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.
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!
I have an investor checking account with Charles Schwab. I have had this account for a few years at this point. The reason I switched over to them from my brick and mortar bank was that I get unlimited ATM fee reimbursements, in any ATM, any place in the world. I haven't had any issues banking without and actual physical bank. I am able to deposit checks via their phone application. I also purchased a house in 2012 and they were more than happy to help me get a certified check or wire transfer in order to close the deal. Since I was happy with their service, I moved over my rolled over IRA funds from previous jobs and now I run my online trading and retirement fund management through their site.
Charles Schwab is the best bank I've ever had a checking account with. This past tax season, my mother-in-law-to-be worked on my tax forms and accidentally didn't write out my account number completely. I panicked and called Charles Schwab's customer service. The man who answered was very polite and knowledgeable, and most importantly, from the US! I'm sure we've all heard horror stories about Indian call center mishaps, which is why I especially appreciated speaking to someone who's in the US.
The gentleman assured me that they would take care of it, and a couple of days later my tax return was on my Charles Schwab account! Even though it had been my mistake, they had taken care of it. I recommend Charles Schwab to everyone looking for a good bank. The ability to make mobile deposits also saves me a lot of time!
I opened a Schwab Banking account in conjunction with a brokerage account when I began investing about ten years ago. The interest rate for my checking account is not as competitive as my other online bank (CapitalOne 360) or my local credit union so it does not tend to have much money in it (except when holding transferred funds before moving them to the brokerage account) but I've found myself using it more, particularly when travelling. Since Schwab refunds all ATM fees (on a monthly basis) and has no international fees, I'm able to set aside a specific amount of cash that I want to have available to me while abroad without exposing the bulk of my funds to potential theft. It also makes it far easier to gain access to local currency as I can use any ATM without having to research to find an "in-network" one or to concern myself with the fees associated with such action. Their customer service has always been very helpful to me in the few instances when I've needed them and have always resolved my issues promptly and with a minimum of effort on my end. As a result, I anticipate that I will continue to use it in the indefinite future.
|FDIC Certificate #||57450|
|Return on Assets - YTD||0.9%|
|Return on Equity - YTD||13.01%|
|Annual Interest Income||$4.61B|
|Assets and Liabilities|
|Assets||Q4 2020vs Q4 2019||$342B$216.7B|
|Loans||Q4 2020vs Q4 2019||$23.97B$18.33B|
|Deposits||Q4 2020vs Q4 2019||$317.8B$201.4B|
|Equity Capital||Q4 2020vs Q4 2019||$22.22B$14.83B|
|Loan Loss Allowance||Q4 2020vs Q4 2019||$30.0MM$18.0MM|
|Unbacked Noncurrent Loans||Q4 2020vs Q4 2019||$90.0MM$22.0MM|
|Real Estate Owned||Q4 2020vs Q4 2019||$1,000.00K$1,000.00K|
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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|
|0.05%||-||-||High Yield Investor Savings|
|APY||MIN||MAX||ACCOUNT NAME||VIEW DETAILS|
|0.03%||-||-||High Yield Investor Checking|
|0.01%||-||-||Interest Checking Plus Account|
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