Charles Schwab doesn’t offer a traditional business checking account. If you are a sole proprietor, you may be able to use its individual checking account for your business. Or you may be interested in setting up a Schwab Organization Account. For more details, plus other business checking accounts to consider, see below.
Charles Schwab: Business Checking Account Options
As both a bank and a brokerage firm, Charles Schwab offers checking and savings accounts and investment accounts. But it does not have business-specific checking accounts, as confirmed by its corporate customer service department.
Schwab Bank’s High Yield Investor Checking Account is meant for individual use, the representative said. For businesses, such as LLCs, S Corporations, C Corporations, and other similar organizations, the only option from Charles Schwab is a Schwab Organization Account, which is an organizational investment account and has a $250,000 minimum requirement. To meet this requirement, you can link to other Schwab accounts. For example, if you have a large IRA, Schwab may accept a lower balance in an Organization Account, as long as the total balance of all your accounts is at least $250,000.
If you are a sole proprietor, you may be able to use Schwab’s High Yield Investor Checking Account for your business. Account benefits include:
- No monthly fees
- No minimum balance requirement
- No foreign transaction fees
- Unlimited ATM fee rebates with your attached Visa debit card
- A free brokerage account with no minimum balance requirement or maintenance fees
Schwab Bank’s High Yield Investor Checking Account is meant for individuals. If you are a sole proprietor, this may be an option. Another option could be Charles Schwab’s Organization Account, which is meant for businesses but requires a $250,000 minimum.