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.
Although I firmly believe brick and mortar banks are a valuable part of our banking system, I truly love having an account with Charles Schwab. I compared several online banks ahead of time and what drew me to CS was their anti-fee based policies. While larger banks have moved toward general fees for everything from checking to savings accounts, Schwab has zero fees or requirements for account holders. Beyond that they don't even have fees for when you use another bank's ATM. Also, if the ATM owner charges you a fee, Charles Schwab will refund you that amount back into your account automatically. Since it is an online only bank, their app is well made and intuitively programmed. The ability to instantly deposit things like checks is extremely convenient. That said, I do have 1-2 complaints --- their app does not allow for checks over a certain amount (500-1000 can't remember exactly), this has occasionally been an issue for me as the only way to deposit checks like this are through snail mail. Hopefully they streamline this in the future.
As a frequent traveler, I was searching for a bank that would not charge me exorbitant fees for withdrawing money overseas. Schwab really exceeded all of my expectations on that front. Not only do they reimburse all ATM transaction fees, their investor checking account is also completely free. There are a few drawbacks to using Schwab. While their app is handy for depositing checks, it can be trickier when you need to deposit cash. There are no Schwab ATM branches near me, so I still have to use another major bank's checking account for cash deposits, and then I transfer to Schwab. Still, the benefits far out-weigh this minor inconvenience for me. I have encountered no hidden fees, and I can use any ATM in the world and Schwab reimburses me the fees at the end of the month. I'm very satisfied as a Schwab customer.
I was looking for a online banking solution and I was looking around. I ended up with the same firm where I have an investment account. I asked the person in the chat various questions and he was very polite and knowledgeable about the banking product. It is advantageous to open an online banking account here because it is much easier to manage and transfer funds from the investment account. The interest rate paid to the account is competitive and comparable to other online banking accounts. The functions of the web interface and the Charles Schwab app were very good. It was very intuitive and easy to manage my account using these portals. Overall, I would say that the banking account alone is a great offering and it is even better if you have an investment account too.
I've had a great experience with Charles Schwab Bank. I opened an account with them after starting my business five years ago. I feel their system is very secure. The fees are about average, but their customer service and support is amazing. Every time you speak with them on the phone they are willing to go above and beyond your expectations and help their customers in every-way possible to ensure you have a great experience and feel safe and secure when handling your assets. My favorite part about dealing with Charles Schwab Bank is that their team is extremely knowledgeable and helpful in comparison to other banks I've used. If you have a question or problem with your account someone is always there to help, this enables me to put my trust in this great group of bankers.
|FDIC Certificate #||57450|
|Return on Assets - YTD||0.94%|
|Return on Equity - YTD||14.12%|
|Annual Interest Income||$627.0MM|
|Assets and Liabilities|
|Assets||Q1 2016vs Q1 2015||$147B$118.6B|
|Loans||Q1 2016vs Q1 2015||$14.42B$13.65B|
|Deposits||Q1 2016vs Q1 2015||$135.8B$109.6B|
|Equity Capital||Q1 2016vs Q1 2015||$9.91B$8.35B|
|Loan Loss Allowance||Q1 2016vs Q1 2015||$32.0MM$37.0MM|
|Unbacked Noncurrent Loans||Q1 2016vs Q1 2015||$30.0MM$31.0MM|
|Real Estate Owned||Q1 2016vs Q1 2015||$8.0MM$9.0MM|
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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|
|0.10%||-||-||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