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Charles Schwab Bank Review: A Go-To for ATMs, Travelers, and Cash Management

Review Updated
Steven Porrello
Author: Steven Porrello
Steven Porrello
Steven Porrello
Writer

Steven is a personal finance writer covering topics from mortgages to credit cards to market news. He has written for The Motley Fool Canada, Ramsey Solutions, Nerdwallet, Clever Real Estate, and other major outlets. Steven launched his writing career at the age of four with his first book, "Revenge of the Bad Guys." He currently lives in Portland, Oregon.

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Robin Hartill, CFP
Reviewer: Robin Hartill, CFP
Robin Hartill, CFP
Robin Hartill, CFP
Writer

Robin Hartill, CFP®, is Motley Fool Money’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including NerdWallet and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column. She is based in St. Petersburg, Florida.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Award Icon 2025 Award Winner
Offer image for
Member FDIC.

Charles Schwab Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Charles Schwab Bank's deposit accounts don't have monthly maintenance fees. Additionally, its savings and checking accounts include ATM cards -- with unlimited ATM fee reimbursements worldwide. The bank has also been recognized for its excellent customer service. It's a great fit for those who already invest with Charles Schwab and want to keep all their money in one place.

Pros
  • No monthly maintenance fees
  • Unlimited ATM fee reimbursements worldwide
  • Great customer service
  • Free linked investment account with checking account
Cons
  • Low APYs
  • No relationship benefits

  • Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

    These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

    We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

    Learn more about how Motley Fool Money rates bank accounts.

Is Charles Schwab Bank right for you?

This bank may be a good option for you if:

  • You already use Charles Schwab investment products.
  • You frequently use ATMs domestically or abroad.
  • You want a checking account that earns interest.

Bank fees

Charles Schwab Bank has no monthly maintenance fees or overdraft charges. However, a couple of fees do apply.

Charles Schwab Bank Fee Charge
Outgoing wire $25
Rush delivery $15
Data source: Charles Schwab Bank.

Savings accounts

The Schwab Bank Investor Savings™ account has no minimum balance requirements and no monthly maintenance fees. It's also one of the few savings accounts that includes an ATM card.

Charles Schwab Bank doesn't charge ATM fees, and it'll reimburse you for any ATM fees you incur anywhere in the world. This is a great choice if you don't want to worry about sticking to a particular network.

Consumers should know its APY is on par with brick-and-mortar banks and significantly lower than high-yield online savings accounts. Don't expect to earn a lot of money in interest with this account. The APY is a flat rate for all clients, so you can't earn any bonuses for keeping large sums in the account, either.

Ratings Methodology
Rates as of Jan 31, 2025

Schwab Bank Investor Savings™

Member FDIC.
APY
0.25%
Min. To Earn APY
$0.01
  • No monthly maintenance fee
  • No minimum balance
  • ATM card access
  • Reimbursement of ATM fees
  • Low APY

The Schwab Bank Investor Savings™ account doesn't pay a competitive APY, though it has few fees and no minimum balance. It's also rare in that it provides an ATM card for the savings account.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
3.80%
Rate info Circle with letter I in it. 3.80% annual percentage yield as of January 31, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
3.80%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A

Certificates of deposit

Charles Schwab doesn't issue certificates of deposit (CDs) itself. Instead, it gives its customers access to a marketplace of brokered Charles Schwab CDs, including some less common options, such as callable CDs. You must be a Schwab customer and log into your online account to view all available terms and APYs.

Terms range from three months to ten years. Generally, its APYs are on par with today's top-paying CDs, though some terms have much higher rates. All Schwab CDs have a $1,000 minimum investment. Compared to competitors, that's fairly reasonable. However, if you'd like to deposit more, you must do so in $1,000 increments.

CDs in Charles Schwab's marketplace don't penalize you for early CD withdrawals. If you need to take your money out early, Charles Schwab Bank will help you sell your CD at the current market price. Keep in mind that there's always the possibility of taking a loss when selling CDs early (even if the bank doesn't penalize you).

Rates as of Jan. 30, 2025

APY = Annual Percentage Yield

Offer image for Charles Schwab CD
Charles Schwab CD
MINIMUM DEPOSIT $1,000
Read Review
3 Mo. APY 6 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
up to 4.37% up to 4.29% up to 4.55% up to 4.30% up to 4.60% up to 4.60% up to 4.60% up to 4.65%

Compare CD rates

Rates as of Jan. 30, 2025
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.00% Term: 1 Year Min. Deposit:  $0
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 4.35% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

Member FDIC.
APY: 4.25% Term: 6 Months Min. Deposit:  $500
Open Account for

On Secure Website.

Checking accounts

The Schwab Bank Investor Checking™ account comes with its own linked Schwab One® brokerage account. Each has its own separate account number. However, you can conveniently view both accounts and transfer funds between them via Charles Schwab Bank's online and mobile account management tools. The Schwab Bank Investor Checking™ account offers unlimited ATM fee rebates worldwide. It also carries no foreign transaction fees.

In addition, this checking account earns interest. Most checking accounts don't offer interest at all, so it's a nice bonus. Since Charles Schwab Bank has no monthly maintenance fees and provides rebates for ATM fees, all of the interest you earn is yours to keep. You can only make money with this account.

Ratings Methodology
Rates as of Jan 31, 2025

Schwab Bank Investor Checking™

Read Review
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
APY
0.20%
Min. To Earn APY
$0.01
  • Competitive APY
  • No foreign transaction fees
  • No monthly maintenance fees
  • Unlimited ATM fee reimbursements worldwide
  • Great customer service
  • Free linked investment account with checking account
  • Requires a linked brokerage account
  • No cash deposits

The Schwab Bank Investor Checking™ account pays interest and has no monthly fees. It's also a favorite among travelers, as it reimburses all domestic and international ATM fees and doesn't charge foreign transaction fees.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Customer experience

Check out how customers say Charles Schwab Bank stacks up.

Customer reviews

Charles Schwab Bank earned the highest score in the 2024 J.D. Power Direct Banking Satisfaction Study. But its ratings on third-party sites are somewhat mixed:

  • Better Business Bureau rating: A+ (not BBB accredited)
  • Trustpilot rating: 1.5

Customers are often more inclined to criticize a bank's customer service than to praise it. When you see top scores on customer satisfaction studies, it's usually a good indication that a bank is doing something right.

You can contact Schwab's customer service 24/7 by phone at 888-403-9000. Chat support is also available 24/7.

Mobile app

The Schwab app gets top ratings in the App store, but poor ratings in the Google Play store. This may indicate that the app doesn't work as well for Android devices, or just has more bugs.

  • App Store rating: 4.8 out of 5 stars
  • Google Play rating: 2.3 out of 5 stars

The app offers banking services, including mobile check deposit, but it's mainly designed for investments.

Physical locations

Charles Schwab has physical branches, but they provide brokerage services, not banking services. Though there's no Schwab ATM network, the bank reimburses fees at ATMs worldwide.

How does Charles Schwab Bank compare?

If Charles Schwab Bank isn't the right home for your money, one of these other banks might suit you better.

Charles Schwab Bank vs. EverBank

EverBank is similar to Charles Schwab Bank in many ways. Both blend some of the features of online and brick-and-mortar banks, and they both offer brokerage services, retirement accounts, and other investment tools.

EverBank's Basic Savings Account and money market account offer competitive APYs, though you may be able to find higher elsewhere. Customers can also open a high-yield checking account with EverBank, which offers more competitive rates than Charles Schwab Bank.

Charles Schwab Bank vs. TD Bank

TD Bank offers a wide range of personal banking and investment products. It's a better choice for those who want to do all of their banking in one place. TD Bank offers several relationship benefits, including higher APYs for customers with large balances and multiple accounts. This bank also offers checking account bonuses to increase its appeal to new customers.

FAQs

  • Yes, Charles Schwab Bank is safe. Deposits in Schwab banking accounts and CDs are covered by FDIC insurance for $250,000 per depositor, per institution, per account ownership category. That means that even in the unlikely event of a bank failure, you wouldn't lose your funds.

  • Yes, though Charles Schwab is best-known as a brokerage firm, it also has banking services, including checking and savings accounts. However, you'll need to have a brokerage account to use its banking services.

  • Yes. Though there's no ATM network for Charles Schwab banking accounts, the bank reimburses all ATM fees worldwide.