Charles Schwab Bank Money Market Account Review

Charles Schwab Bank Money Market Account is offered by Charles Schwab, a bank founded in 1971 and based in San Francisco, CA. Charles Schwab Bank Money Market Account is offered in 50 states (and Washington, DC).

Are money market accounts from Charles Schwab federally insured?

Yes, your Charles Schwab money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57450). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the Charles Schwab Bank Money Market Account rates?

Charles Schwab Bank Money Market Account offers an APY starting at 1.3% and ranging up to 2.23% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY. However, to earn interest you must keep a minimum balance of $1.

What are the Charles Schwab Bank Money Market Account fees?

Charles Schwab Bank Money Market Account does not charge a monthly maintenance fee.

What is the minimum balance for Charles Schwab Bank Money Market Account?

No minimum initial deposit. Charles Schwab does not require a minimum initial deposit to open an account.

Interest rate minimum balance of $1. You must keep the account balance above $1 to earn interest.

What features and perks does Charles Schwab Bank Money Market Account offer?

This account does not seem to offer any of the features and perks we track.

How to open an account with Charles Schwab

• Visit the Charles Schwab website.
• Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
• Check the information is accurate and submit your application.