The combination of Co(III) and Dy(III) with a compartmental Schiff base ligand (H3L=3‐[(2‐Hydroxy‐3‐methoxy‐benzylidene)‐amino]‐propane‐1,2‐diol), presenting three different coordinating pockets, has allowed the synthesis of two novel Co(III)−Dy(III) complexes: [Co2Dy(HL)4]NO3 ⋅ 2CH3CN (1), a rare example of trinuclear linear CoIII2DyIII complex (and the first with slow relaxation of magnetization in absence of a DC field) and [Co2Dy2(μ3−OH)2(HL)2(OAc)6] ⋅ 4.6H2O (2), the first tetranuclear CoIII2DyIII2 cluster with a rhomb‐like structure where the Co(III) ions are connected along the short diagonal of the rhomb. 1 presents two different relaxation processes: a fast relaxation dominated by Quantum tunnelling (QT) and a slow relaxation with an energy barrier of 40 K. 2 shows two close relaxation processes without applied DC fields that follow QT and Orbach mechanisms whereas for HDC=500 Oe, the QT is cancelled and a direct term appears. Here we present the synthesis, X‐ray structure and magnetic characterization of these two Co(III)−Dy(III) single‐ion/molecule magnets.