Charles Schwab Bank Rates & Review

Charles Schwab Bank Review

Charles Schwab Bank is an online bank headquartered in Reno, Nevada, offering high-yield checking and savings accounts.

Charles Schwab Bank is an FDIC member bank headquartered in Reno, Nevada. It is a subsidiary of the investment firm Charles Schwab & Co. The latter was formed in 1963 and the online Charles Schwab Bank was launched in 2003. Although the online bank was created to offer total banking solutions to Schwab clients of the larger corporation, bank accounts are available to non-client new customers as well.

Personal banking

Charles Schwab Bank offers a checking account, as well as several savings account options including a money market account, a CD and a high-interest, no-fee, no-minimum savings account.

Customers can apply for accounts online or by phone. Deposits can be made using mail, direct deposit or funds transfer between accounts or between banks. Transfers between different Charles Schwab bank accounts (for example, between a money market account and a savings account) can be done online.

The bank offers online bill pay. The debit card allows withdrawals from numerous ATMs. Their free checking account comes with no ATM fees. However, the bank only accept deposits at its Reno ATM location.

Lending services

Charles Schwab offers a home equity line of credit, which is a no-fee, no-minimum-balance loan that charges no interest until the line of credit is used. The bank offers traditional home mortgage loans as well as loans for construction or refinancing.

Community recognition

Charles Schwab Bank is recognized for its community work in the Reno area. It has received the Bank Enterprise Award (BEA) from the Community Development Financial Institution (CDFI) Fund for supporting community and economic development activities. It also received an award for work towards a neighborhood revitalization effort.