Charles Schwab Bank Review: Great Checking and Fee-Free Accounts
Written by
Rudri Bhatt Patel, CFHCâ„¢
Edited by
Nupur Gambhir, CFHCâ„¢
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Banking Built for Investors Who Want Everything Connected
Charles Schwab Bank offers streamlined checking and savings accounts designed to integrate with its brokerage platform. With no monthly fees, no minimum balance requirements, and unlimited ATM fee reimbursements worldwide, Schwab is a solid fit for customers who want simple banking paired with investing — all in one place.
Charles Schwab Bank isn’t trying to compete with traditional banks that offer dozens of account types. Instead, it focuses on doing a few things well — offering simple, no-fee checking and savings accounts that integrate seamlessly with its brokerage platform.
For investors, that connection matters. You can easily move money between banking and investment accounts, keep cash positioned for trading or long-term goals, and manage everything under one login. With no monthly fees, no minimum balance requirements, and unlimited ATM fee reimbursements worldwide, Schwab stands out as a practical option for customers who want their everyday banking and investing working together.
Charles Schwab Bank Checking Account
Charles Schwab Bank offers one straightforward checking account designed to work seamlessly with a Schwab brokerage account. It keeps things simple and low-cost, with features that make everyday banking easy.
A Charles Schwab checking account offers:
- No monthly service fee
- No minimum balance requirement
- No foreign transaction fees
- Unlimited ATM fee reimbursements
- Contactless debit card included
Best For
Investors
High-net-worth individuals
Online Banking
Retirement Savers
Active traders
No Monthly Fees, No Minimums, and Unlimited ATM Fee Reimbursements Worldwide
Charles Schwab’s checking account covers your everyday banking needs while seamlessly connecting to your investment accounts. It’s a simple, low-cost option for people who want everything in one place.
Fees
No monthly service fee
APY
None
Min Opening
$0
Pros
- No minimum opening deposit
- No monthly maintenance fee
- Unlimited ATM fee reimbursements
- FDIC-insured funds
Cons
- No interest earned
- Does not accept cash deposits
Quick Take
Charles Schwab’s checking account is a simple, no-fee option with no minimums and unlimited ATM fee reimbursements, making it a good fit for everyday banking — especially if you already invest with Schwab.
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Charles Schwab Bank Savings Account Â
Charles Schwab Bank offers one savings option, the Schwab Bank Investor Savings account. Like its checking account, it’s designed to pair easily with a Schwab brokerage account and keeps fees to a minimum.
A Charles Schwab savings account offers:
- No monthly service fee
- No minimum deposit requirement
- Earns 0.15% APY
- FDIC-insured funds
- ATM card access to your money
Product CardÂ
Best For
Investors
High-net-worth individuals
Online Banking
Retirement Savers
Active traders
No Monthly Fees and No Minimum Deposit Required
Schwab Bank Investor Savings is designed to pair seamlessly with a Schwab brokerage account. It offers easy access to your money without account minimums or maintenance fees, making it a straightforward option for customers who value simplicity over high yields.
Fees
No monthly service fee
APY
None
Min Opening
$0
Pros
- No minimum opening deposit
- FDIC-insured funds
- Access to funds via debit card
- No monthly service fee
Cons
- Low APY compared to high-yield savings accounts
- Cannot deposit cash
- Online-only banking
Quick Take
Charles Schwab’s savings account is best suited for customers who already invest with Schwab and want an easy, no-fee place to park cash. It’s simple and accessible, though the interest rate is lower than what many online banks offer.
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Charles Schwab Bank Brokered CDsÂ
Charles Schwab offers brokered CDs with terms ranging from three months to two years and a $1,000 minimum investment. These CDs are purchased through Schwab’s brokerage platform rather than directly from a bank, which means you have the option to sell them on the secondary market before maturity. They’re FDIC-insured, and current APYs go up to .
Best For
Investors
High-net-worth individuals
Online Banking
Retirement Savers
Active traders
Reliable Savings With CD Terms Starting at Three Months
Charles Schwab offers brokered CDs in a variety of terms with a $1,000 minimum investment. Because they’re purchased through Schwab’s brokerage platform, you can sell them on the secondary market before maturity if needed.
Fees
No monthly maintenance fees
APY
Up to
Min Opening
$1,000
Pros
- CD laddering available
- FDIC-insured
- Multiple term options
- Ability to sell before maturity
Cons
- Market risk if sold early
- Some CDs may be callable
- Fees apply if sold on the secondary market
Quick Take
Charles Schwab’s brokered CDs are a solid option for investors with extra cash who want predictable returns and flexible term options. They’re especially useful for building a CD ladder, though selling early can expose you to market risk and transaction fees.
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Banking Experience Â
Charles Schwab Bank is built for customers who want banking and investing in one place. Here’s what that looks like in practice:
- Strong customer satisfaction. Schwab has earned top marks from J.D. Power for overall satisfaction among checking providers, signaling a consistently positive customer experience.
- One app for everything. You can check balances, deposit checks, transfer money and manage investments all within the same app — no jumping between platforms.
- Seamless account linking. If you have a Schwab brokerage account, you can link checking and savings accounts for fast, easy transfers.
- Low fees, fewer surprises. Fees are minimal, and many common charges are avoided altogether, making day-to-day banking more predictable.
How Does Charles Schwab Compare?
Charles Schwab vs. Ally Bank
Where Ally stands out
Ally offers a no-fee savings account with a higher APY than Schwab’s savings account. It also includes goal-setting tools like savings buckets to help you organize and track your money.
Where Schwab has the edge
Schwab’s checking account is stronger for frequent travelers. Ally limits ATM fee reimbursements to $10 per month, while Schwab offers unlimited ATM fee reimbursements worldwide.
Charles Schwab vs. Chase
Where Chase stands out
Chase offers access to more than 4,700 branches nationwide and a wider range of banking products. It’s a strong option if you prefer in-person service.
Where Schwab has the edge
Schwab doesn’t charge monthly service fees, and it offers unlimited global ATM fee reimbursements and no foreign transaction fees. That makes it especially appealing for travelers.
Charles Schwab vs. Bank of America
Where Bank of America stands out
Bank of America has a large nationwide branch network and may be a better fit for customers who keep higher balances and want access to in-person service.
Where Schwab has the edge
Schwab combines everyday banking with brokerage services, making it convenient if you want investing and banking in one place.
Final Take Â
Charles Schwab Bank isn’t a traditional full-service bank with a wide menu of account options. On its own, it offers just one checking account and one savings account, and both are designed to work best alongside a Schwab brokerage account.
That said, for the right customer, it can be a standout choice. Frequent travelers, in particular, benefit from no foreign transaction fees and unlimited ATM fee reimbursements worldwide. Combined with no monthly fees or minimum balance requirements, Schwab’s checking and savings accounts offer a simple, low-cost banking setup — especially for investors who want everything connected in one place.
