Charles Schwab checking account review

Do you want to see a complete review of the Charles Schwab ​​Checking Account? From Responsible Economy we have carried out an analysis of all the features: fees, interest rate, welcome bonus, requirements and everything you need to know. You also have a comparison of the best checking accounts you can open in the United States in 2023. Welcome!

Schwab checking Account Video

We have made a video with everything you need to know about Charles Schwab checking account. If you like our content, subscribe to support us and receive videos every day.

YouTube video
Charles Schwab checking account review

Features

In this section, we develop all the characteristics of the Schwab checking account:

Fees

There are no monthly maintenance fees and no minimum requirements.

Minimum deposit

There is no minimum deposit required to open the account.

Overdraft services

It does not have overdraft service. All charges that make the checking account negative will be rejected.

Zelle

It has Zelle service. You can send and receive money at the moment without commissions.

Bonus

One of the most negative points of this checking account is that it does not have a welcome bonus.

ATMs

This is Schwab’s key point. You can withdraw money commission-free at ATMs around the world.

Wires

Outgoing transfers (within the United States) have a cost of 25 dollars. Transfers cannot be made outside of the United States.

Rates

The current account offers an interest rate of 0.45% and the CDs up to 4.75%.

Features Schwab checking account
Features Schwab checking account

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 because it has no branches.

Comparison with the best banks

We have made a comparison of the Schwab checking account with the best banks to open a checking account in the United States:

Logo Chase
  • 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
Bank of America logo
  • 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
Wells Fargo logo
  • 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
Logo Sofi
  • No fees and no requirements
  • Nearly 60,000 ATMs
  • Welcome bonus of 250 dollars fulfilling conditions
  • High interest rates on CDs
Charles-Schwab-Logo
  • No fees no direct deposits
  • Fee-free withdrawals from ATMs around the world
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on CDs
Chime checking account Logo
  • No fees no direct deposits
  • More than 60,000 commission-free ATMs
  • Without minimum deposit
  • No welcome bonus
  • High interest rates on Savings
Ally logo
  • 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
Citibank-logo
  • 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:

YouTube video
Best banks to open a checking account

Pros and Cons

You have a table with all the advantages and disadvantages of the Schwab checking account:

ProsCons
No monthly commissionsIt has no branches
Commission-free withdrawals at any ATM in the world
High interest on CDs
Pros and cons Schwab checking account

Frequent questions

We answer all the questions you may have about Schwab:

More information about Schwab

Here you have interest information about Schwab:

InformacionDescription
Websitehttps://www.schwab.com/
Twitterhttps://twitter.com/charlesschwab
YouTubehttps://www.youtube.com/user/CharlesSchwab
Phone877-519-1403
Interest information about Schwab

Finally, you have content related about checking accounts:

Updated the day 12 May, 2023 by Alfredo Barandiarán

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