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Charles Schwab Bank VS NewDominion Bank

Which bank is better for you?

  • Financial Rates: 3.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon
No Rate Information
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Pros:

  • Unlimited ATM fee rebates
  • No monthly fees
  • No amounts required in accounts
  • Offer investing products and advice

Cons:

  • Must link checking account to a brokerage
  • Low-interest rates
  • Opening savings account is not online
  • CDs have fees
  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 3.0 Star Icon
0.01%APY
Savings/MMA
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Pros:

  • Low opening required amounts
  • Variety of personal deposit accounts
  • Business accounts available
  • Bump Rate CDs

Cons:

  • Cannot open accounts online
  • Most accounts have a monthly fee
  • Accounts have tiered interest rates
  • Full account information not online
Charles Schwab Bank Review

Charles Schwab refunds any ATM fees acquired worldwide. Unlike other banks, there is no limit to the number of times your ATM fee can be refunded. If you make use of ATMs, this is an ideal benefit.

There are no monthly maintenance fees for Charles Schwab savings or checking accounts. The checking account does have a fee, but the fee is waived when you open the brokerage account. The brokerage account is a requirement for a Charles Schwab savings or checking account.

Charles Schwab does not have a set amount you must keep in their savings and checking accounts. You will earn interest on whatever amount you deposit with no monthly fees.

Charles Schwab has a wide variety of products to help you invest and trade. They offer accounts for trusts, college, retirement, small businesses, and IRA accounts. Their website offers tools and advice in these different areas. This can help ensure you open the right account for you.

When you open a Charles Schwab checking account, you have to open a Schwab One brokerage account. Opening this account waives the checking account fee. There isn't a required amount to keep in either account, but you must open both accounts.

The interest on their checking account is competitive with other banks for low account amounts. The interest on their savings account is slightly higher than typical banks. The savings account rates are significantly lower than other online banks.

To open a savings account, you must download an application, fill it out, and send it back to Charles Schwab. Other banks let you open a savings account all online. You can open a checking account with Charles Schwab online, but not a savings account.

Charles Schwab CDs have a fee. They charge a set amount based on the CD opened. There is also a fee to sell based on a broker-assisted fee. The interest rates for their CDs are competitive with other banks, but there are fees.

Read the full Charles Schwab Bank review.

NewDominion Bank Review

NewDominion has low opening required amounts for most of their accounts. Checking, savings, and one money market account do not have a required amount to open the account. All the CD terms require $1,000 to open. The Evolve money market account requires $1,000 to open.

There are a variety of personal deposit accounts offered through NewDominion Bank. They offer two checking accounts, one savings, two money market accounts, and a variety of CD terms. NewDominion offers a savings account specifically for youth and investment options. Mortgage, home equity, auto, and personal loans are also offered.

Along with personal accounts, NewDominion offers business accounts. They offer checking accounts, money market accounts, and CDs for businesses. They offer business and equipment loans, lines of credit, and commercial real estate loans. Business accounts include online banking, mobile check deposit, and ACH services.

NewDominion offers Bump Rate CDs. Most CDs lock in rates from the day you open the account to maturity. However, the Bump Rate CDs allow for a one time increase to a higher interest rate during the term of the CD. The Bump Rate CDs are available in a 23-month and 35-month CDs. They each require $1,000 to open.

NewDominion Bank accounts cannot be opened online. To open an account, you must first schedule an appointment. A bank representative will call, or you can visit a branch location to finish opening the account. NewDominion currently does not offer any online accounts.

Most NewDominion accounts have a monthly fee. The fees range from $15 to $25 depending on the account. Waive the monthly fees by keeping a set balance in the account. Those balance range from $2,500 to $10,000. The average amount kept in the account is an average daily balance.

To earn the most competitive rate, the NewDominion MMA requires a large sum. Any amount in the account earns interest, but to receive the highest rate requires $100,000 in the account. The savings account also has tiered rates. To earn the most competitive rate requires $10,000 in the savings account.

NewDominion website does not have a complete list of fees and account information. For complete details, you must visit a branch location or contact customer service. Open an account in the branch.

Read the full NewDominion Bank review.

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