¿Do you want to know all the features of the Charles Schwab savings account? Responsible Economy analyzes the fees, requirements, yields and all the conditions that Barclays offers in its savings account. We also show you a comparison with the best savings accounts that you can open in the United States and a explanatory video.
Explicative video
Features
In this section, you can see all the features of the Charles Schwab savings account.
Interest rate
Undoubtedly, the most important point of any savings account is the yield. The interest rate offered is 0.48% APY. The interest rate offered by the Charles Schwab savings account is ridiculous.
Fees
This savings account has no commissions and does not require meeting certain conditions. This is a very nice feature because there are banks that force you to make direct deposits.
Minimum deposit
It is not necessary to make a minimum deposit to open the savings account.
ATMs
Another very good feature of the Charles Schwab savings account is that you can withdraw money from any ATM in the world without commissions.
Deposit funds
You can deposit funds into the Charles Schwab savings account by making bank transfers or you can also mail a check.
Withdrawls
To withdraw money you have to make bank transfers from the Charles Schwab account to the one you want.
Best savings accounts 2023
We have made a comparison of the Charles Schwab savings account with the best savings accounts you can open in the United States in 2023. We show you the main characteristics of each savings account:
- 4,05% APY
- Minimum deposit: $100
- No welcome bonus
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $100
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 3,75% APY
- Minimum deposit: $0
- Welcome bonus: $250
- Member FDIC
- 3,60% APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
- 3,40% APY
- Minimum deposit: $0
- Member FDIC
- No welcome bonus
- 3,40 APY
- Minimum deposit: $0
- No welcome bonus
- Member FDIC
Video with the best savings accounts
We also have made a video with the best savings accounts:
Pros and cons
Once we have seen all the features of the Charles Schwab savings account and analyzed the main characteristics of the best savings accounts, we are in a position to see a table with all the advantages and disadvantages:
| Pros | Cons |
|---|---|
| No minimum balance | Low interest rates |
| Commission-free withdrawals at ATMs | |
Requirements
Opening this savings account is very simple, you just have to meet the following requirements:
- Must be over 18 years old
- Live in the United States
- Have an American phone
Documentation
They may also ask you for the following documentation:
- Certified copy of identity document (for each applicant): in most cases this will be your current, valid passport although some other types of ID are acceptable.
- Certified copy or original proof of address (for each applicant): your proof of address will normally be a bank or building society statement or a utility bill.
- Your signed Client Agreement.
Frequent questions
Here we answer all the questions you may have:
Conclusions and opinions
After all the review, our conclusion is that our conclusion is that Charles Schwab does not offer a competitive savings account because you can only get 0.48% APY while other banks offer 5% APY. On the other hand, Charles Schwab does not have commissions and you can withdraw money at ATMs around the world without commissions.
More information about Charles Schwab
Here you have interest information about Charles Schwab:
| Information | Description |
|---|---|
| Website | https://www.schwab.com/ |
| https://twitter.com/charlesschwab | |
| https://www.facebook.com/CharlesSchwab | |
| YouTube | https://www.youtube.com/user/CharlesSchwab |
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Updated the day 17 May, 2023 by Alfredo Barandiarán
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