Charles Schwab Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance

Checking
Savings
About Bankrate Score
Overview
While it’s best known for its investment accounts, Charles Schwab also offers online banking products that consist of a savings account and a checking account. Customers receive perks such as unlimited reimbursement of ATM fees from anywhere around the globe, as well as a checking account that earns interest. If you’re setting your sights on a savings account with a highly competitive annual percentage yield (APY), however, you won’t find it here.
Highlights
- Low Min Deposit
- ATM Fee Refunds
- Free Checking
Overall
Charles Schwab Bank is ideal for consumers looking for fee-free access to ATMs all over 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.
Pros
-
The checking account bears interest.
-
The bank provides unlimited reimbursement of ATM fees.
-
There’s no minimum balance requirement.
Cons
-
The savings account pays a lackluster rate.
-
Branches only provide services for investing and not for banking.
Charles Schwab banking products
FEATURES
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 9/23/2023
Charles Schwab savings overview
Pros
-
No monthly fees
-
No minimum balance requirement
-
Unlimited ATM rebates worldwide
Cons
-
Significantly higher APYs can be found elsewhere.
-
New customers need to complete a paper application.
-
Cash deposits are not an option.
-
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Charles SchwabAPYAPYNational average APYHow do we get this data?
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

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.
Bank experience
Customer service is available by phone Monday through Friday from 7 a.m. to 11 p.m., as well as Saturday and Sunday from 9 a.m. to 10:30 p.m. ET. Live online chat support is also available. While Schwab maintains more than 300 investment branches, banking services are not provided at them. 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.
About Charles Schwab Bank
Charles Schwab Bank, SSB is a subsidiary of The Charles Schwab Corporation, a financial services company that offers consumer banking, retail banking, asset management and investment services. Charles Schwab Bank offers online savings and checking accounts, as well as credit cards and loans.
In total, The Charles Schwab Corporation manages more than $7 trillion in client assets, with 1.7 million bank accounts, 33.6 million active brokerage accounts and 2.3 million corporate retirement plan participants. It purchased brokerage platform TD Ameritrade in 2020 and is in the process of integrating the two companies.
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.