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.
  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
  • Checking Interest Rate
  • Bauer Financial A+/A Rating
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0 votes

I really like this bank. I have been a customer since 2010 and do not plan on leaving this bank if they keep running the show like they've been doing it. I use their visa platinum debit card for travel because they refund atm fees worldwide! Free checks, free bill pay, online transfers to other accounts

0 votes

Charles Schwab is the perfect choice for anyone looking to set up an online bank account. They have some of the best interest rates around, plus the fact that they refund all outside ATM fees who does that anymore? Nobody else that I can find.

0 votes

Customer service has been great, I call and I get a human and have answered any questions I may have. I highly recommend this bank if you are looking for great service products, and warm knowledgeable staff.

0 votes

I have done some investing with Charles Schwab in the past with great results so I decided to start banking with them also. My only regret is not coming to that decision sooner. If you are investing with them or not take the time to check them out. Not your fathers bank.

0 votes

I really wish I would have never applied for an account with them in the first place. My account has had nothing but problems since day one and I have yet to find anyone who know how to help me. Big waste of time and effort.

0 votes

Love this bank! Amazing service! You can link your local Credit Union or Bank with Schwab. They offer Bill Pay with their checking account Their web site is a bit confusing at first, but after a few weeks, you understand the layout. No fees, Checking accounts gain interest

0 votes

Every other bank I have ever used not only tries to make as much money as they can through overdraft charges and other fees. But this bank is different. They send you an alert if your balance is low and you have items still pending, giving you some extra time to deposit money to cover things BEFORE they bounce.

0 votes

Their customer service is prompt and friendly. Although I rarely call because I have had no problems whatsoever with this account. I love the refundable ATM fees and have paid zero fees since I opened the account. Although there are no branches near me, I use direct deposit and mobile deposit and these work perfect for me. Their app and website are user friendly. Awesome bank!

0 votes

I've been with Charles Schwab for a few years now, and wow am I happy. The rates are amazing, there are no fees, and the customer service is beyond anything I even knew a bank was capable of. I am now a Schwab customer for life and would highly recommend it to anyone looking for a new bank.

0 votes

Hands down, this is the best bank I have ever used. After being a loyal customer for almost three years, I honestly don't know how I made it so long without them before I was one of their customers.

0 votes

It seems to me that they have their practices a little screwed up. They penalize the people who actually have money and reward the people who write bad checks because they don't actually have funds. I deposited a check for just over $20k and they are holding it for 2 weeks? Really?

0 votes

One simple mistake ended up snowballing into a huge problem. They made the mistake. They apologized so many times, but for some reason never could seem to fix the issue. It resulted in them closing my account and telling me that they didn't feel they could be of further service to me. Wow.

0 votes

Cannot believe what you get from this bank. Free checking account, with interest, free ATM card, all ATM charges get reversed and put back into your account, free checks, a great website and easy to use mobile app, I can deposit checks from my phone, and 24 hour customer service that is awesome. What more could anyone want?

0 votes

I love the online money transfer feature. I have 2 children in college and it is a perfect thing to keep them in check. Plus it makes them have to call me so I can keep in touch.

0 votes

Charles Schwab is the perfect choice for anyone looking to set up an online bank account. They have some of the best interest rates around, plus the fact that they refund all outside ATM fees – who does that anymore? Nobody else that I can find.

0 votes

I love Schwab and really don't think there is a better bank around. Their customer service reps are the nicest people I have ever talked to and I love all of the features and options I get with my account. Very highly recommended.

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