Charles Schwab is one of the most well-known investment companies in the world. With over 325 branches and over 1200 consultant, it's also one of the largest. Founded by Charles Schwab in 1971, the company offers banking as well as brokerage services to investors.
Schwab is consistently known as one of the best places to invest. Check out our full list of the best places to invest here.
We love Schwab for both it's investment options (it has some of the lowest-expense ratio mutual funds available), it's commission-free platform, and it's solid banking products.
Learn more about Schwab in our Schwab brokerage review below!
Quick Summary
- Full service brokerage with solid online and offline options
- Commission-free for stocks, options, and ETFs
- Solid banking options
Charles Schwab Details | |
|---|---|
Product Name | Schwab |
Min Invesment | $0 |
Commissions | $0 for Stock, Options, ETF trades |
Account Types | Traditional, IRA, Trust, and More |
Promotions | None |
Depositing Options
Schwab prides itself on presenting a range of depositing options for every investor. Direct deposit comes out of selected salary payments. Mobile deposits may be arranged via smartphones.
Users only need to take a picture of their check and it is on its way to the Schwab account. The fund may also be directly taken from a fund in the Mutual Fund OneSource Select List.
Full-Time Advisors
Investment consultants are always on hand to answers investor questions or help stop issues before they lead to a financial loss. These consultants are up to date on the latest research as they spot new opportunities and other factors that could change investment prospects in the stock market.
Schwab’s research tools are excellent and could be one of the best in the industry. Investors who choose to move some or all of their account from Schwab can rely on these consultants to offer full brokerage transfer assistance.
Mobile App
Investors using Schwab can make all of their transactions on the company's mobile app. This easy to use feature may be installed on iPads, iPhones, Apple Watches and Android devices. In addition to transactions, the app includes real time information as well up to date research on everything an investor needs to know.
Fees
There is no fee to open or maintain an account with Charles Schwab. As of 2019, equity trades also are commission-free ($0) with no limit on trades. Schwab also offers a large selection of low-fee mutual funds and ETFs.
New investors will find established minimum account balances that vary based on several factors. For most accounts, the minimum amount to open an account is $0, with the notable exception being just $25 for a 529 account.
This is a big change for Schwab - where they've lowered account minimums and have lowered the pricing to better compete with other companies.
See how Charles Schwab compares using our Online Stock Broker Comparison Tool.
No Commission ETFs
ETFs have become a major selling point in the investment industry. The company has over 200 no commission ETFs for investors.
As of 2019, online as well as phone trades for all other ETFs carry a small fee per transaction.
An additional service charge is also added. Use of the Schwab ETF OneSource includes no online fees but users wishing to speak with a broker will an additional $25.
Customer Service
There are several ways to reach a consultant or customer service representative at Charles Schwab.
By phone, the company can be contacted by a 24 hour 800 number. An online chat option or direct email is available through their website. Investors near a local brick and mortar location can meet with a representative. An appointment may be necessary.
Final Verdict
Charles Schwab is a classic company that has reinvented itself for the needs of new investors. They are extremely competitive with their commission-free stock and ETF trades, and have some of the best mutual funds right now. Their dedication to researching each detail of the stock market can help anyone unsure of how to make the most of their portfolio.
An eye on details also means consultants may catch a mistake that even the most experienced investor might have missed. Their straight forward customer service also reassures clients and keeps communication open between all parties.
Charles Schwab Review
- Commissions & Fees - 100
- Customer Service - 90
- Ease Of Use - 80
- Tools & Resources - 80
- Investment Options - 90
- Specialty Services - 90
Overall
Summary
Charles Schwab is one of the most well-known investment companies in the world. See what this brokerage has to offer in our review.
Joe Raspolich is a writer, editor and a money-saving enthusiast. He has a passion for learning and researching new topics and ideas. Joe was raised believing frugality doesn’t have to be boring, and he has learned how to have fun with limited funds.
tom ming says
Schwab service has recently deteriorated a lot.
Since December 2017 I have had to call Schwab many times and for every single call I was put on hold from 15 minutes to 45 minutes.
I plan to leave Schwab.
Susan says
I am not at all happy with Schwab. I helped my kids open brokerage accounts with their college graduation money because they supposedly had a $100 opening bonus. Three calls later and still no bonus posted to their accounts. I wish I had just had them use Merrill Lynch/Bank of America where our other accounts are.
Robert Farrington says
Typically, to get a bonus, there is a funding window, and a payment window. Typically, you have 60-90 days or so from account opening to fund the qualifying amount, then the bonus is paid in about 30-90 days after that. So, you could theoretically be waiting about 6 months to get your bonus.