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.
Schwab is fairly well known in the field of online banking, primarily for its unlimited rebates of any and all ATM fees from anywhere around the world. I opened my first Schwab account when I was a teenager and got my first job since that was about the time mobile check deposits became a big deal. Additionally, I liked that they had no account maintenance fees or minimums whatsoever so I never had to worry about how much I had in my checking and if I would be hit with a fee at the end of the month. I cannot even count the number of times I've talked to representatives at Schwab, but every time has been superb and all my issues were addressed immediately. As a bonus, I even get assigned my own personal consultant I can call or email at any time if I want personal one-on-one information or help at no cost to me.
To open an account you have to also apply for a brokerage account so that was where I first started to get invested in the stock market as well. Currently they hold my checking and a great deal of my brokerage funds in ETFs.
Their website is superb, and super easy to navigate. Recently they just updated their UI so it looks even better than before as you can easily keep track of multiple accounts and different stocks on login if you choose. Lastly, their mobile app is simple, streamlined, and works flawlessly. I've never had a single issue with it so I give it high stars.
With no ATM fees, I've had the best experience banking with Charles Schwab's mobile app. I love that I can deposit a check simply by taking a picture of it -- no having to worry about conservative bank hours or having to stand in line at a bank during a busy lunch hour. I've also had to call them before because my mother-in-law made a mistake in writing my account number for my tax deposit, and I spoke to a nice, Southern gentleman on the phone who got everything sorted out. I've also gotten free checkbooks from them.
I have had my Charles Schwab account for 6 years now. What I love about Charles Schwab is their product offering. Their checking account is by far my favorite because there is no minimum amount needed to open an account. Their checking account is also free. Its a great account for those who love to travel because there are no foreign transaction fees when you make purchases with your account. If you run out of checks, they'll send you free ones whenever you request it. Its also applies to deposit slips. Every Charles Schwab account also comes with a brokerage and savings account. You can easily transfer funds one time only or on a schedule if you want to save money for a rainy day. There is no minimum balance required for their savings account and it has a not so bad 0.10 API. I also love their mobile app. You can use your cell phone to deposit your checks as well as check your financial statements. The only downside is that you cannot deposit cash. Charles Schwab has excellent customer service, you can reach them by phone, email, and even web chat and they are always responsive whenever you try to contact them. I have never had a bad experience with them.
I opened an account with Charles Schwab because I was going to be traveling a lot in the next few years and had heard good things about it. I had been told by a family member that they reimburse any ATM fees that are incurred by using any ATM. I have another card that has no transaction fees while traveling internationally, BUT they don't have reimbursement for ATM fees that other banks charge..so I really wanted this account. I have used it now for about 7 months and so far, I love it! I have used it with no issues in China, and have been reimbursed at the end of the month for travel in Thailand when I needed an ATM a few times. It saved me about $15 just in that trip, which doesn't sound like a lot of money, but considering I used to have a Chase debit card that charged me $5 for using other ATMs PLUS a percentage of whatever I took out when traveling internationally...which added up. I have had only positive experiences with Charles Schwab! I will definitely continue to bank with them for sure!
|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|
|0.35%||-||-||High Yield Investor Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.15%||-||-||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