Charles Schwab Review: Accounts, Fees & Features (2024)

Charles Schwab has been a heavyweight in the investing world for over 50 years, but the 2020 merger with TD Ameritrade transformed it into something even bigger. Today, Schwab manages over $8 trillion in client assets across 34 million accounts. That's not just impressive — it signals serious staying power in an industry where flash-in-the-pan apps come and go.

Here's what matters: Schwab built its reputation on making investing accessible without nickeling and diming you to death. Zero commissions on stocks and ETFs became standard industry-wide, but Schwab still stands out for reasons beyond just free trades. The checking account alone (with unlimited worldwide ATM fee rebates) makes traditional banks look silly. Combine that with legitimate research tools, 24/7 customer service, and actual humans you can talk to in branches, and you've got a full-service operation that works for both beginners and sophisticated investors.

This review breaks down everything you need to know about the charles schwab brokerage account, their banking products, what you'll actually pay in fees, and whether Schwab makes sense for your situation. We're not here to sell you on anything — just give you the facts so you can decide if Schwab deserves your business.

What Is Charles Schwab? (Company Overview)

Schwab's History and Acquisition of TD Ameritrade

Charles Schwab launched in 1971 with a radical idea: let regular people invest without paying obscene commissions to full-service brokers. Chuck Schwab (yes, that's his real name) pioneered discount brokerage when Wall Street was still a boys' club charging 1-2% commissions per trade.

Fast forward to October 2020, and Schwab completed its acquisition of TD Ameritrade for $26 billion. This wasn't just a merger — it created the largest publicly traded brokerage firm in America. The integration process took time (systems don't merge overnight when you're talking about millions of accounts), but TD Ameritrade clients have now been fully transitioned to Schwab platforms.

What does this mean for you? More scale, more resources, better technology, and — theoretically — lower costs that get passed along. Schwab absorbed TD Ameritrade's excellent thinkorswim platform, giving active traders a professional-grade tool under the Schwab umbrella.

Who Schwab Serves Best

Schwab works for a remarkably broad audience, but three groups get the most value:

DIY investors who want guidance available when needed. You're not paying for hand-holding you don't want, but research tools and customer service are there when questions pop up. The platform doesn't assume you're an idiot, but it also doesn't require a finance degree to navigate.

High-net-worth clients looking for private wealth management. Schwab's private client services kick in at $1 million in investable assets. You'll get dedicated advisors, estate planning support, and banking services that actually make sense at that asset level.

Frequent travelers who hate ATM fees. This one's specific but huge. Schwab's checking account reimburses all ATM fees worldwide, every month, with no limits. Use an ATM in rural Thailand that charges $8? Schwab refunds it. This single feature makes the account invaluable for digital nomads and international travelers.

Schwab handles 34+ million client accounts with $8.14 trillion in total assets (as of Q4 2023). Those numbers suggest they're doing something right for a lot of different people.

Charles Schwab Account Types Explained

Brokerage and Investment Accounts

The standard charles schwab brokerage account is what most people open first. Individual and joint brokerage accounts come with zero account minimums, no maintenance fees, and $0 commissions on stocks and ETFs. Options trades are free too, though you'll pay $0.65 per contract.

These are taxable accounts — you'll owe capital gains taxes on profits when you sell. But they offer complete flexibility. No contribution limits, no withdrawal penalties, no rules about when you can access your money. Buy stocks, sell them the next day, whatever. Your money, your call.

Margin accounts let you borrow against your portfolio to buy more securities. Schwab's margin rates currently range from 12.825% down to 7.325% for balances over $1 million (rates as of late 2024). That's competitive but not the absolute lowest — Interactive Brokers beats them on margin costs.

Banking Products (Checking, Savings, Credit Cards)

The charles schwab checking account is legitimately one of the best checking accounts in America. No monthly fees, no minimum balance, no foreign transaction fees, and — here's the kicker — unlimited ATM fee reimbursements worldwide.

Think about that. Every ATM in the world is now your ATM. Get charged $5 at a random gas station? Schwab credits it back. This checking account also comes with a Visa debit card that works everywhere and offers free overdraft protection if you link it to a brokerage account.

Here's how Schwab's checking stacks up against alternatives:

Feature	Schwab Checking	Chase Total Checking	Ally Interest Checking
Monthly Fee	$0	$12 (waivable)	$0
ATM Fee Rebates	Unlimited worldwide	None	Up to $10/month
Foreign Transaction Fees	$0	3%	$0
Interest Rate	0.45% APY	0.01%	4.00% APY
Account Minimum	$0	$0	$0

The Schwab Bank Savings account currently offers around 0.48% APY (rates fluctuate). That's not competitive with top online banks like Marcus or Ally, which often offer 4%+ APY. But it's serviceable if you want everything under one roof.

Schwab also offers the Schwab Bank Investor Card (Visa Platinum), but honestly? It's nothing special. No annual fee, but only 1.5% cash back on purchases. You can do better with a dedicated rewards card from Chase or Citi.

Retirement Accounts (IRA, 401k)

Schwab handles the full retirement account lineup: Traditional IRAs, Roth IRAs, SEP IRAs for self-employed folks, and SIMPLE IRAs for small businesses. All come with the same $0 commissions and no account fees.

Here's what you need to know about each:

Traditional IRA: Contributions may be tax-deductible (depending on your income and whether you have a 401k at work). Money grows tax-deferred. You pay ordinary income tax on withdrawals in retirement. 2024 contribution limit is $7,000 ($8,000 if you're 50+).

Roth IRA: Contributions made with after-tax dollars, but qualified withdrawals in retirement are completely tax-free. Same contribution limits as Traditional. Income limits apply — phase-out begins at $146,000 for singles, $230,000 for married couples filing jointly (2024 numbers).

SEP IRA: For self-employed people or small business owners. You can contribute up to 25% of compensation or $69,000 for 2024, whichever is less. Massive contribution potential if you're earning good money from freelance or business work.

Schwab also administers 401k plans for companies, but we're focusing on individual accounts here. If your employer offers a Schwab 401k, great — same low costs and investment options apply.

Schwab Fees and Costs: What You'll Actually Pay

Trading Commissions and Transaction Fees

Let's start with the good news: $0 commissions on stocks, ETFs, and options base trades. That's been standard since late 2019 across major brokers, but it's still worth celebrating. Options contracts cost $0.65 each, which is competitive but not the cheapest (E*TRADE charges $0.50 per contract, for example).

Mutual fund fees get trickier. Schwab's proprietary mutual funds and their Schwab ETF OneSource lineup trade for free. But non-transaction-fee mutual funds outside Schwab's lineup cost $49.95 per online trade. That's steep if you want to buy Fidelity or T. Rowe Price funds through Schwab.

Here's the reality: Stick with Schwab's own funds or their no-transaction-fee mutual fund selection (over 2,500 funds available), and you're fine. Wander outside that universe, and costs add up fast.

Broker-assisted trades — meaning you call Schwab to place an order instead of doing it online — cost $25 per trade. Unless you're physically unable to use the platform, there's no reason to pay for this.

Account Maintenance and Service Fees

Zero account minimums for most accounts. Zero inactivity fees. Zero annual fees. Zero maintenance fees. Starting to see the pattern?

Paper statements cost $5 per delivery if you insist on getting them mailed. Just go paperless and save the trees (and the money).

Wire transfers cost $25 for outgoing domestic wires, $50 for international wires. Incoming wires are free. Full account transfers to another broker cost $50, but Schwab will often reimburse this if you're bringing a substantial account over (many brokers do this as a competitive practice).

Returned check or ACH fees: $25. Overnight check delivery: $15. These are avoidable nuisance fees — just don't write bad checks or need emergency check delivery.

What's Free at Schwab

Beyond zero trading commissions, here's what doesn't cost you anything:

• Real-time streaming quotes
• Research reports from Morningstar, Credit Suisse, and Schwab's own research team
• Mobile app for iOS and Android
• Schwab.com trading platform
• 24/7 customer service by phone
• Access to 300+ Schwab branch locations
• Schwab Intelligent Portfolios (automated investing) has no advisory fees, though it requires a $5,000 minimum

Schwab Intelligent Portfolios Premium costs $30/month ($300 upfront planning fee) and includes access to CFP professionals for financial planning. Still cheaper than paying 1% AUM fees to a traditional advisor.

Here's how charles schwab fees and commissions compare to competitors:

Fee Type	Schwab	Fidelity	Vanguard
Stock/ETF trades	$0	$0	$0
Options contracts	$0.65	$0.65	$1
Mutual fund trades (non-NTF)	$49.95	$49.95	N/A (Vanguard funds free)
Account minimum	$0	$0	$0 (most accounts)
Account maintenance	$0	$0	$0
Robo-advisor fee	0% (cash drag)	0.35%	0.15%

Investment Options and Trading Platform

Stocks, ETFs, Mutual Funds, and Bonds

The charles schwab investment options cover pretty much anything a retail investor needs. Over 4,000 mutual funds are available with no transaction fees through Schwab's Mutual Fund OneSource program. Another 10,000+ mutual funds are available for purchase (though outside the free list, you're paying that $49.95 per trade).

Schwab's proprietary index funds compete directly with Vanguard. The Schwab S&P 500 Index Fund (SWPPX) charges a 0.02% expense ratio — identical to Vanguard's VOO. Schwab Total Stock Market Index (SWTSX) also clocks in at 0.03%, matching Vanguard's VTSAX.

The ETF selection is enormous — over 2,000 ETFs trade commission-free. This includes Schwab's own ETF lineup and popular options from iShares, Vanguard, and Invesco. You won't feel limited.

Bond investing is solid but not exceptional. Schwab offers Treasury bonds, municipal bonds, corporate bonds, and CDs. The bond screener and fixed income research are adequate for most investors. If you're doing serious bond ladder work or hunting for specific municipal bonds, you might find Fidelity's bond desk slightly better.

Fractional shares are available for stocks and ETFs priced over $5. Minimum purchase is $5. This makes it easy to invest small amounts regularly without worrying about share prices. Want to own Amazon but don't have $2,000 for a full share? Buy $50 worth instead.

Schwab's Trading Technology and Research Tools

Schwab.com is the main web platform. It's clean, functional, and doesn't overwhelm beginners with complexity. You can quickly check positions, place trades, and access research. The interface won't win design awards, but it's fast and reliable.

The Schwab mobile app handles basic trading and account monitoring well. Check balances, place market orders, deposit checks via mobile deposit. It's not as feature-rich as the web platform, but it covers 90% of what you need on the go.

StreetSmart Edge is Schwab's answer to active traders. This desktop platform offers:

• Customizable multi-monitor layouts
• Advanced charting with 100+ technical indicators
• Level II market depth quotes
• Options chains and probability calculators
• Streaming news and real-time market data
• Hotkeys for fast order entry

It's not as sophisticated as TD Ameritrade's thinkorswim platform (which Schwab now owns), but StreetSmart Edge handles most active trading needs. Day traders and options specialists might prefer thinkorswim, which is still available to Schwab clients.

Research tools pull from multiple sources:

• Morningstar ratings on mutual funds and stocks
• Credit Suisse HOLT for equity valuation research
• Market Edge for technical analysis
• Schwab Equity Ratings using proprietary quantitative models
• Argus Research for stock reports and recommendations

The Schwab Center for Financial Research publishes market commentary, sector analysis, and educational content. It's more useful than you'd expect — actual insights instead of generic "markets did a thing" nonsense.

Robo-Advisor Option: Schwab Intelligent Portfolios

Schwab Intelligent Portfolios is the automated investing option for people who don't want to pick their own investments. You answer questions about goals, timeline, and risk tolerance. The algorithm builds a diversified portfolio using Schwab ETFs and rebalances automatically.

The good: Zero advisory fees. That's huge compared to Betterment (0.25%) or Wealthfront (0.25%). You need $5,000 to start, but there's no ongoing management fee eating into returns.

The bad: High cash allocation. Schwab typically holds 6-30% of your portfolio in cash, depending on your allocation. This cash earns minimal interest (around 0.48% currently) while the stock market historically returns 10%+ annually. Over time, this cash drag hurts performance.

Why does Schwab do this? They make money on that cash. You're not paying an explicit fee, but you're accepting lower returns via the cash allocation. Whether that tradeoff beats paying 0.25% to Betterment depends on your portfolio size and time horizon.

Schwab Intelligent Portfolios Premium ($30/month or $360/year) adds access to human financial planners. You get unlimited calls with CFPs who can help with financial planning beyond just investing — retirement planning, college savings, tax strategies. For $30/month, that's reasonable if you'll actually use it.

Is charles schwab good for beginners? The robo-advisor makes it easy to get started with minimal knowledge. But if you're willing to learn basic index fund investing, you'll do better just buying SWPPX or SWTSX yourself and avoiding the cash drag entirely.

Charles Schwab Pros and Cons

What Schwab Does Really Well

The checking account is unbeatable for travelers. Unlimited worldwide ATM fee reimbursements, no foreign transaction fees, no account fees. If you travel internationally even occasionally, this checking account pays for itself instantly.

Zero account fees across the board. No maintenance fees, no inactivity fees, no minimum balance requirements for most accounts. Schwab isn't trying to nickel and dime you with random charges. You'd be shocked how rare this is in financial services.

Legitimate customer service. 24/7 phone support that actually answers. Live chat on the website. 300+ branches if you prefer in-person help. Customer service reps who seem to know what they're doing. This matters more than people think when something goes wrong.

Strong research and educational resources. The Schwab Center for Financial Research isn't just marketing fluff. Real market analysis, educational webinars, retirement planning tools that actually work. You're not paying for research separately, but you're getting institutional-quality stuff.

Excellent for buy-and-hold investors. If you're building a retirement portfolio with ETFs or mutual funds and rebalancing quarterly, Schwab has everything you need. Zero commissions, good fund selection, solid account types. No reason to look elsewhere.

Schwab's proprietary index funds compete with Vanguard. Expense ratios are essentially identical. Performance tracks indexes closely. If you're an index fund investor, Schwab's own funds are absolutely fine. You don't need to transfer everything to Vanguard.

Where Schwab Falls Short

The robo-advisor cash drag is real. Holding 6-30% cash in a portfolio designed for growth is defensible from a risk management standpoint, but over 10-20 years, that cash allocation probably costs you money versus a lower-cost competitor like Vanguard Digital Advisor (0.15% fee but fully invested).

Mutual fund selection is smaller than Fidelity. Fidelity offers around 3,300 no-transaction-fee mutual funds compared to Schwab's 2,500+. If you're specifically hunting for niche mutual funds, Fidelity might have more options. For most investors, Schwab's selection is plenty.

Savings account rates lag behind top online banks. Schwab Bank Savings currently offers around 0.48% APY. Marcus by Goldman Sachs and Ally Bank regularly offer 4%+. If maximizing savings account interest matters to you, keep your emergency fund elsewhere and use Schwab for investing.

Options traders might want lower contract fees. At $0.65 per contract, Schwab is competitive but not the cheapest. E*TRADE charges $0.50, and some specialized options brokers offer volume discounts that Schwab doesn't match. If you're trading hundreds of contracts monthly, those pennies add up.

No crypto trading. Schwab doesn't offer cryptocurrency trading. Not a con if you think crypto is speculative nonsense, but definitely a limitation if you want one platform for everything. You'll need a separate account at Coinbase or another crypto exchange.

The platform could be more modern. Schwab.com is functional but not exactly cutting-edge. Robinhood's interface is slicker. Fidelity's Active Trader Pro is more sophisticated. Schwab sits in the middle — not ugly, not beautiful, just... serviceable.

Pros	Cons
Zero account fees and commissions	Robo-advisor has high cash allocation
Outstanding checking account with ATM rebates	Savings APY lower than top online banks
Strong research and educational resources	Mutual fund selection smaller than Fidelity
24/7 customer service and branch access	Options contract fees not the cheapest
Excellent for buy-and-hold investors	No cryptocurrency trading available
Low-cost proprietary index funds	Platform interface feels dated

How Schwab Compares to Other Brokerages

Schwab vs. Fidelity

This is the closest head-to-head comparison. Fidelity and Schwab are remarkably similar: zero commissions, no account fees, strong customer service, extensive research, proprietary low-cost index funds.

Where Fidelity wins: More mutual funds (3,300+ no-transaction-fee funds vs. 2,500+). Better credit card (Fidelity Rewards Visa gives 2% cash back on everything). Slightly better savings account rates (though still not competitive with online banks). Active Trader Pro platform is more sophisticated than StreetSmart Edge.

Where Schwab wins: Better checking account (unlimited ATM rebates vs. Fidelity's limited rebates). More branch locations (300+ vs. 200+). Slightly better bond trading platform. The thinkorswim platform (acquired from TD Ameritrade) beats Active Trader Pro for options traders.

Honest take: You can't go wrong with either. If you travel internationally frequently, Schwab's checking account tips the scale. If you actively trade options, grab Schwab for thinkorswim. If you want a great cash-back credit card, Fidelity wins. For most investors, flip a coin.

Schwab vs. Vanguard

Vanguard is the godfather of index investing. Jack Bogle invented the index fund, and Vanguard's structure (owned by the funds themselves) theoretically aligns their interests with investors.

Where Vanguard wins: If you're an index fund purist, Vanguard's funds are the originals. The company's entire philosophy revolves around low-cost passive investing. Admiral Shares (their low-cost tier) have expense ratios that match Schwab's, but there's something appealing about going to the source.

Where Schwab wins: Better trading platform. Easier account opening process. Better customer service (Vanguard's phone wait times can be painful). More account types (the checking account, credit cards, more flexible brokerage options). Vanguard is laser-focused on investing; Schwab offers a fuller financial services suite.

Vanguard Digital Advisor charges 0.15% for robo-advisory services but keeps you fully invested (no cash drag). Schwab Intelligent Portfolios charges 0% but holds significant cash. Over long time periods, you might actually pay less with Vanguard's explicit fee.

The verdict: If you're building a three-fund portfolio and checking it once a quarter, Vanguard is perfectly fine. If you want easier technology, better customer service, or banking services alongside investing, Schwab is the smarter choice.

Schwab vs. Robinhood and Other App-Based Brokers

Robinhood revolutionized investing with a slick mobile app and zero commissions (before everyone else copied them). But it's a fundamentally different product than Schwab.

Where Robinhood wins: Simpler interface. More intuitive for absolute beginners. Faster account opening (seriously, you can start trading in minutes). Offers cryptocurrency trading. Feels more like an app than a financial institution.

Where Schwab wins: Actual research and educational resources. Human customer service (Robinhood's support is notoriously terrible). FDIC-insured checking and savings accounts. Retirement account options. A company that's been around for 50+ years and won't implode during the next market crisis.

Here's the thing about Robinhood: It's designed for small accounts and frequent trading. The interface gamifies investing. That's fine for learning with small amounts, but once you're managing serious money, you want a serious institution.

Other app-based competitors (Webull, SoFi, Acorns) occupy similar territory. They're fine for beginners or people who want simple mobile-first experiences. But they lack Schwab's depth, research, customer service, and institutional trust.

The verdict: If you're 22 years old opening your first investment account with $500, Robinhood or SoFi might feel more approachable. If you're 35 rolling over a 401k with $150,000, you want Schwab.

Feature	Schwab	Fidelity	Vanguard	Robinhood
Stock/ETF commissions	$0	$0	$0	$0
Options contracts	$0.65	$0.65	$1	$0.65
Account minimum	$0	$0	$0 (most)	$0
Mutual fund selection	2,500+ NTF	3,300+ NTF	Vanguard only	None
Checking account	Excellent	Good	None	Weak
Customer service	24/7 phone	24/7 phone	Phone only	Mostly email
Research quality	Strong	Strong	Basic	Minimal
Best for	Travel, general investing	Active traders	Index investors	Simple mobile trading

Is Charles Schwab Right for You?

Best For: Which Investors Should Choose Schwab

Beginning to intermediate investors who want room to grow. Schwab doesn't talk down to beginners, but it also won't overwhelm you with unnecessary complexity. Start with simple index funds, add individual stocks later if you want, maybe try options eventually. The platform scales with your knowledge.

Travelers who hate ATM fees. If you travel internationally or even domestically to places with expensive ATMs, the checking account alone justifies opening a Schwab account. The unlimited fee reimbursements are legitimately hard to beat.

Retirement savers who want simplicity. Traditional and Roth IRAs with zero fees, low-cost index funds, and straightforward investing. Set up automatic contributions, pick a target-date fund or a simple three-fund portfolio, and ignore it for 30 years. Schwab handles this perfectly.

People who value human support. Phone support that actually answers. Branches you can visit. Financial consultants who can walk you through rollover questions or beneficiary designations. Not everyone needs this, but when you do, it matters.

Index fund investors who don't worship at the Vanguard altar. Schwab's proprietary index funds match Vanguard's expense ratios. SWPPX vs. VFIAX for S&P 500 exposure? Functionally identical. If you want index funds without the Vanguard cult mystique, Schwab works great.

Not Ideal For: When to Look Elsewhere

Day traders who need ultra-low options costs. At $0.65 per contract, Schwab is fine but not optimal. If you're trading 500 options contracts per month, those fees add up. tastyworks charges $1 to open, $0 to close. Interactive Brokers offers volume discounts. For serious options flow, shop around.

People who want the absolute highest savings rates. Schwab Bank Savings at 0.48% APY isn't competitive with online banks. If maximizing interest on your emergency fund is a priority, keep that money at Marcus, Ally, or another high-yield savings account. Use Schwab for investing.

Vanguard index fund purists. If you specifically want to own Vanguard mutual funds (VTSAX, VFIAX, etc.) and won't accept substitutes, just go to Vanguard directly. Schwab charges $49.95 per trade for Vanguard funds. That's silly when you could buy them for free at Vanguard.

Cryptocurrency enthusiasts. Schwab doesn't offer crypto trading. If Bitcoin is a core part of your investment thesis, you need a separate account at Coinbase, Kraken, or another crypto platform. Schwab won't help you there.

People who need specialized platforms for their specific trading style. If you're trading futures, Schwab offers them but platforms like Interactive Brokers or TD Ameritrade (well, thinkorswim) might suit you better. If you're trading forex, same story. Schwab is generalist, not specialist.

Here's the decision framework: What matters most to you?

• Lowest possible costs: Schwab ties with Fidelity and beats almost everyone else
• Best checking account: Schwab wins by a mile
• Most investment options: Fidelity edges out Schwab slightly
• Simplest interface: Robinhood or SoFi for mobile-first simplicity
• Best for index funds: Vanguard or Schwab, basically tied
• Active trading platform: thinkorswim (now owned by Schwab) or Interactive Brokers
• Human customer service: Schwab or Fidelity

If two or more of your priorities lean toward Schwab, open an account. If Vanguard or Fidelity check more boxes, go there. There's no universally perfect brokerage, just the one that fits your specific situation.

How to Get Started with Charles Schwab

Account Opening Process

Opening a charles schwab brokerage account takes 10-15 minutes online. You'll need:

• Social Security number
• Driver's license or state ID
• Employment information
• Funding source (bank account details or check)

The application asks standard questions: What's your investment experience? What's your net worth? What's your employment status? Be honest — these answers determine things like margin eligibility and options trading approval levels.

For retirement accounts (Traditional or Roth IRA), you'll also answer questions about your income to determine contribution eligibility. If you're opening a joint account, both people need to provide information.

Schwab uses electronic identity verification, so most applications get approved instantly. Occasionally they'll ask for additional documentation (copy of your ID or proof of address), but that's rare.

Initial Funding and Promotions

You can fund your account several ways:

Electronic bank transfer (ACH): Link your existing bank account and transfer money electronically. Takes 1-3 business days. No fees. This is how most people fund accounts.

Wire transfer: Faster (same-day or next-day), but your bank probably charges $25-30 for outgoing wires. Only worth it if you need money available immediately.

Check deposit: Mail a check or use mobile deposit through the Schwab app. Takes longer (3-5 business days) but works if you don't want to link bank accounts electronically.

Transfer from another brokerage: Schwab will initiate an ACAT transfer to move assets from your old brokerage. Takes 5-7 business days. Your old broker might charge $50-75, but Schwab often reimburses this fee if you're transferring substantial assets.

Promotional offers: Schwab occasionally runs signup bonuses for new accounts. Recent promotions have included:

• $100 bonus for opening a brokerage account and making a deposit that meets the bonus requirements
• $200-$1,000 bonuses for transferring larger accounts from other brokers (tiered based on transfer amount)
• IRA match promotions where Schwab contributes extra money to your IRA based on your contribution

Check MoneyWell for current Schwab promotions — offers change regularly and aren't always advertised prominently on Schwab's main site.

All Schwab accounts are protected by SIPC insurance up to $500,000 per account (including $250,000 for cash claims). That covers you if Schwab goes bankrupt, not if your investments lose value. Schwab also carries additional insurance through Lloyd's of London, providing aggregate coverage up to $600 million (including $1.15 million for cash).

Once funded, you're ready to invest. If you're new to investing, consider starting with one of Schwab's index funds like SWPPX (S&P 500), SWTSX (Total Stock Market), or SWISX (International Stock). Set up automatic monthly investments if you want to dollar-cost average into the market.

If you prefer automated investing, Schwab Intelligent Portfolios will build a portfolio for you based on your risk tolerance and goals. The $5,000 minimum is higher than some robo-advisors, but remember — no ongoing advisory fees.

Charles Schwab built its reputation on democratizing investing, and 50+ years later, they're still doing it well. The charles schwab brokerage account offers zero commissions, low-cost funds, strong research, and excellent customer service. Add in the best checking account for travelers and comprehensive retirement account options, and Schwab serves a remarkably wide range of investors.

Is Schwab perfect? No. The robo-advisor's cash drag is questionable. Savings rates lag online banks. Options traders can find lower per-contract costs elsewhere. But these are minor complaints in an otherwise solid package.

For most people — whether you're opening your first IRA, rolling over a 401k, or consolidating accounts from multiple brokers — Schwab deserves serious consideration. The combination of zero fees, legitimate research, human customer service, and banking products creates a one-stop shop that's hard to beat.

Ready to compare Charles Schwab with other top brokerages to find the best fit for your investing style? Head to MoneyWell's home page for detailed comparisons that help you make the right choice for your financial goals.