Do you want to know all the characteristics and requirements of the Schwab checking account? Alfredo Barandiarán analyzes for Economía Responsable all the features and conditions offered by the Schwab checking account. We also show you a comparison with the main checking accounts in the United States. Welcome!
Schwab Current Account Video
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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%.
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:
- 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
You have a table with all 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
We answer all the questions you may have about Schwab:
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 8 February, 2023 by Alfredo Barandiarán
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