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Charles Schwab Bank Review: Checking and Savings

Charles Schwab Bank offers a unique blend of banking services, especially notable for its exceptional interest checking account. If you’re someone who values easy access to ATMs globally without worrying about fees, and you don’t often need to deposit cash, this bank could be a perfect fit.

Overall Rating: ★★★★☆

  • Outstanding interest checking account
  • Free ATM usage worldwide
  • Ideal for those who rarely deposit cash

Savings Account

  • Rating: ★★★☆☆
  • Low annual percentage yield (APY) of 0.48%
  • No monthly fees and no minimum balance requirements

While the APY on Schwab’s savings account is relatively low, the lack of monthly fees and minimum balance requirements makes it a hassle-free option for savers. However, if you’re looking for higher yields, you might want to explore other online banks.

Checking Account

  • Rating: ★★★★★
  • No monthly fees and no minimum balance
  • Unlimited ATM fee reimbursements globally
  • No foreign transaction fees

The High Yield Investor Checking® account stands out with its exceptional ATM policy and zero fees on monthly maintenance and minimum balances. It’s particularly beneficial for travelers, thanks to no foreign transaction fees and worldwide ATM fee reimbursements.

Customer Experience

  • Rating: ★★★★☆
  • Multiple customer service avenues, including social media and chat
  • Extended phone support hours
  • Mixed reviews on mobile app user experience

Schwab Bank offers comprehensive customer support, though it’s worth noting the variation in app satisfaction between iOS and Android users. The inability to deposit cash could be a limitation for some, but the variety of other deposit methods compensates for this.

Overdraft Fees

  • Rating: ★★★★☆
  • No overdraft fees
  • Option to link accounts for overdraft protection

A significant advantage of banking with Schwab is the absence of overdraft fees. If you’re prone to overdrawing, you can link a brokerage or savings account for added peace of mind, knowing there won’t be any extra charges.

Final Thoughts

Schwab Bank shines in its checking account offerings, especially for those who travel or use ATMs frequently. The savings account, while not the highest yielding, provides simplicity and ease of use. The customer experience is robust, though the absence of cash deposits might be a drawback for some. Overall, Schwab Bank is a solid choice for hassle-free banking with excellent perks for checking account holders.

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