The Schwab Bank High Yield Investor Checking account takes a unique approach to attracting customers, relying more on its unique travel perks than a high APY. These perks, including unlimited ATM fee reimbursem*nts worldwide and no foreign transaction fees, make it a top choice for frequent travelers.
Ratings Methodology
Rates asof Jun 26, 2024
2024 Award Winner
Schwab Bank High Yield Investor Checking
Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 4.75 out of 5 stars.
4.75/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
APY
0.45%
Min. To Earn APY
$0.01
- Competitive APY
- No foreign transaction fees
- No monthly maintenance fees
- Unlimited ATM fee reimbursem*nts worldwide
- Great customer service
- Free linked investment account with checking account
- Higher APY available at other financial institutions
- Physical locations for investment services
This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursem*nts. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.
Compare checking accounts
We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for Discover® Cashback Debit Member FDIC. Rating image, 5.00 out of 5 stars. 5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 0% Min. to earn: N/A | Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account') | Open Account for Discover® Cashback Debit |
Open Account for Quontic High Interest Checking Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 1.10% Min. to earn: $1 | High APY when you complete 10 or more qualifying debit card purchases each month | Open Account for Quontic High Interest Checking |
Open Account for Axos Bank Rewards Checking Member FDIC. Rating image, 4.25 out of 5 stars. 4.25/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 0.40% (up to 3.30%) Rate infoTo earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.Min. to earn: Monthly direct deposits totaling at least $1,500 | Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31. | Open Account for Axos Bank Rewards Checking |
Full Schwab Bank High Yield Investor Checking Account review
Top perks
Unlimited ATM fee reimbursem*nts: The Schwab Bank High Yield Investor Checking account doesn't have a network of surcharge-free ATMs, but that's OK because the bank will reimburse you for ATM fees you incur anywhere in the world. Few banks do this, at least on an unlimited basis, so Schwab’s unlimited international ATM fee reimbursem*nts make this account one of the top choices for frequent travelers who value having easy access to their cash.
No foreign transaction fees: $0 foreign transaction fees are a rarity for banking accounts, making this a standout feature.
Free checks: The Schwab Bank High Yield Investor Checking account offers free standard wallet and duplicate check styles to account holders -- a somewhat rare benefit. And the free check writing benefit is unlimited.
Outstanding customer service: Charles Schwab Bank received the highest score in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study for its excellent customer service and has received this honor for the past five years in a row. That might not seem like a big deal, especially if you rarely contact your bank, but when you run into problems or questions about your account, quality customer support is invaluable.
Save and invest in one place: When you open a Schwab Bank High Yield Investor Checking account, you’ll also open a Schwab One® brokerage account. You'll have a single login for both accounts, so you can quickly transfer funds from one account to the other.
Access your funds wherever you go: Schwab Bank's mobile app lets you transfer funds, remotely deposit checks, pay bills, view your transaction history, lock your debit card, and set up alerts to track your account activity. These features make it easy for you to manage your money even if you don't live near a Charles Schwab branch location.
FDIC insured:Finally, Charles Schwab checking accounts are covered by the same FDIC insurance as traditional bank accounts. This protects your funds up to $250,000 per depositor, per institution, in the event of a bank failure.
What could be improved
Low APY: While Schwab Bank's 0.45% APY is above-average for checking accounts, it still falls a little behind some of the best checking accounts. Those who are hoping to grow their money quickly may want to consider a different high-yield checking account or a high-yield savings account.
Fees
| Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Charles Schwab High Yield Investor Checking® Account | $0 | $0 (unlimited fee reimbursem*nts) | $0 when funds are available from a linked Schwab savings or brokerage account | $0 | $25 per item, up to a maximum of $100 per day |
Source: Schwab Bank
How to access your money
Here's a closer look at how you can deposit and withdraw funds from your Schwab Bank High Yield Investor Checking account.
Deposit options
You can deposit money into your Schwab Bank High Yield Investor Checking account using any of the following methods:
- ACH transfer
- Wire transfer
- Transfer from linked Schwab One® brokerage account
- Mailed check
- Mobile-deposited check
Note that if you choose to fund your account via wire transfer, the bank you're transferring funds from may charge you an outgoing wire transfer fee. Check with your bank to see what it charges for this. If you'd rather avoid this fee, stick to the other deposit methods listed here.
Withdrawal options
Use any of the following methods to withdraw money from your Schwab Bank High Yield Investor Checking account:
- ACH transfer
- Wire transfer
- Check withdrawal
- ATM cash withdrawal
- Point-of-sale withdrawal
If the ATM you use charges fees, Schwab Bank will reimburse you for them at the end of the month. In the meantime, you'll have a reduced balance, so plan accordingly to avoid overdrawing your account. However, it's important to note that Schwab's account is one of very few checking accounts to offer unlimited reimbursem*nt, so this can be an attractive feature for people who regularly need to get cash.
Schwab Bank High Yield Investor Checking is right for you if:
The Schwab Bank High Yield Investor Checking account is a smart choice if you’ve already invested with Schwab and like the idea of managing your money all in one place. It's also a great fit for the world traveler who wants to avoid common checking account fees.
This account’s APY isn't the highest, but it's around the national average. Plus, with all of its convenient mobile and online tools, as well as its exceptional customer service, the Schwab Bank High Yield Investor Checking account has plenty of appeal.
Compare savings rates
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings Member FDIC. Rating image, 4.50 out of 5 stars. 4.50/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | up to 4.60% Rate infoYou can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.Min. to earn: $0 | New customers can earn up to a $300 bonus with qualifying direct deposits! | Open Account for SoFi Checking and Savings |
Open Account for Capital One 360 Performance Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate infoSee Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY)is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.Min. to earn: $0 | N/A | Open Account for Capital One 360 Performance Savings |
Open Account for American Express® High Yield Savings Member FDIC. Rating image, 4.00 out of 5 stars. 4.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. | 4.25% Rate info4.25% annual percentage yield as of June 26, 2024Min. to earn: $1 | N/A | Open Account for American Express® High Yield Savings |
Keep reading about Charles Schwab:
- Charles Schwab CD
Our checking account methodology
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
- Brand and reputation: 40%
- APY and rewards: 30%
- Fees and minimums: 15%
- Other perks: 15%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
The Schwab Bank High Yield Investor Checking earns a lower APY than other interest-earning checking accounts available.
Schwab offers the bankaccount slug=charles-schwab-high-yield-investor-checking field=offer_name] and the Schwab Bank Investor Savings Account. Neither is a particularly high-yield account, but they can still be convenient financial tools, especially for existing Schwab customers.
