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Charles Schwab Bank Checking Accounts Review

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Charles Schwab Corporation is a bank and brokerage firm, founded in 1971 in California by its namesake. A pioneer in the discount brokerage business, Charles Schwab offers traditional checking accounts that feature robust online services. The company has been an innovator in banking, making branchless banking accessible and affordable, and in trading, providing low-cost trades and online research tools for investors.
 
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How is Charles Schwab rated?

Breakdown

4.7/5
Account Features
4.8/5
Fees and Restrictions
4.5/5
Support, Reputation, and Financials

Overall Rating: 4.6 / 5 (Excellent)

The Charles Schwab Company was a pioneer in the discount brokerage business and it has brought that same low-cost, high-quality mindset to their checking product. Though their "High Yield Investor Checking" account must be associated with a Schwab brokerage account, customers do not have to keep any assets in the brokerage account. The Schwab checking account is simply one of the lowest fee products on the market, allowing consumers to avoid every monthly charge assessed by traditional banks. With the reimbursement of all ATM fees, customers are free to use any ATM in the world and have the fees credited monthly on their statement. The High Yield Investor Checking account is highly recommended for consumers who do not require a local branch, are willing to work with the mobile app for deposits, and have plans to use the company's numerous investing tools.

Charles Schwab Account Features

Account Features - 4.7 / 5

To open an account, customers must have a social security number, valid US address, and the name and address of employer. When linked to a Schwab brokerage account, for which there is no fee, the checking account has no monthly fee and no minimum balance. Regardless of the balance, accounts earn 0.20% APR and receive free standard checks. Most impressive is Schwab's reimbursement of fees from any ATM globally -- along with no foreign transaction fees to withdraw money while abroad, the Schwab checking account is a great option for travelers.
Types of Checking Accounts
Online Checking Accounts
Methods of Deposits
Mail Check
Mobile Check Deposit
Physical Branch
Wire Transfer
Online Transfer
Direct Deposit
Integration with Other Online Accounts
Savings
Brokerage Accounts
Retirement Accounts
College Savings Accounts
External Banks
No-Fee ATM
Reimbursement for Domestic ATMs
Reimbursement for International ATMs
ATM Locations
Any ATM worldwide
Branch Offices
314 branch offices in 49 states/territories

Interest (APY)

0.25%

Overdraft Protection

Overdraft protection available with companion brokerage account.
Integration with Mobile Payment Services
Apple Pay
Google Pay
SamsungPay
Card Blocking
Yes
Pay Bills Online
Yes
EMV Chip Technology
Yes
Bank Checks
Yes
Mobile App
Yes

Bonus Features

No foreign transaction fees with your Schwab Bank Visa Platinum Debit Card.

Charles Schwab Fees and Restrictions

Fees and Restrictions - 4.8 / 5

While the Charles Schwab Corporation has existed for nearly 50 years, their retail banking arm was started in 2003. Schwab receives a stable credit rating from Moody's (A2) and Bauers rates the financial health of the bank as "excellent" based on the financial data reported to federal regulators. The majority of complaints at Consumer Financial Protection Bureau have been closed with an explanation from the bank.
Maintenance Fee
0
Minimum Balance
0
Minimum Monthly Deposit
0
Minimum Number of Transactions
0

Charles Schwab Support, Reputation, and Financials

Support, Reputation, and Financials - 4.5 / 5

The Charles Schwab Company itself receives an A+ from the BBB, and the online reviews for their High-Yield Checking Account receive overwhelmingly positive reviews. With live 24/7 phone support, online chat, email, and branch support, Charles Schwab Bank provides plenty of options for its customers to have their questions answered. Physical checks can be mailed in, deposited via their app, or if you happen to live close to one of their handful of branches, you can make deposits into your brokerage account. Charles Schwab reimburses all of the ATM fees incurred at any ATM in the world -- an enormous perk.
Trust Pilot Rating
6.4 out of 5
Date Collected
2018-08-30
Year Founded
1971
Moody's Financial Rating
A2
Customer Support Hours
Monday - Friday, 7:00 am - 11:00 pm ET; Saturday & Sunday, 9:00 am - 10:30 pm ET

Contact Methods

  • Phone
  • Email
  • Chat

Company Profile

Full Name
Charles Schwab Bank Checking Accounts
Company Website
http://www.schwabbank.com/
Headquarters
2360 Corporate Circle, Ste 400, Henderson, NV, 89074
Mailing Address
PO Box 2912, Phoenix, AZ, 85062

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Our Partner

Get paid up to 2 days early with direct deposit1

  • No minimum balance, no monthly fees and no overdraft fees

  • Over 60,000 fee-free ATM locations2

  • Receive access to Chime Credit Builder Secured Visa® Credit Card3

  • Banking services and debit card provided by The Bancorp Bank, N.A. or Stride Bank, N.A.; Members FDIC

1. Depends on the timing of the submission of the payment file from the payer

2. Terms Apply

3. See website for details

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