Charles Schwab Bank Money Market Account Reviews (July 2021)

Highlights
APY (Annual Percentage Yield)	1.3% - 2.23%
APY Minimum Balance	$1
Minimum Opening Deposit	N/A

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 available in 50 states (and Washington, DC).

Key Takeaways

Very high APY. This account offers an annual percentage yield of up to 2.23%, which is much higher than the national average for a money market account.However, you must keep a minimum balance of $1.

Pros & Cons of Charles Schwab Bank Money Market Account

Pros	Cons
Available in all 50 states. High-interest yield. Does not offer mobile check deposits. No charge on incoming domestic or international wire transfers.	No signup bonus. Does not provide a debit card. Not FDIC-insured.

Charles Schwab Bank Money Market Account FAQ

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 interest rates for Charles Schwab money market account rates?

Charles Schwab 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.

Charles Schwab money market account Rates and Terms
Rates	Amount
APY (Annualized Percentage Yield)	1.3% - 2.23%

What are the fees for Charles Schwab Bank Money Market Account?

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

Charles Schwab Bank Money Market Account Fees
Fees	Amount
Monthly Fee	$0
Paper Statement Fee	N/A

What is the minimum balance for Charles Schwab 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 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.

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Message From Charles Schwab

The combination of Schwab and TD Ameritrade is about the future, our clients' future. Our scale, complementary strengths, and shared passion for investors and the advisors who serve them will create a unique firm in the industry. We’re building a company with a commitment to creating access for everyone, a strong heritage of innovation and the resources to support clients at every stage of their journeys. Together, we will work with integrity to keep clients’ interests at the heart of everything we do and maintain our singular focus on creating better outcomes for investors and advisors.

Schwab Money Funds are managed to reduce portfolio, credit and interest rate risks. Our funds seek to maintain a stable $1 per share net asset value.