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Charles Schwab Bank Review: A Go-To for ATMs, Travelers, and Cash Management

Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Charles Schwab Bank relies on excellent customer service and rare perks, like unlimited worldwide ATM fee reimbursement, to draw in customers. It shares some similarities with online and brick-and-mortar banks, but its APYs unfortunately take after the latter. But it still has a lot to offer, as outlined in our Charles Schwab Bank review below.

Offer image for
Best For: ATM reimbursements worldwide

Charles Schwab Bank

Rating image, 4.50 out of 5 stars.
Info Icon 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
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4.50/5
Bottom Line

Charles Schwab Bank's deposit accounts don't have monthly maintenance fees. Additionally, its savings and checking accounts include ATM cards -- with unlimited ATM fee reimbursements worldwide. The bank has also been recognized for its excellent customer service. It's a great fit for those who already invest with Charles Schwab and want to keep all their money in one place.

Pros
  • No monthly maintenance fees
  • Unlimited ATM fee reimbursements worldwide
  • Great customer service
  • Free linked investment account with checking account
Cons
  • Low APYs
  • No relationship benefits

Charles Schwab Bank checking account review

Charles Schwab Bank's single checking account -- the Charles Schwab High Yield Investor Checking® account -- includes a linked Schwab One® brokerage account. Each has its own separate account number. However, you can conveniently view both accounts and transfer funds between them via Charles Schwab Bank's online and mobile account management tools. The Charles Schwab High Yield Investor Checking® account offers unlimited ATM fee rebates worldwide. It also carries no foreign transaction fees.

In addition, this checking account earns interest. Most checking accounts don't offer interest at all, so it's a nice bonus. Since Charles Schwab Bank has no monthly maintenance fees and provides rebates for ATM fees, all of the interest you earn is yours to keep. You can only make money with this account.

Compare checking accounts

Charles Schwab's one checking account may not be what you're looking for. If you'd like to compare other options, take a look at our list of expert-ranked best checking accounts.

Charles Schwab Bank savings account review

Charles Schwab Bank offers a single savings account: the High Yield Investor Savings® account. The account has no minimum balance requirements and no monthly maintenance fees. It's also one of the few savings accounts that includes an ATM card. Charles Schwab Bank doesn't charge ATM fees, and it'll reimburse you for any ATM fees you incur anywhere in the world. This is a great choice if you don’t want to worry about sticking to a particular network.

Consumers should know its APY is more on par with brick-and-mortar banks than with high-yield online savings accounts. Don't expect to earn a lot of money in interest with this account. The APY is a flat rate for all clients, so you can't earn any bonuses for keeping large sums in the account either. 

Compare savings accounts

If you're interested in a savings account that offers an industry-leading APY, check out our list of the best savings accounts or compare some select top savings account picks below.

Rates as of Sept. 27, 2022
Offer
 
 
 
Account
Goldman Sachs Bank USA
Sponsored Listing
Rating
Rating image, 4.00 out of 5 stars.
Info Icon 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
4.00/5
Rating image, 4.00 out of 5 stars.
Info Icon 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
4.00/5
Rating image, 4.50 out of 5 stars.
Info Icon 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
4.50/5
APY 1.90% 2.15% 2.40%
Min. to earn APY $1 $0 $100
Next Steps

Charles Schwab Bank CD accounts

Charles Schwab doesn't offer certificates of deposit (CDs) itself. Instead, gives it customers access to a marketplace of CDs, including some less common options, such as callable CDs. You must be a Schwab customer and log into your online account to view all available terms and APYs. There's a good mix of terms ranging from one month to several years. Generally, its APYs are on par with other brick-and-mortar banks' CD rates. All Schwab CDs have a $1,000 minimum investment. Compared to competitors, that's fairly reasonable. However, if you'd like to contribute more, you must do so in $1,000 increments.

CDs in Charles Schwab's marketplace don't penalize you for early CD withdrawals. If you need to take your money out early, it will help you sell your CD at the current market price. Keep in mind that there's always the possibility of taking a loss when selling CDs early (even if the bank doesn’t penalize you).

Compare CD rates

It's unlikely you'll find market-topping CD rates, which are typically only offered with online banks, with Charles Schwab Bank. Compare higher CD rates below with a selection of top CD picks.

Rates as of Sept. 27, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Discover High Yield CD
Member, FDIC
3.00%
3.10%
3.15%
3.20%
3.30%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
3.00%
3.10%
3.15%
3.20%
3.30%
$500
Yes

Charles Schwab Bank customer service and experience

Charles Schwab Bank earned the highest score in the 2021 J.D. Power Direct Banking Satisfaction Study. The organization also maintains an A+ rating with the Better Business Bureau. 

Customers are often more inclined to criticize a bank's customer service than to praise it. When you see high ratings like these, it's usually a good indication that a bank is doing something right. Customer service isn’t always a major consideration for customers. But if excellent customer service is important to you -- move Charles Schwab Bank up on your list.

Alternatives to Charles Schwab Bank

If Charles Schwab Bank isn't the right home for your money, one of these other banks might suit you better.

TIAA Bank

TIAA Bank is similar to Charles Schwab Bank in many ways. Both blend some of the features of online and brick-and-mortar banks, and they both offer brokerage services, retirement accounts, and other investment tools. TIAA Bank's Basic Savings Account and money market account offer competitive APYs, though you may be able to find higher elsewhere. Customers can also open a high-yield checking account with TIAA, which offers more competitive rates than Charles Schwab Bank's.

TD Bank

TD Bank offers a wide range of personal banking and investment products. It's a better choice for those who want to do all of their banking in one place. TD Bank offers several relationship benefits, including higher APYs for customers with large balances and multiple accounts. This bank also offers checking account bonuses to increase its appeal to new customers.

Is Charles Schwab Bank right for you?

Charles Schwab Bank is a good choice for you if:

  • You already invest or are interested in investing with Charles Schwab.
  • You want easy access to your funds without being limited to a single ATM network.
  • You travel and want to save money on ATM fees.
  • Great customer service is important to you.

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