Charles Schwab: who holds your money
Charles Schwab is not a bank. Charles Schwab says customer money is held at Charles Schwab Bank, SSB, with insurance reaching customers as direct FDIC insurance at a chartered bank. We read this information in the app's own public disclosure on September 5, 2026, and this page quotes that disclosure below. You can check each partner bank's own page on this site.
Charles Schwab is not itself a chartered bank. Customer money sits at Charles Schwab Bank, SSB, which carries letter A compared with similar-size banks on this site. Deposit insurance reaches customers directly through that bank, with coverage of $250,000 per depositor, per insured bank, for each account ownership category. This information reflects Charles Schwab’s disclosure read September 5, 2026.
Partner banks
- Charles Schwab Bank, SSBFDIC #57450 · program bank19.0%above the insured limitA90.3
The figure is the share of total bank deposits above the $250,000 federal insurance limit, reported quarterly to the FDIC. High shares are normal for banks holding large app program balances. They do not mean your balance is uninsured: pass-through insurance usually covers customers individually at the partner bank. Across US banks in 2022 to 2026, those above roughly 36% saw large quarterly total deposit declines more often than those below. Most banks above that level saw no such fall. This measures deposit movement and does not predict trouble for any bank.
Disclosure
If approved, your Schwab Bank Investor Checking account will be opened with Charles Schwab Bank, SSB., Member FDIC. Your linked brokerage account will be opened with Charles Schwab & Co., Inc. (Member SIPC.) Schwab One brokerage accounts are not insured by the FDIC; are not deposits; and may lose value.
www.schwab.com · as of September 5, 2026
Schwab Bank Investor Checking is a deposit account at Charles Schwab Bank itself; the linked Schwab One brokerage account is SIPC-covered, not FDIC-insured.