Charles Schwab Bank Money Market Account Review

Charles Schwab Bank is a savings association based in Reno, Nevada. It has $128.7 billion in assets and $119.1 in total deposits. The bank has 12 locations, ten in California and two in Nevada. It has a team of 590 employees led by Pau Woolway, the President of Charles Schwab Bank.

The bank was founded in 2003 and is insured by the FDIC.
As well as banking products, Charles Schwab also provides trading, investing and wealth management services. Charles Bank is primarily an investor’s bank, and this is evident by the features and services it includes with its checking and savings accounts.

What Are Charles Schwab’s Checking and Savings Accounts Like?

Checking Account
Charles Schwab primary checking account is called Schwab Bank High Yield Investor Checking Account. It has no monthly fees, no account minimum and it offers a 0.06% APY on any balance. That alone sets it above the vast majority of checking accounts. It also includes unlimited fee rebates from any ATM in the world, free bill pay, free standard checks and Visa Platinum® debit card and a linked Schwab One brokerage account.

There are no fees for overdraft transfers, incoming wires, copies of checks and statement, foreign transactions, or stop payments.

Savings Account
Charles Schwab Bank offers only one savings account: the Schwab Bank High Yield Investor Savings. This account offers a 0.10% APY, which is ten times the regular rate provided by large banks. This rate applies to all customers, regardless of their balance. There is no monthly service fee, and you don’t need to keep a minimum balance. As with the checking account, users also receive unlimited ATM fee rebates.

What Are The Advantages And Disadvantages of Charles Schwab’s Checking And Savings Accounts?

Charles Schwab checking and savings accounts are among the best in the business. You can find banks with higher interest rates, but not with the additional features Charles Schwab Bank includes with all its accounts.

We love this about Charles Schwab:

• High-interest rates for all account holders
• No mínimum balance
• No monthly service fees
• Unlimited ATM fee rebates
• FDIC Insurance
• Mobile apps and investment tools

We don’t like this about Charles Schwab:

• There are banks with higher interest rates
• Only branches in two states. However, this is not much of an issue with the unlimited ATM fee rebates included in both the checking and savings account.