Charles Schwab Bank Review: Checking and Savings

Schwab is best for consumers who want a stellar interest checking account with free use of any ATM and don’t need to deposit cash often.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Overall bank rating

Schwab Bank
  • Savings

  • Checking

  • Banking experience

  • Overdraft fees

4.0

NerdWallet rating 

The bottom line:

Charles Schwab 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 is excellent; it pays interest and comes with an outstanding ATM policy.

 

Best for: Those who want free use of ATMs all over the world and no monthly fees, aren’t concerned with getting the highest interest rates and don’t need to deposit cash.

Pros

  • Unlimited fee rebates at ATMs worldwide.

  • No monthly fees and no minimum balance requirements on checking or savings.

  • Free overdraft transfers from linked accounts.

Cons

  • No way to deposit cash directly.

  • Savings interest rate is low for an online bank.

Full review

Schwab Bank High Yield Investor Savings®

Schwab Bank High Yield Investor Savings®

3.5

NerdWallet rating 
APY

0.05%

With $0.01 minimum balance

Charles Schwab’s High Yield Investor savings isn’t flashy, but there are no monthly fees or minimum balance requirements associated with the account.

Schwab offers a relatively low annual percentage yield of 0.05%. Most online banks pay more for savings.

Best Bank or Credit Union for ATM Access

Schwab Bank High Yield Investor Checking®

Schwab Bank High Yield Investor Checking®

4.5

NerdWallet rating 
Monthly Fee

$0

APY

0.03%

With $0 minimum balance

Schwab has one of the best ATM fee reimbursement programs in the game, and the fact that it has no monthly fees or minimum balance requirements is a big bonus.

The account earns 0.03% APY; it’s hard to find interest checking accounts with higher yields and no monthly fees or minimum requirements. But Schwab pays a reasonable rate with no such requirements.

Schwab checking offers unlimited ATM fee reimbursements, domestically and abroad. It also doesn’t charge foreign transaction fees, making it one of the best banks to use if you’re traveling out of the country.

Banking experience

4.0

NerdWallet rating 

Charles Schwab provides customer service through multiple avenues, including Twitter and 24/7 chat support. The bank’s phone support is available from 4 a.m. to 8 p.m. PT on weekdays and 6 a.m. to 7:30 p.m. PT on weekends. Its Android and iOS apps are favorably rated by customers.

You’ll have to convert your cash into a money order or check and send it in by mail or mobile check deposit.

Overdraft fees

3.5

NerdWallet rating 

If you overdraft, Schwab may pull money from funds in your linked Schwab One brokerage account or Schwab savings account, free of charge, if you set them up as sources for funds.

If you don’t have enough money in a backup account, Schwab may deny the overdraft transaction, and you could be hit with a $25 nonsufficient funds fee up to four times a day — that’s $100. Some banks charge as much as $38 per transaction, and as often as seven times a day.

Schwab Bank High Yield Investor Savings®

Schwab Bank High Yield Investor Savings®

3.5

NerdWallet rating 
APY

0.05%

With $0.01 minimum balance

Charles Schwab’s High Yield Investor savings isn’t flashy, but there are no monthly fees or minimum balance requirements associated with the account.

Schwab offers a relatively low annual percentage yield of 0.05%. Most online banks pay more for savings.

How does Schwab Bank compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.55%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

N/A

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.