Charles Schwab Bank Review 2024
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At a glance
Checking
Savings
About Bankrate Score
Overview
While it’s best known for its investment accounts, Charles Schwab also offers online banking products that consist of a savings account and a checking account. Customers receive perks such as unlimited reimbursement of ATM fees from anywhere around the globe, as well as a checking account that earns interest. If you’re setting your sights on a savings account with a highly competitive annual percentage yield (APY), however, you won’t find it here.
Highlights
- ATM Fee Refunds
- Free Checking
- Low Min Deposit
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Charles Schwab Bank is ideal for consumers looking for fee-free access to ATMs all over the world, as well as a checking account that pays some interest. The federally insured bank also offers a savings account, and it’s a convenient choice for anyone who wishes to keep their investment and bank accounts all in the same place. While the bank accounts are online-only, Schwab consistently ranks high for customer satisfaction among online banks.
Pros
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The checking account bears interest.
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The bank provides unlimited reimbursement of ATM fees.
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There’s no minimum balance requirement.
Cons
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The savings account pays a lackluster rate.
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Branches only provide services for investing and not for banking.
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No CDs or money market accounts are available.
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Charles Schwab banking products
APY last updated between 12/14 and 12/20.
Charles Schwab savings overview
The account pays an APY that’s below average, as many other online banks offer much higher savings yields.
Pros
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There are no monthly fees or minimums.
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Customers get unlimited ATM rebates worldwide.
Cons
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Significantly higher APYs can be found elsewhere.
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New customers need to complete a paper application.
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Cash deposits are not an option.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Charles SchwabAPYAPY last updated between 12/14 and 12/20.APYAPY last updated between 12/14 and 12/20.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Account maintenance fees | None |
| Out-of-network ATM fee | None |
| Foreign transaction fee | None |
Customer experience
Customer service. Customer service is available by phone or live chat.
Digital access. Customers are able to access their bank accounts and any Schwab investment accounts all in the same place through the website and the mobile app. The mobile app is highly rated by Apple users, but receives low marks from Android users.
High customer satisfaction. For the sixth consecutive year, Charles Schwab ranked the highest in J.D. Power’s 2024 U.S. Direct Banking Satisfaction Study, among online banks that provide checking accounts.
Bankrate staff insights
"When I started the application process online, the website informed me that I was required to apply by mail due to outdated personal information on my account. However, I called customer service and was immediately connected with a human on their team, who was able to resolve my issue," shared a Bankrate staff member with a Schwab Bank Investor Checking™ account. "The online application process for me was quick, less than 10 steps, and I was quickly approved for the account."
About Charles Schwab Bank
Charles Schwab Bank, SSB is a subsidiary of The Charles Schwab Corporation, a financial services company that offers consumer banking, retail banking, asset management and investment services. Charles Schwab Bank offers online savings and checking accounts, as well as credit cards and loans.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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