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 Bank's High Yield Investor Checking Account is a game changer that has changed my view of what a bank could be. With this account, I can feel free to withdraw from any ATM around the world, because all ATM usage fees are refunded at the end of each month. Unlike many other offerings, this checking account offers interest, albeit a paltry amount. I also love the fact that I can get free checks at any point delivered to my house whenever I need them. Dealing with customer service has been nothing short of amazing as well; I've always received a response within 24 hours answering my questions with aplomb. Simply put, Charles Schwab should be at the top of anyone's list when considering a new checking account.
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.
Charles Schwab bank has been a good bank to us. To begin with, their customer service is top notch. I have accounts with multiple bank but Schwab's phone support has ALWAYS fixed my issues in a quick and professional manner. We have had two or three minor issues with checks not coming in on time or other account issues and they have always understood and came up with a solution to get us through the situation. There was one time where an app was causing our login to be locked out and even though they did not have any answers as to why the customer service rep stayed on the phone with us until he was able to reach their technical department to find out what was going on. He then was able to explain everything to us and give us a period on when the issue would be resolved. Their fees are reasonable and many times where there would have been a fee with another bank such as using other ATMs or doing money transfers was free with Schwab. Overall, I am very satisfied with them as my bank.
So a friend recommended Schwab when I mentioned I'd like to start trading stocks. I opened an account linked my bank account transferred some money and boom! I was trading stocks. a week later Schwab restricts my account to liquidate only. I called and they said because of my credit rating they made a business decision to close the account. this was during a small market downturn and I waited 2 weeks for my portfolio to return to positive, then sold everything and waited 3 days and requested Schwab to transfer all funds back to my bank. I get the email notice that the transfer was initiated, but the next day no funds.. I call schwab and they say the transfer was voided because the account was restricted.. really?? what a bunch on incompetent nincompoops! so I do NOT recommend opening an account at schwab unless your credit is impeccable and even then I'm not sure I would trust them with my money.
|FDIC Certificate #||57450|
|Return on Assets - YTD||1.08%|
|Return on Equity - YTD||15.54%|
|Annual Interest Income||$1.77B|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$175.7B$153.9B|
|Loans||Q2 2017vs Q2 2016||$15.89B$14.65B|
|Deposits||Q2 2017vs Q2 2016||$162.4B$137.4B|
|Equity Capital||Q2 2017vs Q2 2016||$12.89B$10.55B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$26.0MM$30.0MM|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$26.0MM$27.0MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$4.0MM$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