How to Open a Schwab Account
Charles Schwab offers lots of financial accounts. They do differ somewhat in their requirements. Be
sure to look over the following article before trying to open an account with the financial conglomerate.
Requirements to Open Schwab a Domestic Account
In order to open a U.S. account with Charles Schwab, in either investing or banking mode, the following
requirements must be met:
- Have a Social Security Number (no other tax ID number is accepted for most account types)
- At least 18 years of age
- Have a residential address in the U.S. or its territories
Some esoteric retirement accounts at Schwab, such as solo 401k plans, can be opened with an EIN (employer identification number). In fact, the 401k must be opened with an EIN.
No deposit is necessary to open a domestic bank or brokerage account with Charles Schwab. Investment-advisory accounts do have minimums. They range from $5,000 up to $1 million.
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Requirements to Open a Schwab International Account
Schwab has a fairly extensive global-account service that allows residents of foreign countries, including citizens of those countries, to open brokerage accounts. The advantage of this program is that a Social Security Number is not required, nor is an address in the United States. The downside is that a minimum funding amount of $25k is required, and this minimum actually increases to $100k for a trust account.
To get the international account open, a government ID must be submitted together with a tax ID number and proof of residency in the foreign country. This could be a utility bill or some other document that establishes residency.
Not all countries are on Schwab’s list. A few are, though. During our probing, persons from the following countries could open accounts:
Mexico
Hong Kong
China
Macau
Portugal
United Kingdom
Available Accounts and Investments
Schwab offers a wide assortment of account types for domestic clients. These include joint, individual, tax-deferred, custodial, trust, estate, and entity accounts. The international branch of the company has a smaller lineup of accounts.
Once an account is opened, it will have a large assortment of instruments to trade. These include stocks, options, bonds, funds, and futures. Not all products can be traded in all account types. An IRA, for example, cannot trade futures contracts.
Requirements for a Bank or Global Account
At Schwab, a checking or savings account must be linked to a domestic brokerage account. Therefore, it has the same list of requirements noted above for a domestic investment account.
A global account is different than an international account. The global account is for domestic customers to trade foreign stocks. As a domestic account, it has the same requirements as a bank account. It must be connected to a domestic brokerage account.
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Schwab Account Opening Approval
An account can be approved very quickly at Schwab. It could be just a single business day, although in some cases, the firm may take longer. When we opened an IRA with the brokerage arm of the company, it took 3 business days for it to be approved. Any account that requires a paper application—and there are a few—will require much longer.
Opening an Account
A foreign account must be opened through Schwab’s global site. Look for the orange button to open an account and follow the on-screen prompts. It’s an easy step-by-step application. Be prepared to upload scans of various documents, as the international application does require them.
A domestic account
can be opened through the regular Schwab website.
It also has a button to open an account. If you don’t see the account type you’re interested in, look for the link in the middle of the page to see all available accounts. Any account that requires a paper application will have a link to the necessary pdf.
Schwab’s mobile app can also be used to open a new account. Tap on the little guy in the upper-left corner of the app and select the link to open an account.
Making the First Deposit
Schwab offers many ways to make a deposit into a bank or investment account. These methods include:
- Internal transfer from another Schwab account
- ACH
- Wire
- Paper check
- Mobile check deposit
- Transfer of securities
- Zelle
Not all account types will be eligible for every deposit option. Either the mobile app or the website can be used.
Open Charles Schwab Account
Open Schwab Account
Updated on 6/1/2025.
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