SuperMoney 

Charles Schwab Bank Money Market Account

in Money Market Accounts

Unaffiliated Visit Site

Charles Schwab Bank Money Market Account

Unaffiliated

in Money Market Accounts

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend Charles Schwab Bank Money Market Account to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Overview

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.
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

APY Minimum Balance
$1
Minimum Balance to Avoid Monthly Fee
$0
Minimum Deposit
$1
Percentage
APY
1.3% - 2.23%
    0% 3%
Dividend Payout Frequency
Monthly

Be the first to rate

 
 

Would you recommend Charles Schwab Bank Money Market Account to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)