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.
Overall bank rating

Savings
Checking
Banking experience
Overdraft fees
4.0
The bottom line: Charles Schwab may be known primarily as an investing platform, but it is 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.
Pros
Unlimited fee rebates at ATMs worldwide.
No monthly fees, 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®
3.5
NerdWallet ratingAPY
0.05%
With $1 minimum balance
Charles Schwab’s High Yield Investor savings account isn’t flashy. With its low rates, you could see your money grow more quickly elsewhere.
There are no monthly fees or minimum balance requirements associated with the account.
Schwab offers a relatively low APY of 0.05%. Most online banks pay more for savings.
Best Bank or Credit Union for ATM Access

Schwab Bank High Yield Investor Checking®
4.5
NerdWallet ratingMonthly 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 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, and many with higher yields have monthly fees or minimum requirements. But Schwab pays a reasonable rate with no requirements.
Schwab checking offers unlimited ATM fee reimbursements, domestically and abroad. It also doesn’t charge foreign transaction fees, making it one of the very best banks to use if you’re traveling out of the country.
Banking experience
4.0
NerdWallet ratingCharles 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 via mail or mobile check deposit.
Overdraft fees
3.5
NerdWallet ratingIf you overdraft, Schwab may pull money from funds in your linked Schwab One brokerage account or your 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.

Schwab Bank High Yield Investor Savings®
3.5
NerdWallet ratingAPY
0.05%
With $1 minimum balance
Charles Schwab’s High Yield Investor savings account isn’t flashy. With its low rates, you could see your money grow more quickly elsewhere.
There are no monthly fees or minimum balance requirements associated with the account.
Schwab offers a relatively low APY of 0.05%. Most online banks pay more for savings.
Best Bank or Credit Union for ATM Access

Schwab Bank High Yield Investor Checking®
4.5
NerdWallet ratingMonthly 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 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, and many with higher yields have monthly fees or minimum requirements. But Schwab pays a reasonable rate with no requirements.
Schwab checking offers unlimited ATM fee reimbursements, domestically and abroad. It also doesn’t charge foreign transaction fees, making it one of the very best banks to use if you’re traveling out of the country.
4.0
NerdWallet ratingCharles 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 via mail or mobile check deposit.
3.5
NerdWallet ratingIf you overdraft, Schwab may pull money from funds in your linked Schwab One brokerage account or your 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.
How does Schwab Bank compare?
Member FDIC | |
---|---|
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance |
BonusN/A | BonusN/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.