Charles Schwab Bank

Updated: June 24, 2019

Charles Schwab online banking

Foundation year:1971
FounderCharles R. Schwab
Key PeopleCharles R. Schwab (Chairman) | Walter W. Bettinger II (CEO and President)
Headquarters:San Francisco, California
Mobile app:Android/Apple
☎ Telephone number:1-888-403-9000
Routing number:121202211
Number of employees:19,169
Number of locations:345 branches
Branch locatorFind here
Bank’s Rating


Charles Schwab Bank: Introduction

Charles Schwab Bank, which is also known as the Charles Schwab Corporation, appears to be a bank and a brokerage firm, based in California. At the present time, this bank appears to be the 14th-largest U.S. bank, as well as it is also one of the largest brokerage firms. There are four main divisions of this bank: trading, banking, wealth management, and investing.

Even though the bank was founded just 48 years ago, nowadays it controls assets worth $3.362 trillion. The bank provides a wide variety of services in all areas of finance, and currently, there are 345 Charles Schwab branches out there. Almost 20,000 people work for this financial group.

Charles Schwab Review

Charles Schwab, apart from its main activity as a brokerage and investment firm, offers pretty decent banking opportunities. Unlike the majority of typical banks, this bank provides customers with an opportunity to yield higher returns on their money, while using simple banking products.

So, Charles Schwab Bank doesn’t offer plenty of financial products. Instead, you can use only checking and savings bank at Charles Schwab – they do not have account minimum and service fees, however. On top of that, the bank offers much higher returns on both savings and checking accounts than, for example, Wells Fargo or Bank of America.

Despite such obvious benefits of Charles Schwab, there are certain aspects you must keep in mind. First of all, there is a very limited number of branches of this bank, and you must manage your bank account mostly online. Secondly, there are only few ATMs of Charles Schwab (though the bank compensates out-of-network ATM fees). But if you are looking for something more than just checking and savings accounts, you should better look for another bank.

These are the pros of this bank:

  • You get refunds of ATM fees.
  • No service fees.
  • There is no account minimum.

Yet, there are also the following cons of Charles Schwab Bank:

  • There are only a few banking products.
  • You must manage your bank account online.
  • Only checking and savings bank accounts are available.

In addition to all this info about Charles Schwab Bank, we have an actionable, comprehensive guide to the online banking system of this bank. In order to find out how to use your bank account online, please visit the Charles Schwab login page.

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