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Schwab Bank is the consumer bank of Charles Schwab, one of the best known brokerages in the United States. The Charles Schwab Corporation dates back to the 1970s, and the bank was formed in 2001 as a way to better serve existing customers and to attract new clients. Today, Schwab Bank offers competitive rate for CDs & money markets, high yield checking, great loan rates and more. The bank also offers home mortgages through well known mortgage lender Quicken Loans.
One of the nicest features of Schwab Bank is that it offers accounts specifically designed to benefit investors who use the brokerage. For example, the bank offers high-yield checking and savings accounts for investors. These accounts have minimal or zero fees and generally do not require a minimum account balance. For an investor who's often moving money around, this kind of account can pay big dividends.
Additionally, Charles Schwab Bank offers more traditional financial products such as regular savings & checking accounts, certificates of deposit, and money market accounts. Schwab Bank is not a mortgage lender itself, but the bank partners with Quicken Loans to originate mortgage loans, whether you're looking to purchase a home or refinance a loan. Quicken usually offers perks and incentives to Schwab clients, such as a discount on closing costs.
Want to see how Schwab Bank interest rates stack up against the competition? Search for CDs, savings accounts, mortgages, and more!
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