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Charles Schwab Bank Review 2023

Updated September 14, 2023
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At a glance

Rating: 4 stars out of 5
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Rating: 4.8 stars out of 5


Rating: 3.5 stars out of 5

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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.


  • Low Min Deposit
  • ATM Fee Refunds
  • Free Checking


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.


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    The checking account bears interest.

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    The bank provides unlimited reimbursement of ATM fees.

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    There’s no minimum balance requirement.


  • The savings account pays a lackluster rate.

  • Branches only provide services for investing and not for banking.

Charles Schwab banking products

Rating: 3.5 stars out of 5
Bankrate Score
Invest Rate
0.48% APY
$0 minimum deposit to open

Charles Schwab savings overview

Charles Schwab Bank’s Investor Savings account requires no minimum balance, charges no monthly service fees and provides unlimited ATM fee rebates worldwide. Ways to add funds to the account include setting up direct deposit, making transfers from other bank accounts or making a mobile check deposit — although there’s no way to deposit cash into the account. The account pays an APY that’s slightly above the national average, yet the rate is on the low end, especially for an online bank.


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    No monthly fees

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    No minimum balance requirement

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    Unlimited ATM rebates worldwide


  • 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 Schwab
    National average APY
    How do we get this data?
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Member FDIC
Savings Account
As of 9/23/2023
Rating: 5 stars out of 5
Min balance for APY
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Promoted offer: No account fees & earn up to $250 w/ direct deposit. Terms apply.

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

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.