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 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.
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 switched to a Charles Schwab high-yield checking account before an international trip as I've read that they do not charge any fees for international transactions. I had a few issues setting up the account, but the customer service employees I interacted with were more personable and helpful than any customer service employees I've ever encountered before, and much more helpful than the ones I encountered at a previous bank. I was able to set a travel notice and during my three month trip, I never received a single fee for international ATM usage or currency exchanges. My balance fluctuates constantly with income from many different sources and I never have had a problem with it. In addition, their online bill pay feature is very useful.
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||0.94%|
|Return on Equity - YTD||13.95%|
|Annual Interest Income||$1.97B|
|Assets and Liabilities|
|Assets||Q3 2016vs Q3 2015||$165.2B$128.7B|
|Loans||Q3 2016vs Q3 2015||$14.85B$14.27B|
|Deposits||Q3 2016vs Q3 2015||$149.7B$119.1B|
|Equity Capital||Q3 2016vs Q3 2015||$11.18B$8.86B|
|Loan Loss Allowance||Q3 2016vs Q3 2015||$25.0MM$30.0MM|
|Unbacked Noncurrent Loans||Q3 2016vs Q3 2015||$28.0MM$28.0MM|
|Real Estate Owned||Q3 2016vs Q3 2015||$7.0MM$8.0MM|
Always verify rates and promotions with the bank or credit union. We are not Charles Schwab Bank; we are a rate comparison website and cannot provide official rates or promotions.
* 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|
|0.14%||-||-||High Yield Investor Savings|
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