Charles Schwab Bank Review 2026: Checking and Savings
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
This company may be known primarily as an investing platform, but it’s also a bank that offers online checking and savings accounts. And the checking account in particular has excellent perks for travelers: no ATM fees, no foreign transaction fees and unlimited ATM fee reimbursements worldwide. NerdWallet considers it one of the best banks for avoiding ATM fees.
No overdraft fees.
No monthly fees.
No minimum opening deposits on checking or savings accounts.
ATM fee rebates.
Low rates on savings account.
No cash deposit.
Product reviews
Savings
Low rate but no regular fees. This account comes with a relatively low annual percentage yield of 0.15%, but there are no monthly fees or minimum balance requirements associated with the account. Still, most online banks pay more for savings.
» Want to compare rates? See our list of the best high-yield online savings accounts
Schwab Bank Investor Savings™
Checking
Free ATM use worldwide. Schwab Bank has one of the best ATM fee reimbursement programs in the game, and no ATM or foreign transaction fees, making all ATM usage free worldwide. The fact that the account also has no monthly fees or minimum balance requirements is a big bonus. While the account pays interest, which is rare for checking accounts in general, the rate is minimal.
To get the checking account, you must also open a linked brokerage account with Schwab, which has no minimum balance requirement.
» Want to see the competition? Check out our picks for the best online checking accounts
Schwab Bank Investor Checking™
Customer experience & overdraft fees
Customer experience
Many support options. Schwab Bank provides customer service through multiple channels, such as by phone, live chat, email and mail. The iOS app is favorably rated by customers, but the user rating for its Android version is much lower.
No cash deposits. A drawback to Schwab Bank is that it doesn’t accept cash deposits. To fund your accounts, you can set up direct deposit or transfer or wire money from an account at another institution or deposit a check via mobile check deposit. You can also convert your cash into a check and send it in by mail.
Web experience
StrongMobile apps
AveragePhone support
Monday 1 a.m. ET through Saturday 1 a.m. ETBranches
Online onlyOverdraft fees
No overdraft fees. Charles Schwab Bank doesn’t charge overdraft fees. If you don’t have enough money in a backup account, Schwab Bank may deny the overdraft transaction, though you won’t be charged a fee.
Free overdraft protection. If you overdraft, Schwab Bank may pull money from funds in your linked Schwab One brokerage account or your Schwab Bank Investor Savings account, free of charge, if you set them up as sources for funds.
Many banks have eliminated these kinds of penalties, but some banks charge overdraft fees that cost as much as $36 each and can be charged multiple times per day.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.