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 was getting ready to go on an overseas trip and realized that my old bank would charge me $15 every time I withdrew money from a foreign ATM. I did a little poking around and heard that Charles Schwab Bank charged no fees -- no minimum balance fees, no foreign transaction fees, and no ATM fees. I had only a couple of days but I managed to open an account and get it all set up before I left. The customer service was incredibly helpful every time I had to contact them, and worked with me to get the account set up in time for my trip. And overseas, it was a dream! I never paid a single fee, and my travel partner (who still used my previous bank) actually ended up transferring money to my account for so I could withdraw it for him and dodge his fees. He saved $75 in doing so and told me he himself planned to switch to Schwab Bank. The mobile app worked great for me during my trip, as I only had a phone and couldn't access a computer. I didn't know how permanent my switch to Schwab Bank would be, but I'm planning to stick with them as long as my account stays the same. I'm very happy.
I use Charles Schwab's online checking account because it offers unbeatable service and almost no fees. I have no problem getting money deposited virtually either through the app or a wire transfer, so its not necessary for me to have a physical location. The app is ok, sometimes it needs updated but otherwise offers everything. Also the customer service is top notch, you can call from around the world and will be on the line with someone in no more than 10 minutes, and all call centers are clearly in the USA rather than outsourced to India. The best part of Schwab though is there are no fees on any ATMs worldwide. The fees are always refunded to your account at the end of the month.
|FDIC Certificate #||57450|
|Return on Assets - YTD||1.05%|
|Return on Equity - YTD||15.5%|
|Annual Interest Income||$858.0MM|
|Assets and Liabilities|
|Assets||Q1 2017vs Q1 2016||$180.5B$147B|
|Loans||Q1 2017vs Q1 2016||$15.52B$14.42B|
|Deposits||Q1 2017vs Q1 2016||$167B$135.8B|
|Equity Capital||Q1 2017vs Q1 2016||$12.38B$9.91B|
|Loan Loss Allowance||Q1 2017vs Q1 2016||$25.0MM$32.0MM|
|Unbacked Noncurrent Loans||Q1 2017vs Q1 2016||$30.0MM$30.0MM|
|Real Estate Owned||Q1 2017vs Q1 2016||$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