Charles Schwab is one of the most well-known investment companies in the world. Founded by Charles Schwab in 1971, the company offers banking as well as broking services to investors. Charles Schwab Review: Pros, Cons,
Schwab is consistently known as one of the best places to invest. And in October 2020, it closed on its acquisition of TD Ameritrade, which further cemented its status as one of the largest and most capable brokers. Check out our full list of the best places to invest here.
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We love Schwab for both its investment options (it has some of the lowest expense ratio mutual funds available), its commission-free platform, and its solid banking products.
What Does Charles Schwab Offer?
Schwab is one of the oldest broking firms in the United States, and they’ve been consistently known for their low costs over the last few years. Plus, they’ve added in a tonne of great features, such as banking. Charles Schwab Review: Pros, Cons,
If you’re thinking about opening an account with Schwab, here’s a breakdown of its key features and options.
In 2026, Schwab was named a top pick in The College Investor’s survey of the best stock brokers because of their low fees, robust options, and banking products. Read the full list of the best stock brokers here.
Low Trading Costs
There is no fee to open or maintain an account with Charles Schwab. Stocks, ETFs, and options trades all trade commission-free, and Schwab currently offers over 4,000 no-transaction-fee (NTF) mutual funds. There are per-contract fees, however, for options ($0.65) and futures trades ($2.25). Charles Schwab Review: Pros, Cons,
Intelligent Portfolios
Charles Schwab calls it robo-advisory service Intelligent Portfolios. Clients who use the service will have their money automatically invested in diversified portfolios that are composed of low-cost ETFs.
But Intelligent Portfolios’ most notable feature is that it comes with absolutely no advisory fee, which is virtually unheard of in the industry. However, the investment minimum for Intelligent Portfolios is higher than many of its competitors at $5k.
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If your account balance is at least $25k, you can add unlimited CFP access by upgrading to Intelligent Portfolios premium. But you’ll no longer get fee-free service at this level. You’ll have to pay a $300 one-time planning fee when you sign up for Intelligent Portfolio Premium and then $30/month after that.
Banking
Charles Schwab is known for its banking options through its affiliated Charles Schwab bank. Their Investor Checking product is a no-fee checking account that is top-notch. It has no monthly minimums, no monthly fees, and it reimburses ATM fees worldwide.
It also links nicely with all your other Charles Schwab broking accounts. Charles Schwab Review: Pros, Cons,
Socially Responsible Investing
Currently, Schwab offers 500+ SRI mutual funds and more than 50 SRI ETFs. It’s also easy to compare them by using its mutual fund and ETF screening tools. However, it should be noted that there is no SRI strategy option for clients who use the Intelligent Portfolios robo-advisor service.
Personalized Wealth Management
Schwab is one of the few brokers that can offer everything from 100% DIY account control to custom portfolios built and managed by human advisors.
If you have at least $500k to invest, Schwab can refer you to a local advisor near you that’s part of its Schwab Advisor Network®. There’s no charge for the referral, but each independent advisor will have its own AUM fee structure.
And, finally, if you have an account balance of $1 million or higher, you’re eligible for Schwab Private Client™. At this level, you’ll receive a dedicated team of advisors to help you reach your investing goals. The advisory fees for Private Client™ start at 0.80%.
How Does Schwab Compare?
Schwab is one of the most popular investment firms in the United States, with some of the lowest fees on both trades and expense ratios.
Schwab offers cash management solutions as well, including a high-yield savings account, certificate of deposit (CD), and more. Deposits in any of these cash accounts are protected by FDIC insurance up to $250,000. Charles Schwab Review: Pros, Cons,
Contact
There are several ways to reach a consultant or customer service representative at Charles Schwab. By phone, the company can be contacted 24/7 at 800-435-4000. An online chat option is also available through their website.
Investors near a local brick-and-mortar location can also meet with a representative. There are now over 400 branches spread throughout the United States, with 140 of those locations shared by Charles Schwab and TD Ameritrade employees.
Investment consultants are always on hand to answer 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.
Why Should You Trust Us?
I have been writing about and reviewing investment firms and brokerages since 2009 and have reviewed almost every US-based investment firm open to individual investors. I have seen this space evolve from high-cost to low-cost options and have seen the number of investment tools grow for individuals. Plus, we’ve tested and tried Schwab’s banking, broking, and trading platforms – including Thinkorswim. Charles Schwab Review: Pros, Cons,
Furthermore, we have been polling our audience for years to find out which investment firms they trust and use, and that’s how we put together our annual rankings of the best investment companies.
Finally, we have our compliance team that regularly checks and updates the facts on our reviews.
Who Is This For And Is It Worth It?
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 lowest-cost mutual funds. Their dedication to researching each detail of the stock market can help anyone unsure of how to make the most of their portfolio. Charles Schwab Review: Pros, Cons,
An eye on details also means consultants may catch a mistake that even the most experienced investor might have missed. Their straightforward customer service also reassures clients and keeps communication open between all parties.
Common Questions
Let’s answer a few of the most common questions people ask about Schwab:
Is Charles Schwab owned by Bank of America?
Not anymore. The Charles Schwab Corporation was a subsidiary of Bank of America for a few years after it was acquired for $55 million in 1983. However, Charles Schwab (the person) led a buyback of the company in 1987 and took it public just a couple of months later.
Does Schwab have hidden fees?
There are no monthly fees with Schwab or commissions for self-directed trades. However, Schwab clients are charged $25 for trades that are broker-assisted.
Is Charles Schwab good for beginners?
Yes, with its wide variety of low-cost index funds and ETFs and its zero-fee Intelligent Portfolios, Schwab is one of our top choices for new investors. Charles Schwab Review: Pros, Cons,