to checking accounts in that they offer ultra-low interest rates and the possibility of high fees. Each savings account allows for a maximum of six withdrawals per statement. Following that, each withdrawal is subject to a $5 Savings Withdrawal Limit Fee.
What is the Chase Rewards Program?
The Chase Ultimate Rewards Program enables you to get the most out of the points you earn with your Chase credit card. You can earn bonus points on certain purchases or redeem them for cash, gift cards, travel, and other items.
Even if you do not have a cash back card, you can convert your rewards into direct deposits into your bank account or statement credit. You can also transfer your points at a 1:1 ratio to travel partners.
However, the rewards program goes above and beyond. You can use your points and card to gain access to exclusive events based on your passions and interests. Alternatively, you can use your points to pay for a portion or all of your Amazon or Apple purchase, or you can choose from over 150 gift card options.
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Chase vs American Express
Although Chase Bank has a modern, trendy image, it is one of the oldest banks in the United States. JP Morgan Chase's consumer division, Chase Bank, is one of the largest banks in the United States. Even though its interest rates aren't particularly competitive when compared to online banks and credit unions, loyal Chase customers who keep a significant amount of money with the bank can earn slightly better rates.
American Express is best known for its credit card business. The financial services firm, on the other hand, has a banking subsidiary that offers high-yield savings and CD accounts. For those looking to save money with a well-known financial institution, the American Express High Yield Savings Account is a popular option.
Read Full Comparison: American Express vs Chase Bank
Chase vs Wells Fargo
Chase and Wells Fargo appear to offer very similar products at first glance, so we need to dig a little deeper. There is little to distinguish the savings accounts, and both banks provide a variety of checking accounts.
While Chase's account maintenance fee is slightly higher, it does have some more interesting features. Chase also has an advantage in terms of CDs, but Wells Fargo is a better option for loans and mortgages.
Read Full Comparison: Chase vs Wells Fargo: Where to Save Your Money?
Chase vs Citi
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Chase vs PNC Bank
Chase has some great features including a massive selection of credit card options. Both banks also offer some great mortgage packages. PNC also has some innovative credit card options, and you can also access personal loans.
Read Full Comparison: Chase vs PNC Bank: Which Bank Account Is Better?
Chase vs TD Bank
Because both Chase and TD Bank provide a comprehensive range of products, we'll need to summarize the benefits and drawbacks to determine which bank is superior.
Chase offers some novel features, including the possibility of comparable CD rates without the TD Bank's minimum deposit. However, there is little to distinguish the checking accounts, as TD Bank's savings rate is twice that of Chase.
Although Chase has more credit card options, don't discount TD Bank, which has some interesting options.
Read Full Comparison: Chase vs TD Bank: Which Bank Suits You Best?
Chase vs Capital One
Chase and Capital One both have banking product lines that compete with traditional high street banks.
Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.
However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.
Read Full Comparison: Chase vs Capital One: Compare Banking Options
Discover vs American Express
Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.
American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. They do not, however, provide as many products as Discover Bank does.
Read Full Comparison: Discover vs American Express: Which Bank Account Is Better?
Discover vs Citi
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Discover vs CIT Bank
The CIT Bank eChecking account pays 0.10 percent to 0.25 percent interest. The account also has almost no fees. Only if you have a stopped payment, a returned item, or want to make a wire transfer will you be charged a fee. There is also free ATM access, with up to $30 in ATM fee reimbursements per month if you incur fees when using another bank's machine.
While Discover's checking account does not pay interest, you can earn 1% cash back on debit card purchases. There are no fees, as with eChecking. If you need a replacement debit card, have insufficient funds, or have a deposit returned, you will not be charged a fee.
Read Full Comparison: CIT Bank vs Discover: Which Bank Account Wins?
Discover vs Bank of America
Since its inception as a credit card provider, Discover has come a long way.Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Bank of America offers a far more comprehensive range of banking services. There are numerous credit card options, as well as various savings and checking accounts.
Bank of America also provides mortgages, auto loans, and investments. This makes switching from a traditional bank much easier because you won't have to compromise on your banking products.
Read Full Comparison: Discover vs Bank of America: Compare Bank
Discover vs SoFi
SoFi has developed a respectable banking product line. Aside from its hybrid savings and checking account, it also offers mortgages, loans, and investment products. The only thing missing from the offering is a traditional savings account and CDs.
Since its inception as a credit card provider, Discover has come a long way. Of course, credit cards are available, but you can also get home loans, personal loans, and a variety of checking and savings products such as retirement accounts, CDs, and money market accounts.
Read Full Comparison: SoFi Money vs Discover: Which Online Banking Suits You Best?
