Charles Schwab Bank is an independent bank that was established by its parent holding company, the Charles Schwab Corporation, a publicly traded financial services company listed on the New York Stock Exchange (Symbol:SCHW). The bank was established in order to offer personal banking and lending products in addition to the brokerage services for which the company is commonly known.
Charles Schwab Bank has received great reviews on DepositAccounts.com for its checking and savings accounts, two of its personal depository products. Its checking accounts are versatile and convenient, have no monthly fees, come with free checks and Visa debit cards, and refund ATM transaction fees up to a certain amount. The bank’s savings account has no monthly service fees, as well as no minimum account balance to be maintained. The savings account also offers ATM refunds up to a certain amount and links up with the bank’s checking account for fund transfers. Both the savings and checking accounts feature mobile deposit and mobile banking for convenient banking functionality. Charles Schwab Bank also offers Certificates of Deposit (CDs) that range in term lengths from 3 to 60 months. Money Market accounts are available as well and offer higher interest rates for higher account balances. Mortgages are available on the bank’s consumer lending side.
Charles Schwab Bank online banking is a sophisticated, web-based platform that provides customers with access to their accounts at any time. Activities like bill pay, fund transfers, and direct deposit are easily accomplished and can be done so via mobile banking as well. The bank’s mobile apps offer access to both trading accounts and deposit accounts, and are available on select smartphone and tablet devices.
Charles Schwab Bank was established in 2003 and its organization type with the FDIC is a stock savings bank. It is a subsidiary of Charles Schwab Corporation and headquartered in Reno, Nevada.
Charles Schwab is not just a brokerage house. You can also have a checking account, and gain access to a wide variety of savings instruments. I've had my checking account with Charles Schwab for over 3 years, and have been highly satisfied. Not only do I get a competitive interest rate (aprox .90% at time of writing), their no fee, no hassle approach to banking is something brick and mortar banks have only been starting to adopt. No minimum balance fees, no transfer fees, no checking fees! And free checks to boot. I have not found a better checking experience with any other bank. Charles Schwab was one of the first to offer mobile check deposit using your smartphone, and this has saved me countless trips to the bank. I use this account as my secondary checking, but transferring between this account and my main checking account is a breeze. Why have two accounts? The free checks, for one thing, and the no fee atm card, which has saved me a lot of fees when I have been short on cash. On top of all of these features, having easy 1 click access to your retirement accounts makes it easy to transfer and save money in IRA's and CD's, with investment professionals available to discuss any savings goals. The chat feature is always fast and friendly, and phone support is US based and extremely quick, with my average wait time under 5 minutes 90% of the time.
I would whole heartedly recommend anyone to Charles Schwab for their online banking needs.
I was reading online on the online banks and Charles Schwab was always at the top of list. I recently decided to use the company to open a savings account as well as a debit card. There is no fee to open a savings account and no minimum to deposit. Unfortunately, the rate is very low compared to other online banks. One of the reasons why im still a customer though is superior customer support. You can call, email, and even use webchat to talk to an agent and they are willing to go the extra mile to help with your problems. Charles Schwab also has a mobile app that you can download where you can track your finances. Unlike other companies I've used, the app is very solid and well built. There are not too many issues. You can make deposits either using the app or free by mail if you request deposit slips.
I opened a Charles Schwab account in 2012 for a trip to Central America. I chose Charles Schwab mainly because they credit all ATM fees if you use their debit card. I fell in love with this bank when they credited my account with free funds to buy a bus ticket home when my primary credit card expired and I was left without any money. I can't think of any bank that would do this. Because it's an online-only bank, you have to use prepaid deposit slips to deposit checks or use their app to deposit checks. The biggest drawback obviously is that you can't deposit cash. They offer a great APY if you open a savings account and they also offer free checking. If you enjoy travelling then the ATM free credit is reason enough to get the card.
Charles Schwab Bank offers a totally free checking account. There are no fees of any kind and you don't have to worry about meeting minimum balance requirements or any sort of direct deposit or bill pay guidelines to avoid fees. The account is simply free. The one thing to keep in mind with Schwab is that they don't have any bank branches, everything is done online. For most people, this won't be a problem as I do all of my banking online anyway. You can deposit checks through their mobile app. Schwab does pay interest on account balances but, like everywhere else, the interest rate is really low right now so you're not going to earn more than a few cents a month. Where Schwab really stands out is their excellent customer service. Any time I've called in I was quickly connected to a friendly rep who is based in the US. They will take care of any issue you have or answer any questions, and I've always been confident that the customer service reps actually know what they're talking about.
|FDIC Certificate #||57450|
|Return on Assets - YTD||0.95%|
|Return on Equity - YTD||14.13%|
|Annual Interest Income||$2.73B|
|Assets and Liabilities|
|Assets||Q4 2016vs Q4 2015||$175.7B$139.1B|
|Loans||Q4 2016vs Q4 2015||$15.41B$14.36B|
|Deposits||Q4 2016vs Q4 2015||$163.6B$129.6B|
|Equity Capital||Q4 2016vs Q4 2015||$11.73B$9.19B|
|Loan Loss Allowance||Q4 2016vs Q4 2015||$25.0MM$30.0MM|
|Unbacked Noncurrent Loans||Q4 2016vs Q4 2015||$27.0MM$27.0MM|
|Real Estate Owned||Q4 2016vs Q4 2015||$5.0MM$8.0MM|
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.30%||-||-||High Yield Investor Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.13%||-||-||High Yield Investor Checking|
Charles Schwab Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 5190 Neil Road - Reno, NV 89502