Schwab Bank is best for consumers who want a stellar interest checking account with free use of any ATM and don’t need to deposit cash often.
May 1, 2024 Written by Amber Murakami-Fester Amber Murakami-FesterAmber is a former banking writer for NerdWallet. Her work has been featured by USA Today, The Christian Science Monitor and The Associated Press. She holds a bachelor's degree in comparative literature from UCLA.
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Assigning Editor | Banking
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
The bottom line:This company may be known primarily as an investing platform, but it’s also a bank that offers online checking and savings accounts. And the checking account in particular is excellent; it pays interest and comes with an outstanding ATM policy.
Best for: Those who want free use of ATMs all over the world and no monthly fees and don’t need to deposit cash.
No overdraft fees. No monthly fees. No minimum opening deposits on checking or savings accounts. ATM fee rebates. Low rates on savings account. No cash deposit.Charles Schwab Bank
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
With $0.01 min. balance for APYThis account comes with a relatively low annual percentage yield of 0.48% , but there are no monthly fees or minimum balance requirements associated with the account.
Still, most online banks pay more for savings.
» Want to compare rates? See our list of the best high-yield online savings accounts
/5 NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Monthly fee With $0 min. balance for APY Show detailsSchwab Bank has one of the best ATM fee reimbursement programs in the game, and the fact that it has no monthly fees or minimum balance requirements is a big bonus.
Schwab Bank checking offers unlimited ATM fee reimbursements, domestically and abroad. It also doesn’t charge foreign transaction fees, making it one of the best banks to use if you’re traveling out of the country.
» Want to see the competition? Check out our picks for the best online checking accounts
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Schwab Bank provides customer service through multiple avenues, including X (Twitter) and chat support. Phone support is available 24/7. The iOS app is favorably rated by customers, but the user rating for its Android version is much lower.
A drawback to Schwab Bank is that it doesn’t accept cash deposits. To fund your accounts, you can set up direct deposit or transfer or wire money from an account at another institution or deposit a check via mobile check deposit. You can also convert your cash into a check and send it in by mail.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Charles Schwab Bank doesn’t charge overdraft fees. If you don’t have enough money in a backup account, Schwab Bank may deny the overdraft transaction, though you won’t be charged a fee.
If you overdraft, Schwab Bank may pull money from funds in your linked Schwab One brokerage account or your Schwab Bank Investor Savings account, free of charge, if you set them up as sources for funds.
Many banks have eliminated these kinds of penalties, but some banks charge overdraft fees that cost as much as $36 each and can do so as often as six times in a day.
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
With $0 min. balance for APY
With $5,000 min. balance for APY
Earn up to $300 with direct deposit. Terms apply.
Learn moreat SoFi Bank, N.A.
Learn moreNerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
About the author
Amber Murakami-FesterAmber Murakami-Fester is a former banking writer for NerdWallet. Her work has appeared in USA Today and The Christian Science Monitor. Read more
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