Charles Schwab Bank Review 2025
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At a glance
Overview
While it’s best known for its investment accounts, Charles Schwab also offers online banking products including a savings account and a checking account. Perks of both types of bank accounts include unlimited reimbursement of ATM fees worldwide and no monthly fees, plus the checking account earns interest, too. If you’re setting your sights on a savings account with a highly competitive annual percentage yield, however, you won’t find it here.
Highlights:
ATM Fee Refunds Free Checking Low Min DepositHighlights:
Checking
Savings
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.2/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Charles Schwab Bank is ideal for consumers looking for fee-free access to ATMs anywhere they go in the world, as well as a checking account that pays some interest. The federally-insured bank also offers a savings account, and it’s a convenient choice for anyone who wishes to keep their investment and bank accounts all in the same place. While the bank accounts are online-only, Schwab consistently ranks high for customer satisfaction among online banks.
Pros
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The checking account earns interest.
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The bank provides unlimited reimbursement of ATM fees.
Cons
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The savings account pays a lackluster rate.
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No CDs or money market accounts are available.
We want to know what you think about Charles Schwab Bank
Do you have experience with Charles Schwab Bank? Let us know your thoughts.
Charles Schwab banking products
Charles Schwab savings overview
Pros
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There are no monthly fees or minimums.
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Customers get unlimited ATM rebates worldwide.
Cons
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Significantly higher APYs can be found elsewhere.
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Cash deposits are not an option.
Rate history for Charles Schwab Bank's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Charles Schwab checking overview
Pros
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Customers get unlimited reimbursement of ATM fees worldwide.
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The checking account earns a variable APY.
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There’s no minimum balance requirement or monthly fees.
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No overdraft fees or NSF fees are charged.
Cons
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There’s no way to deposit cash into the account.
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You need to link the checking account to a Schwab One Investor account.
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Account maintenance fees | None |
| Out-of-network ATM fee | None |
| Foreign transaction fee | None |
Customer experience
Customer service. Customer service is available by phone or live chat.
Digital access. Customers are able to access their bank accounts and any Schwab investment accounts all in the same place through the website and the mobile app. The mobile app is highly rated by Apple users, but receives low marks from Android users.
High customer satisfaction. For the sixth consecutive year, Charles Schwab ranked the highest in J.D. Power’s 2024 U.S. Direct Banking Satisfaction Study, among online banks that provide checking accounts.
Bankrate staff insights
"When I started the application process online, the website informed me that I was required to apply by mail due to outdated personal information on my account. However, I called customer service and was immediately connected with a human on their team, who was able to resolve my issue," shared a Bankrate staff member with a Schwab Bank Investor Checking™ account. "The online application process for me was quick, less than 10 steps, and I was quickly approved for the account."
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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