Your Top Questions Answered:

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Account basics

What features does this checking account1 have?

  • Unlimited ATM fee rebates2
  • No minimum balance requirements
  • No monthly account service charges
  • Free online bill pay on Schwab.com and Schwab Mobile
  • A debit card you can add to Apple Pay™
  • Free standard checks and a Schwab Bank Visa® Platinum Debit Card once the account is funded
  • FDIC insurance up to $250,000 per account3

This checking account is linked to a Schwab One® brokerage account, which you need to open with your checking account. There are no fees to open or maintain either account. Brokerage fees and commission do apply to the Schwab One account.

Do I pay ATM fees or account service fees?

No. We reimburse any ATM fees you’re charged worldwide.2 When using your Schwab Bank debit card, you may see this ATM message: "You’ll be charged $2 for this transaction. Proceed?" Click "Yes" and we’ll refund the charge to your account in the same month.

And, there are no monthly service fees for either account when you open a checking account with a linked Schwab One® brokerage account.

Are there minimum balance requirements?

No. There are no minimum balance requirements for either account when you open a Schwab Bank checking account linked to a Schwab One brokerage account. Brokerage commissions and other fees do apply for the Schwab One brokerage account.

Do I need to open a brokerage account as well?

Yes. The Schwab Bank High Yield Investor Checking account is only available when linked to a Schwab One brokerage account.

You can open both accounts at the same time, and easily transfer funds between the two linked accounts to handle all of your financial needs.

Although you may find it convenient, you’re under no obligation to use your linked Schwab One brokerage account. Your Schwab One account offers the benefits of investing with Schwab, including no account opening or maintenance fees (Brokerage fees and commissions do apply. See the Charles Schwab Pricing Guide for Individual Investors and any amendments to the Guide for comprehensive details on brokerage fees and charges.)

What type of interest rate does this account have?

This is a variable rate checking account, so the rate will fluctuate with market conditions.

Is this checking account FDIC-insured?

Yes. The funds in your checking account are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account.3

Where can I find a branch?

Representatives in more than 270 brokerage branches and 12 brokerage/bank branches nationwide can answer your banking questions.4 There is also a Schwab Bank branch in Reno, Nevada.

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Mobile access

Can I manage my checking account anytime, anywhere3?

Yes. Use the Schwab Mobile app on your Android or iOS smartphone or tablet to view your balance, transfer funds, pay bills, and more.5

How do I make deposits with my smartphone?

It’s simple. Apply for Schwab Mobile Deposit™.6 Then make deposits directly to your eligible Schwab Bank accounts by taking a picture of your checks using your iPhone® or Android™ smartphone.7

Can I pay bills using my smartphone?

Yes. Use Schwab Mobile apps (available for iPhone, iPad®, and Android) to pay bills and manage payees.

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Online services

Can I pay bills online?

Yes. Our free online bill pay is fast, secure, convenient.

Can I manage my checking account online?

Yes. Transfer funds, pay your bills, view and print check images, view your account history, and make easy transfers between your accounts on Schwab.com.

Can I get paperless statements?

Yes. Electronic statements are available.

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Debit cards

Does my account come with a debit card?

Yes. Once you fund your account, you’ll receive a Schwab Bank Visa Platinum Debit Card, which you can use to make convenient purchases wherever Visa is accepted and to withdraw cash at ATMs worldwide.2

You can view all your transaction details on your monthly statement and Schwab.com.

Can I use my debit card in Apple Pay™?

Yes. You can add your Schwab Bank Visa Platinum Debit Card to Apple Pay on your iPhone 6 or iPhone 6 Plus. Then use it to pay quickly, easily, and securely at over 220,000 retailers and in many apps. Learn more about Apple Pay.7

Do I pay ATM fees when I use my debit card?

No. We reimburse any ATM fees you’re charged worldwide.2

When using your Schwab Bank debit card, you may see this ATM message: “You’ll be charged $2 for this transaction. Proceed?” Click “Yes” and we’ll refund the charge to your account in the same month.

Is my debit card secure?

You don’t pay for any unauthorized charges or withdrawals. With The Schwab Security Guarantee, Schwab Bank will cover 100% of any losses in any of your Schwab Bank accounts due to unauthorized activity.

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Writing checks

Do I pay for checks?

No. Standard wallet and duplicate check styles are free, as are deposit slips and postage-paid return envelopes. There is a charge for nonstandard checks.

Is there a limit to the number of checks I can write?

No. Your checking account includes free unlimited checkwriting.

Are check images available online?

Yes. You can view and print copies of the front and back of cancelled checks for 24 months from the date a check clears.

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Deposits

How can I make deposits into my checking account?

It’s easy to make deposits. You can:

  • Set up direct deposit into your checking account.
  • Transfer funds online from your linked Schwab One brokerage account.
  • Apply for Schwab Mobile Deposit and then deposit checks directly into your account by taking a picture of them with your iPhone or Android smartphone.
  • Mail a check to Schwab Bank using our free postage-paid envelope.
  • Request a wire transfer to your account from another financial institution.

Is direct deposit required?

No. Direct deposit into your checking account isn’t required, but we do encourage you to enroll in this free service. It’s a convenient way to make deposits and reduce paperwork.

You can deposit all or a portion of your paycheck, or split your deposit between your checking account and Schwab One brokerage account.

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We're here to help

Clients of independent investment advisors: You may also contact your advisor or call Schwab Alliance at 800-515-2157.