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Charles Schwab Bank Savings Accounts Review

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The Charles Schwab Corporation is a brokerage and banking company, founded in 1971 in California by Charles Schwab. A pioneer in the discount brokerage business, the Charles Schwab Corporation also offers traditional banking services through its subsidiary, Charles Schwab Bank. The company has been innovative in the banking sector, and one of the first to offer internet accounts and eliminate the fees associated with retail banking products.
 
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How is Charles Schwab Bank rated?

Breakdown

4.5/5
Rates and fees
4.3/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
5.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.4 / 5 (Excellent)

The Charles Schwab Bank has brought the innovation and consumer-friendly features of its discount brokerage business to its "High-Yield Investor Savings" account. This no-maintenance fee savings account is one of the most versatile products on the market, allowing consumers to avoid the monthly charges 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. While there are other internet banks offering higher interest rates, the worldwide reimbursement of ATM fees is tough to beat. The High-Yield Investor Savings account is 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 Bank Account Features

Balance Requirements - 4.3 / 5

Deposits can be made via direct deposit, mail, mobile app, or at one of their 345 local Charles Schwab branches, provided the account holder has a brokerage account. It is important to mention that, unlike many of the other online banks we evaluate, Schwab does not allow customers to open accounts entirely online. Applications for new accounts must be downloaded, filled out, then faxed or sent in. This could possibly deter those looking to get set up right away. However, if you are looking to take advantage of Schwab's brokerage account features, this may be easily overlooked.

Savings accounts earn 0.40% APR, regardless of the balance. Most impressive is Schwab's reimbursement of fees from any ATM globally -- along with no foreign transaction fees to withdraw money while abroad. This makes the Schwab savings account is a great option for travelers.

APY (Annual Percentage Yield)

0.40%
Interest Compounded
Monthly
Integration with Other Online Accounts
Checking
Brokerage Accounts
Retirement Accounts
Mobile App
Yes
Debit/ATM Card
Yes
ATM Fees
All ATM fees reimbursed globally.
No-Fee ATM
Reimbursement for Domestic ATMs
Reimbursement for International ATMs
Branch Offices
345 branches in 46 states and Puerto Rico. Deposits at branch office are made to a brokerage account with transfer to a savings account performed online.

Charles Schwab Bank Fees and Restrictions

Rates and fees - 4.5 / 5

The High-Yield Savings Account from Charles Schwab earns 0.40% APY. The account does not require an opening deposit, has no minimum balance to waive the monthly maintenance fee. Returned items for non-sufficient funds incur a $25 fee. The savings account is insured by FDIC up to $250,000.

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
0
Minimum Balance for Promotional APY
0
Minimum Balance to Avoid Penalty
0
Withdrawal Limit
none
Transfer Limit
1,000,000 when transferring online, no maximum via customer service

Charles Schwab Bank Reputation & Financial Strength

Financial Stability & Ratings - 5 / 5

While the Charles Schwab Corporation was founded nearly 50 years ago, their retail banking arm was started in 2003. Schwab has 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 Consumer Financial Protection Bureau reports that the majority of complaints against Schwab have been closed with an explanation from the bank. The Charles Schwab Company itself receives an 'B' from the BBB, and the online reviews for their High-Yield Savings Account receive overwhelmingly positive reviews. With online chat, phone, email, and branch support, Charles Schwab Bank provides plenty of options for its customers to have their questions answered. Except for cash, deposits can be mailed in, deposited via their app, or deposited directly into a brokerage account if you happen to live in the vicinity of one of their branches.
Year Founded
2003
Moody's Financial Rating
A2
Consumer Financial Protection Board (CFPB) Complaints
111

Contact Methods

  • Phone
  • Chat
BBB Rating
B
BBB Total Complaints
62
BBB Resolved Complaints
9
Customer Support Hours
M–F, 4:00 a.m.– 8:00 p.m. PT, Saturday and Sunday, 6:00 a.m.–7:30 p.m. PT
Live Help 24/7
No

Company Profile

Full Name
Charles Schwab Bank Savings Accounts
Company Website
http://www.schwab.com
Headquarters
2360 Corporate Circle, Ste 400, Henderson, NV, 89074

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Top Rated
Our Partner
3.90% APY on Savings Account
  • $0 monthly balance
  • 60,000 ATMs
  • Easy cash access
  • 24/7 live customer support
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