Do you want to see a comprehensive review of the Charles Schwab Checking Account? Responsible Economy has conducted an in-depth analysis of all its features: fees, interest rate, welcome bonus, requirements, and everything you need to know. Additionally, we provide a comparison of the top checking accounts available for opening in the United States in 2023. Welcome!
Schwab checking Account Video
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Features
Here are all the features of the Charles Schwab checking account:

Fees
The Charles Schwab checking account has no monthly maintenance fees and no minimum requirements.
Minimum deposit
There is no minimum deposit required to open the account.
Overdraft services
The account does not offer overdraft services. Any charges that would result in a negative balance will be declined.
Zelle
The account includes Zelle service, allowing you to send and receive money instantly without any fees.
Bonus
Unfortunately, the checking account does not offer a welcome bonus.
ATMs
One of the standout features of the Schwab checking account is its access to commission-free withdrawals at ATMs worldwide.
Wires
Outgoing transfers within the United States incur a $25 fee, while international transfers are not available.
Rates
The current account offers an interest rate of 0.45%, and the certificates of deposit (CDs) can earn up to 4.75% interest.
Fees
We have made a list with all the commissions:
- Monthly maintenance: $0
- Overdraft: $0
- Wires: $25 cost for each outgoing transfer
- ATMs: Commission-free withdrawals from ATMs around the world
Requirements
These are the requirements to open the checking account:
- To be over 18 years old
- Carry out the process online
- Send the social security number or driver’s license
- Reside in the United States
Documents
The valid documents to open the account are the social security card, driver’s license, or passport.
How to open Schwab checking account
The only way to open the Schwab checking account is online as it does not have any physical branches.
Comparison with the best banks
We have conducted a comparison between the Schwab checking account and the top banks in the United States for opening a checking account.

- It is very easy to avoid monthly commissions
- Welcome bonus of 200 dollars fulfilling conditions
- More than 16,000 ATMs in the United States
- $25 minimum deposit
- Very low interest rates

- It is very easy to avoid monthly commissions
- More than 16,000 ATMs in the United States
- $100 minimum deposit
- No welcome bonus
- High interest rates if you have a lot of savings

- It is very easy to avoid monthly commissions
- Nearly 12,000 ATMs
- $25 minimum deposit
- Welcome bonus of 300 dollars fulfilling conditions
- High interest rates on CDs

- No fees and no requirements
- Nearly 60,000 ATMs
- Welcome bonus of 250 dollars fulfilling conditions
- High interest rates on CDs

- No fees no direct deposits
- Fee-free withdrawals from ATMs around the world
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs

- No fees no direct deposits
- More than 60,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on Savings

- No fees no direct deposits
- More than 50,000 commission-free ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs and Savings

- Commissions of $10 if you do not meet requirements
- No fees at Citibank ATMs
- Without minimum deposit
- No welcome bonus
- High interest rates on CDs
Video with the best banks
We have made a video with the best checking accounts you can open in The United States:
Pros and Cons
Here is a table outlining the advantages and disadvantages of the Schwab checking account:
Pros | Cons |
---|---|
No monthly commissions | It has no branches |
Commission-free withdrawals at any ATM in the world | |
High interest on CDs |
Frequent questions
Here are some frequently asked questions about the Schwab checking account:
More information about Schwab
Here you have interest information about Schwab:
Informacion | Description |
---|---|
Website | https://www.schwab.com/ |
https://twitter.com/charlesschwab | |
YouTube | https://www.youtube.com/user/CharlesSchwab |
Phone | 877-519-1403 |
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Updated the day 1 September, 2023 by Alfredo Barandiarán

Alfredo Barandiarán is not only passionate about finance and the economy, but also has more than 10 years of experience helping people find the best possible financial product. He has worked for 5 years at Iahorro and 2 years at Atrapacrédito. He has currently been running the financial comparator Responsible Economy for 3 years. I graduated in business from Complutense University of Madrid and has studied at ESIC and CEF. You can see all the professional experience of Alfredo Barandiarán on his LinkedIn profile