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The Charles Schwab 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 reimbursements worldwide and no foreign transaction fees, make it a top choice for frequent travelers. Below, we’ll take a closer look at all the Charles Schwab High Yield Investor Checking® Account has to offer so you can decide if it’s right for you. Rates as of Nov. 10, 2022 Schwab Bank High Yield Investor Checking  Member, FDIC
Top perksUnlimited ATM fee reimbursements: The Charles Schwab 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, so Schwab’s unlimited international ATM fee reimbursements 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. Outstanding customer service: Charles Schwab Bank received the highest score in the J.D. Power 2021 U.S. Direct Banking Satisfaction Study for its excellent customer service. 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 Charles Schwab 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 improvedLow APY: While Schwab Bank's 0.40% 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
Source: Schwab Bank How to access your moneyHere's a closer look at how you can deposit and withdraw funds from your Charles Schwab High Yield Investor Checking® Account. Deposit optionsYou can deposit money into your Charles Schwab High Yield Investor Checking® Account using any of the following methods:
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 optionsUse any of the following methods to withdraw money from your Charles Schwab High Yield Investor Checking® Account:
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. Alternatives to considerRates as of Nov. 10, 2022 * Axos Bank Rewards Checking *To be eligible to earn all or a portion of the cash incentive as part of the “HOLIDAY" $150 promotion, an Axos Bank Rewards Checking that includes the promotional code “HOLIDAY" must be submitted between 11/10/2022 at 12:00am PT and 11:59pm PT on 12/31/2022. Axos Bank reserves the right to limit each primary account holder to one (1) checking account promotional offer per year and customers who have held primary ownership of an Axos Bank or Axos Bank for Nationwide checking account at any time in the past 12 months may be disqualified from the “HOLIDAY" offer. Promotional terms and conditions are subject to change or removal without notice. Bonus cash may be taxable and reported on IRS Form 1099-MISC. Consult your tax advisor. After initial requirements above are met, the amount of cash bonus earned will depend on meeting the additional requirements outlined below: To earn up to a $150 bonus, you must be approved for your new Axos Bank Rewards Checking account, fund it within 60 days of account opening, and have qualifying direct deposit(s) that total at least $1,000.00 each calendar month during the first three (3) calendar months your account is open. A cash bonus of up to $150 can be earned in the following manner during the first four (4) statement cycles. A statement cycle is a calendar month consisting of the days your account was open during that month. The three calendar-month qualification period includes the calendar month in which your account was opened. A maximum of three (3) payouts of $50 for each calendar month that the Rewards Checking account is receiving the direct deposit can be earned during the four (4) statement cycles and the bonus will be deposited into your Axos Bank Rewards Checking account within 10 business days following the end of the statement cycle in which the balance requirement was met. Your Axos Bank Rewards Checking account must be open and in good standing at the time the bonus is paid to be eligible to receive the bonus and your Axos Bank Rewards Checking account must remain open for 180 days or an early closure fee of up to $150 may apply, equal to the amount of the total bonus earned. A direct deposit is an electronic deposit of your paycheck or government benefits, such as Social Security, from your employer or government agency. Other deposits (i.e. online banking transfers, ATM and mobile check deposits etc...) or person to person payments are not considered direct deposit. This checking account is right for you if:The Charles Schwab 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 Charles Schwab High Yield Investor Checking® Account has plenty of appeal. About the AuthorKailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs. Does Charles Schwab have foreign transaction fees?You incur no foreign-exchange transaction fees for purchases made with your debit card. It provides extra layers of protection like card lock/unlock, transaction and account alerts, two-way fraud text alerts, and travel notifications. Unlimited ATM cash withdrawal fees are rebated on a monthly basis.
Is Charles Schwab good for international?The Charles Schwab Debit Card and the new SoFi Money debit cards have become the gold standard for getting cheap access to cash and local currency when traveling internationally, and for good reason. They're the best options out there for free ATMs anywhere in the world (though that has recently changed…
What is the Schwab transaction fee?Online listed stock and ETF trades at Schwab are commission-free. Online options trades are $0.65 per contract. Service charges apply for automated phone trades ($5) and broker-assisted trades ($25) for stocks, ETFs, and Options. Futures trades are $2.25 per contract8 for both online and broker-assisted trades.
Does Schwab do foreign currency exchange?At Schwab, you can trade in international securities in more than 30 countries. A Schwab Global Account allows you to trade online in 12 of those countries using their local currency.
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