Charles Schwab Bank


Overview / Commentary
888-403-9000
3000 Schwab Way
Westlake, TX 76262

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 a great option for banking online

I began looking for an online bank two years ago while planning a summer long trip in Europe. I needed a bank that would not cost me a fortune in fees for foreign transactions and using out of network ATMs. I did some research and came across an article about Charles Schwab. Until then I had only thought of them as a brokerage firm and not a bank. You do, in fact, open a brokerage account first, though you don't need to invest anything. Then they give you a checking account automatically. And what a great checking account it is. No foreign transaction fees and no ATM fees at all. In fact, for ATMs that charge a local fee to use their machine, Schwab will reimburse you within a month. When I got back to the States I was originally planning on closing my account and just using my usual brick and mortar bank. But I had such a great experience with Schwab I actually did the opposite, and closed my brick and mortar account instead. My only trepidation was how to deposit checks, but you can easily do that online or through their app as well. I highly recommend Charles Schwab!

Great Experience Thus Far

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Having read some of the reviews on this site and others about the banking services provided by Charles Schwab Bank and got the right amount information and decided to sign up.  For starters, because of the type of account I created (Joint Tenants) I had to mail in my application.  The account was setup within a week (during the hoilday I must say which was pretty impressive).  Once the account was setup I needed to phone the customer services department and I was pleasantly surprised by the fact that a human actually answered the phone (can't remember the US City she referenced).  But the experience with the customer service representatives was by far the best I've encountered since using online banks!  While its been a short amount of time, this journey is off to an excellent start!

Don't Bank Here

Worst bank ever. Very poor customer service

Charles Schwab current account

I have had a Charles Schwab current account for about two years now. There were two main reasons that I chose this account; one was zero atm fees for any worldwide transaction and no transaction fees for exchanging currency, and a higher interest than all other banks for the checking account. The checking account comes with a brokerage account, which can be used to buy and sell stocks. I currently do not use this service. When I start using this account, I checked to make sure the FDIC guarantees the deposits- obviously this is only for the checking account - it does, up to $250,000. Overall, I have had a great experience, the only drawback was that I had to travel about 20 minutes if I wanted to deposit any cash that I had.

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Health

Health Grade Components

Overall
FDIC Certificate #57450
Year Established2003
Employees846
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.69%
Return on Equity - YTD10.08%
Annual Interest Income$4.74B
Assets and Liabilities
AssetsQ4 2021vs Q4 2020$420.5B$342B
LoansQ4 2021vs Q4 2020$36.71B$23.97B
DepositsQ4 2021vs Q4 2020$392.7B$317.8B
Equity CapitalQ4 2021vs Q4 2020$27.04B$22.22B
Loan Loss AllowanceQ4 2021vs Q4 2020$18.0MM$30.0MM
Unbacked Noncurrent LoansQ4 2021vs Q4 2020$35.0MM$90.0MM
Real Estate OwnedQ4 2021vs Q4 2020$1,000.00K$1,000.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Charles Schwab Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%--High Yield Investor Savings

Charles Schwab Bank Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.03%--High Yield Investor Checking
0.01%--Interest Checking Plus Account
Locations

Charles Schwab Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 3000 Schwab Way - Westlake, TX 76262

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