When opening a checking or savings account, what are the features and benefits that you expect the most? While you won’t find the best interest rates, you’ll experience terrific customer service and get a wide variety of benefits when opening an account. See if Charles Schwab Bank is right for you.
Charles Schwab is a brand well-known in the investment world. Founded in 1973, this brokerage firm now holds over 2.5 trillion in total client assets. When it comes to investing your money and building interest over time, Charles Schwab knows what they are doing.
Checking Account Options
When it comes to banking with Charles Schwab, it’s good to know ahead of time that they only offer one checking account. In addition, they require that you open a brokerage account before you can open any saving/checking account. However, the employees generally understand that people open these account to get access to their bank accounts.
Charles Schwab High Yield Investor Checking Account
If you’re a frequent traveler, this account may be perfect for you. This account has no minimum deposit requirement and has no monthly maintenance fee! In addition, this is an interest bearing account that can earn you 0.40% APY.
The best part of this account is that it has no ATM fees anywhere and has unlimited ATM Charge reimbursements. And to top it all off, no foreign transaction fees either. This account may be one of the best travelers account available.
Compare Checking Accounts
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* • Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock. • Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law. • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
Savings Account Options
Just like the checking account, Charles Schwab only offers one Savings account. The Schwab Bank High Yield Investor Savings Account is available to customers who open a brokerage account.
Charles Schwab Bank High Yield Investor Savings Account
This low maintenance savings account does not have a minimum deposit requirement nor monthly maintenance fee. You can expect to earn an interest rate of 0.50% APY – higher than competitor savings accounts.
Compare Savings Accounts
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.50% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
Reasons To Bank With Charles Schwab
- You don’t need to pay for any monthly charges.
- There are no minimum balance requirements.
- You get unlimited ATM reimbursements – perfect for when you’re traveling and need to withdraw some cash.
- No Foreign Transaction fees when you pay with your debit card.
- Although it’s common among all banks, you can make mobile deposits and do all your banking online or through the mobile app
- You can use contact less payments such as Apple Pay and Android Pay. Just link your checking account to the eligible device and you can easily and securely pay vendors and retailers.
Reasons Not To Bank With Charles Schwab
- Your deposits or money transfers can take a long time. During the first 30 days of owning the account, any checks you deposit that aren’t cashier’s checks or government-issued checks are held for five business days before the funds become available.
- Even if you have a branch near you, banking can only be done online.
- You only have one option for checking and savings account.
Charles Schwab Routing Number
To find find this routing number, you can simply check the bottom left corner of your checks – check to see if this number differs.
Contact Customer Service
Reach Charles Schwab Customer Service at 1 (866) 855-9102.
In addition, you’re able to fill out an online Customer Service Request, but a response can to take between one and two business days.
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How Charles Schwab Compares
- Bank of America: As one of the larger banks in the U.S. Many may choose BoA for the convenience of locations through out 35 states. However, BoA offers limited account options.
- Regions Bank: Regions Bank offers a wider variety for you to choose from as well as rewards options. The advantage Regions has is that you can find Regions Bank across 15 states.
- SunTrust Bank: As a Southeastern bank, SunTrust prides themselves in top-tier customer service. SunTrust offers a comparable selection of checking & savings accounts in comparison. However, you’ll need $100 to open an account at SunTrust. The bank also offers a cash back rewards program & a small number of checks come free with each checking account.
Compare To Other Institutions
- Charles Schwab vs Robinhood
- Charles Schwab vs Betterment
- Charles Schwab vs TD Ameritrade
- Charles Schwab vs Ally Invest
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Bottom Line
Be sure to invest some time into deciding whether or not this Bank may be suitable for you. If you’re interested in investing in ETF’s, stocks , etc. this account may be perfect for you as it requires you to have a brokerage account to open in the first place.
As for the checking and savings account offered by Schwab, both are interest bearing and can earn you up to 0.50% APY – high than a lot of competitors.
For more options from a variety of banks, see our list of the best bank promotions!
Helpful Tips:
- How to Find Your Charles Schwab Login
- What Are Charles Schwab’s Hours?
- Charles Schwab Routing Number
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