What is Charles Schwab Bank?
Charles Schwab is an American banking and trading company, founded in 1971. This online bank is based out of San Francisco but now has over 300 offices around the United States that help serve 7.9 million customer accounts. Charles Schwab Bank offers a high yield savings account, checking accounts, mortgages / home loans, and other investment and retirement options.
Our Charles Schwab Bank review can tell you that it is one of the most popular banks available and provides impressive customer service. Along with having great customer service here are some other benefits of their accounts:
- Charles Schwab offers competitive interest rates.
- No monthly fees and no minimum balance required.
- Free ATM and ATM fee reimbursement anywhere in the world.
- Easy to navigate website.
- Contacting customer service is easy to do and their representatives are helpful and reliable. The phone wait times took less than a minute.
- Live chat to offer assistants whenever needed.
In our Charles Schwab Bank review we’ve found some glaring downsides. If you have credit problems, you will find Charles Schwab is less than willing to help. They will lock you out of your online account, forcing you to use their mobile site on your computer. Being locked out of your traditional account is frustrating as you have a hard time dealing uploading deposits and managing your account correctly.
The interest rates on the savings and checking accounts are variable rates, meaning the rates will change depending on the market.
Should You Choose to Bank with Charles Schwab?
In conclusion of our Charles Schwab Bank Review we can say that they are very reliable and provide competitive interest rates for online savings accounts, but the interest rates aren’t fixed rates. The no monthly fees or balance requirements are a plus. The interest rates are comparable to other online banks, but other online banks offer fixed rate interest rates.
Charles Schwab is a great online bank to consider, especially if you are interested in investing and retirement options. For checking and savings accounts, there are other online banks that would be a better fit for your needs.
Charles Schwab & Co., Inc.
Phoenix Operations Center
P.O. Box 52114
Phoenix, AZ 85072-2114
Customer Service Number