There are many reasons we consider Charles Schwab Bank as one of the best alternatives when it comes to banking. First, its minimal fees. There are no monthly maintenance fees for any of its accounts and no minimum balance requirements. It has one of the few high-yield checking accounts in the field and, with a 0.25% APY, its return rate is much higher than the competition, which averages at around 0.01% APY. In addition, for customers opening a checking account, Schwab will open a linked brokerage account, which does not have a minimum balance requirement either. Its savings account offers similar benefits: minimal fees and a fairly high APY at 0.40%.

Schwab might not have as many brick-and-mortar branches as other national banks, but it makes good use of their digital presence. Although its application does have to be downloaded and mailed or faxed, every other transaction can be conducted online. Its mobile app makes it possible to manage every account seamlessly from a mobile phone or Apple watch and gives users the ability to track stocks and make trades.

Overall, Charles Schwab offers a long list of benefits and perks for a very low cost. This, in addition to its financial stability and long history, makes it one of the top alternatives for consumer banking today.