Charles Schwab Bank vs Bank of America

Charles Schwab Bank is a popular brokerage with a free checking account that refunds ATM fees. How does it compare to Bank of America? Read our comparison chart below.

Charles Schwab Bank offers an Investor Checking account with unlimited ATM fee reimbursements worldwide and no foreign transaction fees. No minimum to open and no service fee. It is tied to a brokerage account but you don't have to use it.

While Bank of America is one of the largest banks in the U.S. with approximately 4,300 locations and 17,000 ATMs. It is known for good customer service with extended hours. It offers checking, savings, CDs, IRA, and investment accounts through Merrill Edge.

Compare Charles Schwab Bank with Bank of America, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	Charles Schwab Bank	Bank of America
		Member FDIC
	Learn More	Learn More
	SPECIAL OFFER High Yield Investor Checking – Unlimited ATM Rebates - Learn More Read Charles Schwab Bank Review	OFFER Bank of America Advantage Banking - $200 Bonus Offer Read Bank of America Review
	Benefits and Features
Savings	0.48% APY
CD	Offers brokered CDs from other banks. Minimum deposit of $1,000.
Checking	0.45% APY, $0.01 account minimum
ATMs	Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.	Approximately 16,000+ ATMs
Customer Service	24/7 Live Customer Service (Telephone and Chat)	Mon-Fri: 8am - 9pm (ET) Sat: 8am - 8pm (ET) Sun: 8am - 5pm (ET)
IRA CD
Locations	345 branches across the country. You may also open an account online.	3,922 financial centers
	CreditDonkey® Reviews

Savings
Checking
Mobile App
Customer Service
CD
Pros & Cons	Pros: No account minimum No service fees Refund all ATM fees Cons: Only checking or savings Must do banking online	Pros: Large branch network Extended service hours Full service banking Cons: Monthly fees Low interest rates Many misc. banking fees
Bottom Line	Popular brokerage with a free checking account that refunds ATM fees... Read full review	National bank with widespread accessibility and wide range of services... Read full review
	Learn More	Learn More
	High Yield Investor Checking – Unlimited ATM Rebates Schwab Bank Investor Checking™ Schwab Bank Investor Savings
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Charles Schwab Bank: Pricing information from published website as of 04/11/2024. Bank of America: Pricing information from published website as of 04/09/2024 based on 91107 zip code.

Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Learn More

Expires 5/31/2024

The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
The offer is for new checking customers only.
Offer expires 5/31/2024.
To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
Bank of America will attempt to pay bonus within 60 days.
Additional terms and conditions apply. See offer page for more details.
Bank of America, N.A. Member FDIC.

Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

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Expires 6/30/2024

Earn a cash bonus in three steps:

Open a new eligible business checking account by June 30, 2024
Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**

*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC

Member FDIC

Bank of America Advantage SafeBalance Banking®

Banking that helps you stay within your balance.
No monthly maintenance fee each statement cycle when you meet one of the following: an owner of this account is under the age of 25 or maintain a minimum daily. balance of $500 in your account or are a member of Bank of America Preferred Rewards®.
Bank of America, N.A. Member FDIC.

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Which is Better: Charles Schwab Bank or Bank of America?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Charles Schwab Bank or Chase.

In short: Charles Schwab Bank's savings is notable.

Articles on Charles Schwab Bank

Charles Schwab Bank Review

Charles Schwab is more than a brokerage. It also offers high yield checking and savings interest rates that might far surpass your local bank. Read on to learn the pros and cons.

Charles Schwab Bank vs Chase

Charles Schwab High Yield Savings

Charles Schwab Bank has a savings account with no fees and a free debit card. But how does its APY stack up against other accounts?

Charles Schwab Routing Number

You'll need the right routing number to transfer money in or out of your Charles Schwab bank account. Find yours and learn more about money transfers in our guide.