At a glance

4.0

Bankrate Score

Checking

Savings

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Overview

While it’s best known for its investment accounts, Charles Schwab also offers online banking products that consist of a savings account and a checking account. Customers receive perks such as unlimited reimbursement of ATM fees from anywhere around the globe, as well as a checking account that earns interest. If you’re setting your sights on a savings account with a highly competitive annual percentage yield (APY), however, you won’t find it here.

Highlights

Low Min Deposit
ATM Fee Refunds
Free Checking

Overall

Charles Schwab Bank is ideal for consumers looking for fee-free access to ATMs all over the world, as well as a checking account that pays some interest. The federally insured bank also offers a savings account, and it’s a convenient choice for anyone who wishes to keep their investment and bank accounts all in the same place. While the bank accounts are online-only, Schwab consistently ranks high for customer satisfaction among online banks.

Pros

The checking account bears interest.
The bank provides unlimited reimbursement of ATM fees.
There’s no minimum balance requirement.

Cons

The savings account pays a lackluster rate.
Branches only provide services for investing and not for banking.
No CDs or money market accounts are available.

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Charles Schwab banking products

3.5

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

0.48%

2/5

APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.

Minimum balance to earn interest:

$0.00

5/5

The lowest deposit amount an account must have before it can earn interest.

Monthly service fee:

$0.00

5/5

A monthly charge a financial institution deducts from an account if certain requirements are not met.

Minimum balance to avoid fee:

$0.00

5/5

The lowest balance an account must maintain in order to avoid a fee.

Access to funds:

Great

5/5

A procedure that allows an individual or organization to access and manage the funds of another account holder.

FEATURES

0.48% APY

APY last updated between 5/7 and 5/13.

$0 minimum deposit to open

Charles Schwab savings overview

Charles Schwab Bank’s Investor Savings account requires no minimum balance, charges no monthly service fees and provides unlimited ATM fee rebates worldwide. Ways to add funds to the account include setting up direct deposit, making transfers from other bank accounts or making a mobile check deposit — although there’s no way to deposit cash into the account.

The account pays an APY that’s below average, as many other online banks offer much higher savings yields.

Pros

There are no monthly fees or minimums.
Customers get unlimited ATM rebates worldwide.

Cons

Significantly higher APYs can be found elsewhere.
New customers need to complete a paper application.
Cash deposits are not an option.

Rate history for Charles Schwab's Savings account

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Charles Schwab

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

Charles Schwab

APY

APY last updated between 5/7 and 5/13.

National average APY

How do we get this data?

Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.

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Charles Schwab checking overview

Like Charles Schwab’s savings account, its Investor Checking account ensures free use of ATMs all over the globe, since it reimburses an unlimited number of ATM surcharges. It’s also a convenient option for travelers in that it doesn’t charge any foreign transaction fees. There are also no overdraft or NSF fees for the account.

Unlike many checking accounts that pay interest, the Investor Checking account requires no minimum balance and charges no service fees. The account earns a competitive APY for a checking account.

Under the bank’s Security Guarantee, it states it will cover losses to your account due to unauthorized activity.

When you open an Investor Checking account, a separate brokerage account is opened for you at the same time, though there’s no requirement to fund the brokerage account. You’ll see both the checking and brokerage accounts when you log on to the Charles Schwab website or mobile app, and you can transfer money between the accounts.

Pros

Customers get unlimited reimbursement of ATM fees worldwide.
The APY is competitive for a checking account.
There’s no minimum balance requirement or monthly fees.
No overdraft fees or NSF fees are charged.

Cons

There’s no way to deposit cash into the account.

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Bank fees

Fee	Charged?
Overdraft fee	None
Non-sufficient funds fee	None
Account maintenance fees	None
Out-of-network ATM fee	None
Foreign transaction fee	None

About Charles Schwab Bank

Charles Schwab Bank, SSB is a subsidiary of The Charles Schwab Corporation, a financial services company that offers consumer banking, retail banking, asset management and investment services. Charles Schwab Bank offers online savings and checking accounts, as well as credit cards and loans.

In total, The Charles Schwab Corporation manages more than $8 trillion in client assets, with 1.8 million bank accounts, 34.7 million active brokerage accounts and 5.2 million corporate retirement plan participants, as of November 2023. It purchased brokerage platform TD Ameritrade in 2020 and is in the process of integrating the two companies.

Customer experience

Customer service. Customer service is available by phone Monday through Friday from 4 a.m. to 8 p.m. PT, as well as Saturday and Sunday 6 a.m. to 7:30 p.m. PT. Live online chat support is also available.

Digital access. Customers are able to access their bank accounts and any Schwab investment accounts all in the same place through the website and the mobile app. Apple users rate the app highly, but its average rating on the Google Play store is only 2.5 stars.

High customer satisfaction. In 2023, Charles Schwab Bank ranked the highest in J.D. Power’s U.S. Direct Banking Satisfaction Study, among online banks that provide checking accounts. The bank has held the top ranking for five consecutive years.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Charles Schwab APY APY last updated between 5/7 and 5/13. APY last updated between 5/7 and 5/13	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
05/07/2024	0.48%	0.58%
04/30/2024	0.48%	0.58%
04/23/2024	0.48%	0.58%
04/16/2024	0.48%	0.58%
04/09/2024	0.48%	0.58%
04/02/2024	0.48%	0.58%
03/26/2024	0.48%	0.57%
03/19/2024	0.48%	0.57%
03/12/2024	0.48%	0.57%
03/05/2024	0.48%	0.57%
02/27/2024	0.48%	0.58%
02/20/2024	0.48%	0.58%
02/13/2024	0.48%	0.58%
02/06/2024	0.48%	0.58%
01/30/2024	0.48%	0.58%
01/23/2024	0.48%	0.58%
01/16/2024	0.48%	0.58%
01/09/2024	0.48%	0.58%
01/02/2024	0.48%	0.58%
12/26/2023	0.48%	0.57%
12/12/2023	0.48%	0.57%
12/05/2023	0.48%	0.57%
11/28/2023	0.48%	0.60%
11/21/2023	0.48%	0.60%
11/14/2023	0.48%	0.60%
11/07/2023	0.48%	0.60%
10/31/2023	0.48%	0.58%
10/24/2023	0.48%	0.58%
10/17/2023	0.48%	0.58%
10/10/2023	0.48%	0.58%
10/03/2023	0.48%	0.58%
09/26/2023	0.48%	0.57%
09/19/2023	0.48%	0.57%
09/12/2023	0.48%	0.57%
09/05/2023	0.48%	0.57%
08/29/2023	0.48%	0.54%
08/22/2023	0.48%	0.54%
08/15/2023	0.48%	0.54%
08/08/2023	0.48%	0.54%
08/01/2023	0.48%	0.54%
07/25/2023	0.48%	0.54%
07/18/2023	0.48%	0.54%
07/11/2023	0.48%	0.54%
07/04/2023	0.48%	0.54%
06/27/2023	0.48%	0.49%
06/20/2023	0.48%	0.49%
06/13/2023	0.48%	0.49%
06/06/2023	0.48%	0.49%
05/30/2023	0.48%	0.47%
05/23/2023	0.48%	0.47%
05/16/2023	0.48%	0.47%

Charles Schwab Bank Review 2024

The Bankrate promise

At a glance

Overview

Highlights

Overall

Pros

Cons

We want to know what you think about Charles Schwab Bank

Charles Schwab banking products

Charles Schwab savings overview

Pros

Cons

Rate history for Charles Schwab's Savings account

Charles Schwab checking overview

Pros

Cons

Bank fees

About Charles Schwab Bank

Customer experience

Review methodology

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