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How to Open a Charles Schwab Account: Tips From Years of Using the Platform

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation.

I've used Charles Schwab for years across my 401(k), Roth IRA, brokerage account, and even the robo-advisor, Schwab Intelligent Portfolios. From personal experience, opening an account is simple, and you can get started right from this page. Below, I'll walk you through everything you need to know to open a Charles Schwab account.

Charles Schwab
Learn More for Charles Schwab

On Charles Schwab's Secure Website.

Ratings Methodology
Charles Schwab

Charles Schwab

Our Rating:

4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Charles Schwab pioneered the low-cost brokerage model decades ago, and that legacy continues with its lineup of no-commission-fee offerings. The robust lineup of account types, investment vehicles, and high quality app round out the stacked feature set.

Fees:

$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.

Account Minimum:

$0

Learn More for Charles Schwab

On Charles Schwab's Secure Website.

What you'll need before you start

Here's what you'll need to have on hand to open a Charles Schwab account:

  • Social Security number or Tax ID
  • Employer name and mailing address (if applicable)
  • Email and mobile phone number
  • If opening an IRA, beneficiary birthdates
  • For joint accounts, personal info for both owners

1. Choose your account

Schwab offers multiple account types depending on your goals:

  • Brokerage account -- A standard, taxable account with no fees or minimums. Trade stocks, ETFs, mutual funds, and more.
  • Traditional IRA -- Contribute pre-tax dollars and pay taxes on withdrawals in retirement. Early withdrawals incur penalties.
  • Roth IRA -- Pay taxes upfront, but withdrawals are tax-free in retirement. Flexible and ideal for long-term growth.
  • Schwab Intelligent Portfolios -- A robo-advisor that builds and manages a diversified portfolio for you. Minimum $5,000 to get started.

2. Open your account

You can start your application right here from this page. If you have a Charles Schwab promo or referral code, enter it here to take advantage of bonuses.

3. Enter your personal info

You'll provide your name, date of birth, Social Security number, email, phone number, and U.S. address.

4. Answer regulatory questions

These confirm you're legally allowed to open a brokerage account and help Schwab understand your investing experience and objectives.

5. Choose your account features

Optional features like margin or options trading are available, but beginners can leave these unchecked.

6. Review and confirm

Double-check your selections and agree to Schwab's terms and conditions. You may see optional accounts like a cash management account -- none of these carry opening or maintenance fees.

7. Fund your account

You can fund your account right away, though it's not required for standard brokerage or IRA accounts. Link a bank or another brokerage account to get started. Robo-advisory accounts do require a $5,000 minimum, and additional features like tax-loss harvesting may require more.

Opening a Charles Schwab account is fast, simple, and low-cost. Start your application here and get started building your portfolio today.

FAQs

  • Margin rates are poor, and Charles Schwab doesn't offer spot cryptocurrency trading. If you want to borrow from Charles Schwab or trade crypto, you may want to look elsewhere for a broker.

  • You need $0 to open a regular Charles Schwab brokerage account. But, if you're opening a robo-advisory account, you need $5,000.