Charles Schwab Bank Review: Checking and Savings
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- Savings
- Checking
- Customer experience
- Overdraft fees
Overall institution rating
4.5
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 and don’t need to deposit cash.
Pros
- No overdraft fees.
- No monthly fees.
- No minimum opening deposits on checking or savings accounts.
- ATM fee rebates.
Cons
- Low rates on savings account.
- No cash deposit.
Full review
Savings
Savings
Member FDIC
3.5
/5 NerdWallet ratingCharles Schwab’s High Yield Investor Savings® offers a relatively low annual percentage yield of 0.48%, 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
Checking
Checking
Member FDIC
5.0
/5 NerdWallet ratingSchwab Bank 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.
Schwab Bank 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.
» Want to see the competition? Check out our picks for the best online checking accounts
Customer experience
4.5
NerdWallet ratingCharles Schwab Bank provides customer service through multiple avenues, including X (Twitter) and 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 iOS app is favorably rated by customers, but the user rating for its Android version is much lower.
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.
Overdraft fees
4.5
NerdWallet ratingCharles 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.
If you overdraft, Schwab Bank may pull money from funds in your linked Schwab One brokerage account or your Schwab High Yield 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 do so as often as six times in a day.
How does Schwab Bank compare?
 SoFi Checking and Savings Member FDIC |  CIT Bank Platinum Savings Member FDIC |  Citizens Access Savings Member FDIC |
|---|---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 | NerdWallet rating 4.5 /5 |
APY 4.60% With $0 min. balance for APY | APY 5.05% With $5,000 min. balance for APY | APY 4.50% With $0.01 min. balance for APY |
Bonus $250 Earn up to $250 with direct deposit. Terms apply. | Bonus N/A | Bonus N/A |
Learn more at SoFi Bank, N.A. | Learn more at CIT Bank | Learn more at Citizens |
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.
