Pay no ATM fees worldwide with our popular online checking account.1 There are no monthly service fees, you’ll earn interest on your balance, and your account is FDIC-insured.
What are the fees and minimums?
- Monthly service fees: $0
- Account minimum: $0
What do I get with this account?
- Unlimited fee rebates from any ATM worldwide1
- A 0.06% APY variable interest rate on any balance2
- Free bill pay on Schwab.com and Schwab Mobile
- Apply for Schwab Mobile Deposit™ to deposit checks from anywhere
- Free standard checks and a Visa® Platinum debit card once the account has been funded.
- FDIC insurance up to $250,0003
- A linked Schwab One® brokerage account
- Link to Apple Pay™ to make purchases with your iPhone® 6 or iPhone 6 Plus .
View High Yield Investor Checking Account Features and Fees.4
See client reviews
Ready to get started?
Need help? Call 800-540-6718.
Take the next step.
Open a Schwab Bank High Yield Investor Checking account today.
1. Unlimited ATM fee rebates apply to cash withdrawals using your debit card wherever it is accepted. ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance at 888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
2. The Schwab Bank High Yield Investor Checking Account®, with a minimum balance of $0.01, offers a 0.06% annual percentage yield (APY) as of 04/07/2015. This rate is variable and may change without notice.
3. Funds deposited at Charles Schwab Bank are insured, in aggregate, up to $250,000, based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC).
4. For details, refer to the Schwab Bank Deposit Account Pricing Guide and Account Agreement.
5. From MONEY® Magazine, November, 2014 ©2014 Time Inc. MONEY is a registered trademark of Time Inc. and is used under License. MONEY and Time Inc. are not affiliated with, and do not endorse products or services of, Charles Schwab.
MONEY'S SELECTION PROCESS: THE CONTENDERS MONEY looked at the 50 biggest brick-and-mortar banks by consumer deposits and number of branches, plus the 20 biggest online banks by deposits, based on data from financial services consulting firm Novantas. THE CRITERIA -The considerations for checking picks were maintenance fees and ease of waiving them, other charges, restrictions, and perks (like interest or ATM surcharge reimbursements). For savings and CDs, MONEY looked at rates, fees, minimums, and other rules. On all accounts, we discounted intro rates. We also polled banks on mobile-app features and several factors related to convenience. As a tiebreaker, we used branch presence and independent customer-service studies.
The Schwab Bank High Yield Investor Checking Account® is available only as a linked account with a Schwab One® brokerage account. The Schwab One brokerage account has no minimum balance requirements when opened with a linked High Yield Checking account.
Schwab Mobile Deposit service is subject to certain eligibility requirements, and enrollment is not guaranteed. Standard hold policies apply. Requires a wireless signal or Wi-Fi connection.
Charles Schwab & Co., Inc. and Charles Schwab Bank are separate but affiliated companies and wholly owned subsidiaries of The Charles Schwab Corporation. Brokerage products and services are offered by Charles Schwab & Co., Inc., member SIPC. Deposit and lending products and services are offered by Schwab Bank, member FDIC and an Equal Housing Lender.
Apple, iPad Air, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. Apple Pay, Apple Watch, and iPad mini are trademarks of Apple Inc.
App Store is a service mark of Apple Inc
High Yield Investor Checking is rated
Rated 5 out of
Best bank I've ever used
Schwab Bank is the best bank I've ever used. No fees at all. Free checks. Reimbursed ATM fees...unlimited. No overdraft fees. Service is the best I have ever had from a bank. Call them any time. Mobile check deposit app is great...you get your money deposited the next day. I've transferred money out to another bank and it's there the next day. I paid a credit card bill using bill pay, and they received the payment the next day. I would have to search hard to find something to improve. I guess it's a little annoying sometimes that transfers between your Schwab accounts are not instant...only during business hours they are, but that is a minor detail.
Date published: 2013-02-02
Rated 3 out of
Great features, difficult to enroll EFT
Really like the product features on the Charles Schwab investor checking, no ATM fee , no monthly fee etc... However to fund to account and sign up through Electronic Fund Transfer is nothing but hassle. The process required manual signed print outs, copy of void a check, and back and forward mailing is totally outdated, it can be easier replace by Pre-ACH transition verification which already allow on the brokerage account. Not to mention I donâ€™t even write check these days. If I open an account online, I expect to complete the whole process online. Hope Schwab can modernized their ancient process and make easy on their customers.
Date published: 2012-12-12
Rated 5 out of
I'll never need another bank again
Schwab Bank is the penultimate banking service. There are no fees. Any ATM is your ATM. Bill pay is great and works flawlessly. Free checks and a competitive interest rate. What more could you ask for? I enjoy that I can mail my deposits in and don't have to try to swing by a bank during business hours. What a hassle that is. Of course, the envelopes are postage-paid. And anytime you need assistance, Schwab is a phone call away. There is never a long hold time (if any), and customer service reps are always professional, knowledgeable, and courteous. I'll be a Schwab customer for life.
Date published: 2011-02-02
Rated 5 out of
The features you want, always free!
This account is the right tool you need to get started with your new financial goals. Free checking, free visa platinum card, free billpay, no monthly fee, this account has all the good things I want for free! The features of the visa card are awesome, it has features only paid, high annual fee cards have, but completely free! Schwab even have ATM reimbursements when I travel to international destinations! hey... Do you know of another bank that do that for you? Did I mention that the account comes with a free brokerage account so you can start planning your retirement life, or just for any savings goal you may have? I would really recommend this account for everybody!
Date published: 2012-07-16
Rated 5 out of
I have found the Schwab banking experience to be the best overall in my 60 plus years of dealing with several banks. I am talking about banking for personal services as opposed to business banking. I am very satisfied with all your features that make banking easy and affordable without fees for every little item. It seems you have the customer in mind. I would like to see you go back to providing credit card services like you did in the past. I realize that regulations have made this less profitable but it is a very good service for your customers. Please reconsider this for your loyal customers.
Date published: 2011-11-02
Rated 3 out of
The virtual nature of the account makes it more efficient than traditional bricks and mortar banks and Schwab rewards accountholders for banking virtually by reimbursing ATM fees, not charging monthly account fees, and making transfers easy between checking and brokerage accounts.
However, the online banking software is inadequate at best. Essentially, they took their brokerage platform and tried to jam checking account features into that platform. Square peg, round hole. That said, I reluctantly stay with it because of the other advantages named above, but the online system is in serious need of help!! My small, local credit union has better online features.
Date published: 2011-03-02
Rated 5 out of
Best Overall Banking
I use many of the Schwab products and as a result of my recommendations, several friends and family have made the switch and joined Schwab.
No matter what time I call, there has always been an extremely helpful and courteous rep to assist. It would be nice if the interest rate were higher but I am content with where it is as long as Schwab continues to deliver great customer service, truely FEE FREE banking, and reimbursement of ATM.
Several banking institutions have started to offer scan check deposits by upload -- I'm looking forward to the day when Schwab begins to offer this option. Length of time to mail our deposits in to the bank is the only drawback at this time.
Highly recommend them.
Date published: 2012-08-09
Rated 5 out of
The best thing about Schwab is their awesome customer service - it only takes seconds to get a real person on the phone. And when you do get someone on the phone, they go to great lengths to help you out in any way they can Throw in their great brokerage services, their reimbursement of ATM fees, and easy to use website, and you've got a winner.
After years of near-constant frustration with another bank (I'll give you a hint: the second largest bank in AMERICA), it's been nothing but a breath of fresh air to work with Schwab. Bravo!
Date published: 2013-09-18