About Charles Schwab Bank

Headquartered in Reno, Nevada, Charles Schwab Bank provides checking, savings, money market and CD accounts, home mortgages, and debit cards (ATMs). Deposits are FDIC-insured. Schwab Bank is a subsidiary of The Charles Schwab Corporation. Equal Housing Lender.
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Overall Rating

MyBankTracker rated Charles Schwab Bank based on the following criteria that includes real customer reviews and bank fees, among others. Our bank report card is a proprietary rating system that highlights the financial health and stability of the bank.

A

MyBankTracker Rating

Customer Rating
Based on 61 Reviews
Financial Health
Based on Texas Ratio: 0.64
Bank Fees
vs. Average
Bank Rates
vs. Average
Mobile Deposits
Mobile Deposits
Mobile Banking
Quality of Mobile Services

Most Helpful Customer Reviews

dahaase's Profile Image

Reviewed by dahaase

Mar 24th 2014

4 out of 5 marks

Best banking experience I've ever had

I was with Bank of America for a number of years. As their service declined to basically no customer service, I decided to change switch over all my accounts to Schwab, where I have my investments. So far, I've had no complaints. I've felt the customer service has been excellent. I hardly ever have to wait to be helped and each time it's with a live person in the U.S. They have always been polite and knowledgeable. I have had no trouble using my phone to make deposits. In fact, they generally get credited to my account within 2 business hours.

Is this review helpful? ▲ Yes 1 ▼ No 0

franwex's Profile Image

Reviewed by franwex

Mar 2nd 2014

5 out of 5 marks

Excellent.

I decided to write a review to counter the poor scores written on this site. Most people are inclined to write a bad review than a positive one anyway. My experience with this bank has been top notch. They detected fraud and contacted me, they reimburse ATM fees that I was charged by OTHER institutions. Customer service is local also. Not sure how these other dunces of reviewers could mess up something as simple banking. You put money in, and you take it out when needed. Adding and subtracting. Not rocket science. Cannot figure that out? Maybe you should not have a bank account. Did I mentioned that this bank offers FREE checking with no requirements? Or that the checking account is subject to APY? That is something not even your oh so spectacular credit union might do!

Is this review helpful? ▲ Yes 1 ▼ No 0

Max_Power's Profile Image

Reviewed by Max_Power

Jan 28th 2013

5 out of 5 marks

Fantastic, All Around

I've been with schwab for about 1. 5 months now, and i've been extremely impressed. I was reluctant to go with such a large corporate institution, but my experience has only been positive. I don't know what a guy has to do to get charged a fee at schwab, but, i haven't been charged one yet. In addition to the niceties you'd expect from a well rated online bank (free atm use at any atm, no maintenance fees, free online billpay, etc. ) there are things here you simply can't find anywhere else:

1) free checks. I don't mean you get your first 100 checks free. I mean free checks. Always. 2) atm fee reimbursements. I don't mean, reimbursement of the first $5 per month. I don't mean only in your state, or even your country. I mean, reimbursement of all atm fees, everywhere in the world. That's right. I can take money out of an atm in thailand and they'll reimburse the fee. 3) speaking of thailand, no currency conversion fees. Other banks, in addition to not reimbursing international atm fees will also charge you a percentage of your withdrawal just for 'converting' it to the local currency. Schwab does not charge this fee.

Aside from that, i've had to call customer service a few times. Awesome. It's not farmed out to india. It's not some stoner playing angry birds while he's talking to you. I'd swear i was talking to a real bank manager everytime. I generally hate calling customer support but, everytime i've hung up the phone with a schwab representative, i'm downright ecstatic that they are my bank. You know, the concept of a bank fails without depositor accounts. I don't mean they'd do less business or make less money. I mean there simply would not be banks without depositor accounts. So, it's really nice to finally find a bank that 'gets' that and treats depositors as they should. Which is to say: grateful to have your money in their bank. -joe

Is this review helpful? ▲ Yes 4 ▼ No 0

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Bank Rates

NAME RATE (APY) MIN TO EARN APY Min Deposit
High Yield Investor Savings

0.25%

$0

$0

NAME RATE (APY) MIN TO EARN APY Min Deposit
High Yield Investor Checking

0.10%

$0

$0

NAME RATE POINTS FEES
30 Year Fixed

4.875%

0

N/A

15 Year Fixed

3.125%

1

N/A

10 Year Fixed

3.50%

0.25

N/A

20 Year Fixed

3.99%

0.375

N/A

NAME RATE POINTS FEES
7/1 ARM

3.25%

0

N/A

5/1 ARM

3.00%

0

N/A

TERM RATE (APY) Min Deposit
3 Month CD

0.20%

$1,000

6 Month CD

0.30%

$1,000

9 Month CD

0.30%

$1,000

18 Month CD

0.45%

$1,000

30 Month CD

1.05%

$1,000

Banking Fees

Type Fee National average
Monthly Inactivity

N/A

$7

Non-Sufficient Fund (Overdraft)

$25

$30

Stop Payment item

$0

$27

Return Deposit

$5

$13

Domestic Wire Transfer (Outbound)

$25

$22

Domestic Wire Transfer (Inbound)

$0

$9

Non-Bank ATM

$0

$1