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Review: Buying A CD From Charles Schwab

Charles Schwab logoThrough Schwab CD OneSource, brokerage and banking company Charles Schwab offers CDs from banks throughout the country.

If you’re already a client, that can be handy. We get that.

Especially since the CD rates aren’t horrible.

But keep in mind that you’ll find higher rates on our CD Rates Leaderboard from banks that impose no restrictions on who can buy their certificates of deposit, either online or through the mail.

The Charles Schwab website only lists a range of CD terms and rates currently available.

For exact rates, you have to log into your account or call a representative.

If you’re not a Charles Schwab client, you can open and fund an account specifically to buy CDs.

The representative we spoke with compared the website’s sample rates with what he was able to currently offer clients.

At that moment in time, Charles Schwab had mostly better than average rates:

3-month CD rate at 0.10% APY versus an average rate of 0.11% APY. (Leaderboard leader is 0.46% APY.)

6-month CD rate at 0.20% APY versus an average rate of 0.16% APY. (Leaderboard leader is 0.88% APY.)

12-month CD rate at 0.25% APY versus an average rate of 0.25% APY. (Leaderboard leader is 1.05% APY.)

24-month CD rate at 0.55% APY versus an average rate of 0.39% APY. (Leaderboard leader is 1.20% APY.)

36-month CD rate at 0.75% APY versus an average rate of 0.48% APY. (Leaderboard leader is 1.41% APY.)

60-month CD rate at 1.20% APY versus an average rate of 0.79% APY. (Leaderboard leader is 1.85% APY.)

Again, Charles Schwab is a brokerage, so they have a limited number of certificates of deposit available at any given time.

On the other hand, our CD Rates Leaderboard is updated daily.

You can learn more about Charles Schwab at www.schwab.com or call 866-232-9890.

Compare Schwab’s returns with the best CD rates from scores of other banks in our extensive database.

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