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 3,700 locations and 15,000 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 and reviews.

	Charles Schwab Bank	Bank of America
		Member FDIC
	Learn More	Learn More
	SPECIAL OFFER 18-Month CD - Up to 4.15% APY - Learn More Read Charles Schwab Bank Review	OFFER Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer Read Bank of America Review
	Benefits and Features
Savings	0.15% APY	Bank of America Advantage Savings Standard Rate: 0.01% APY
CD	Offers brokered CDs from other banks. Minimum deposit of $1,000.	7-Month CD - 3.51% APY 10-Month CD - 2.95% APY 13-Month CD - 2.00% APY 25-Month CD - 1.75% APY 37-Month CD - 0.11% APY 1-Month CD - 0.03% APY 120-Month CD - 0.03% APY
Checking
Mobile App		iOS & Android
ATMs	Unlimited ATM fee rebates when used with ATMs with the Visa, Interlink logo. Available worldwide.	Approximately 15,000+ ATMs
Customer Service	24/7 Live Customer Service (Telephone and Chat)	Monday -Friday: 8AM - 9PM ET Saturday: 9AM - 6PM ET Sunday: 8AM - 5PM ET
IRA CD
Locations	345 branches across the country. You may also open an account online.	3,700 financial centers
	CreditDonkey® Reviews

Savings
Checking
Mobile App
Customer Service
Pros & Cons	Pros: No account minimum No service fees Refund all ATM fees Cons: Only checking or savings Must do banking online
Bottom Line	Popular brokerage with a free checking account that refunds ATM fees... Read full review	Read full review
	Learn More	Learn More
	18-Month CD - Up to 4.15% APY 1-Year CD - Up to 4.10% APY 3-Month CD - Up to 4.01% APY
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 05/20/2026. Bank of America: Pricing information from published website as of 06/06/2026 based on 91107 zip code.

Member FDIC

Bank of America Advantage Plus Banking® - Up to $500 Bonus Offer

Learn More

New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
Bank of America N.A. Member FDIC.

Member FDIC

Bank of America Advantage Relationship Banking® - Up to $500 Bonus Offer

Learn More

New checking customers only: Get a bonus offer up to $500 after completing qualifying transactions. See offer page for more details
Bank of America N.A. Member FDIC.

Member FDIC

Bank of America Advantage SafeBalance Banking® - $100 Bonus Offer

Learn More

New checking customers only: Get a $100 bonus offer after completing qualifying transactions. See offer page for more details
Bank of America N.A. Member FDIC.

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.

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 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.