Hello and welcome to another review at Gold retired. Today we’ll be investigating an IRA provider: Charles Schwab. Known to some as Schwab IRA. So what is Schwab IRA? How does it work? What are the products and services it offers? What are the IRAs it offers and how much are the IRA fees? Is it even worth considering? Let’s get started and find out!
Company: The Charles Schwab Corporation
Owner: Charles R. Schwab
Who is it for: People looking to invest in an IRA.
Overall rating: (2 / 5) NOT RECOMMENDED
Important to mention before we go into more details of this review:
We always strongly recommend doing your research online before you choose a company to invest with. There are so many reviews online of clients being ripped off and scammed. The most common way people are getting scammed is through so-called “hidden-fees” so please investigate thoroughly before you make your decision.
With that being said, let´s continue with the review on Schwab IRA!
What is Schwab IRA?
Many people think Schwab IRA is a company, but in fact, the company is called The Charles Schwab Corporation, a bank, and brokerage firm based in San Francisco, California and founded in 1971. This company obviously offers IRAs hence the confusion that led some people to mistake its name for Schwab IRA.
Here’s a screenshot of the physical address of this company:
At first glance, this company seems huge and credible, but the truth is, it didn’t live up to my expectations and you’ll find out why throughout this review.
What are the products and services offered?
As a brokerage and banking firm, Charles Schwab offers several financial services but when it comes to IRAs, the investment choices aren’t detailed on their website, there is just this small excerpt from their website that talks about this:
Choose from stocks, bonds, ETFs, mutual funds, CDs, and more. Schwab also offers professional portfolio management solutions that can make investing even easier.
Here’s a list of the IRAs offered by Charles Schwab:
- Traditional IRA
- Roth IRA
- Rollover IRA
- Inherited IRA
- Custodial IRA
**Want to see what IRA solution I would recommend? Click here
Here’s a screenshot of the IRA fees of Charles Schwab:
These fees honestly seem to good to be true, and that’s because this company has “hidden fees” which for me is a huge red flag.
They say it themselves in the following excerpt from their website:
There are no fees to open or maintain your account. Other account fees, fund expenses, and brokerage commissions may apply.
These “hidden fees” are where most of the ripoffs take place, I wouldn’t risk working with an IRA provider that doesn’t include a detailed fee schedule on its website.
==> Want to take a look at our #1 recommended IRA solution instead? (low one-time flat fee)
Can you store with the company?
There is no information on the Charles Schwab website about whether you can store precious metals with them or not.
Can you sell back to the company and can you get the precious metals delivered home?
Apparently, you must call the company to get information about this too.
The website also doesn’t include information about the countries Charles Schwab allows.
What about online ratings and reviews?
When buying something online, it’s always advised that you check the online reviews and ratings since they’re a direct reflection of the experiences people had with the company you have in mind. You can evaluate technical details such as fees online, but customer service, support, overall transparency and professionalism, all these can be figured out perfectly through the reviews of the clients.
Rating: B+ / And, Government action(s) against the business!
NOT Accredited by the BBB.
Customer reviews: (1 / 5) + 40 complaints closed in last 12 months.
Click here to come to the BBB website where those complaints can be found (opens in new window)
Basically, all the reviews about this company on the BBB website are extremely awful. Apparently, all of Charles Schwab’s clients went through hell when working with them. This is one more reason why what I said above is important, don’t make a decision you’ll regret, check the reviews before you make your decision!
Rating: (2.5 / 5)
Click here for more details ( opens in new window )
Just like I said above, be extremely cautious when making your decision. This is a company that has been around for a long long time and has huge assets under its custody BUT just look at the reviews they have! There are red flags all over the experiences shared by their customers on the BBB website and on Yelp.
**Learn about the #1 rated company (by most 3rd party consumer protection agencies in the industry) on this page
Do you Own or Represent Schwab IRA?
If you are a representative, or associate of Schwab IRA and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final Words and Verdict
Verdict: Legit ( Based on the physical address provided and BBB accreditation )
Overall rating: (2 / 5)
Okay, I think this sums up everything about Charles Schwab’s IRA services. The reviews are catastrophic, the fees aren’t transparent, overall, this company is the exact opposite of other competitors who have shown great transparency, credibility, and excellent customer service. Going for better options, highly-recommended companies with thousands of positive reviews is definitely a no-brainer!
What IRA company do we recommend?
You made a wise decision to read this review and you are a smart person. I am absolutely sure that you will find the right company that suits your particular needs the best. I would advise you to compare different alternatives against each other before you make a decision. Below you got my absolute #1 recommended IRA custodian:
That’s it for this review! I hope you now know everything about what Schwab IRA is and why you should avoid it completely. As always, if you have any questions, remarks, or personal experience with this company, please share it in the comments below, I’ll be more than happy to answer!
See you next time!
Owner of: Gold retired.