Charles Schwab Bank

Overview / Commentary
3000 Schwab Way
Westlake, TX 76262

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 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.

No Problems Yet

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I thought their customer service was good on the phone, minor issue had to be resolved and they were very professional. That being said I am not a long time customer but my initial impression is very good.

Charles Schwab a great option for banking online

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!

Great Experience Thus Far

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Having read some of the reviews on this site and others about the banking services provided by Charles Schwab Bank and got the right amount information and decided to sign up.  For starters, because of the type of account I created (Joint Tenants) I had to mail in my application.  The account was setup within a week (during the hoilday I must say which was pretty impressive).  Once the account was setup I needed to phone the customer services department and I was pleasantly surprised by the fact that a human actually answered the phone (can't remember the US City she referenced).  But the experience with the customer service representatives was by far the best I've encountered since using online banks!  While its been a short amount of time, this journey is off to an excellent start!

AVOID!! Customer Service Mocks And Insults You.

Called about problems with the account and the Karen on the phone laughed and mocked. Avoid them at all cost. They keep blocking debit card for no reason at all it’s pathetic really.

Not worth the money they give back for ATM fees because your time with this bank will be very miserable. There’s is always a problem and they are super nosy.



Health Grade Components

FDIC Certificate #57450
Year Established2003
Primary RegulatorFED
Profit Margin
Return on Assets - YTD0.75%
Return on Equity - YTD14.37%
Annual Interest Income$2.96B
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$407.9B$358.1B
LoansQ2 2022vs Q2 2021$41.49B$29.00B
DepositsQ2 2022vs Q2 2021$389.5B$327.4B
Equity CapitalQ2 2022vs Q2 2021$17.57B$27.29B
Loan Loss AllowanceQ2 2022vs Q2 2021$37.0MM$13.0MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$20.0MM$55.0MM
Real Estate OwnedQ2 2022vs Q2 2021$2.0MM$1,000.00K
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Charles Schwab Bank Savings Account Rates

0.48%--High Yield Investor Savings

Charles Schwab Bank Checking Account Rates

0.45%--High Yield Investor Checking

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

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