Your Top Questions Answered:
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.
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.
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.
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.
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.
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.
We're here to help
Clients of independent investment advisors: You may also contact your advisor or call Schwab Alliance at 800-515-2157.
1. Schwab Bank High Yield Investor Checking accounts are only available as linked accounts with Schwab One accounts. There are no minimum balance requirements, minimum balance charges, or minimum trade requirements in order to open or maintain the Schwab One brokerage account when you also open a linked High Yield Checking account.
2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Debit Card wherever it is accepted. ATM fee rebates do not apply to any fees other than fees 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.
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. Schwab Bank deposits are accepted only at Schwab Bank branches. Please see the Schwab Bank Deposit Account Agreement for details on making deposits directly into your Schwab Bank account.
5. Requires a wireless signal or mobile connection. System availability and response times are subject to market conditions and you mobile connection limitations. Functionality may vary by operating system and/or device.
6. Schwab Mobile Deposit™ service is subject to certain eligibility requirements, limitations and other conditions. Enrollment is not guaranteed and standard hold policies apply. Requires a wireless signal or mobile connection.
7. Apple®, the Apple logo Apple Pay™, iPad, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries.
Android is a trademark of Google Inc. Use of this trademark is subject to Google Permissions.
Charles Schwab & Co., Inc. and Charles Schwab Bank are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation. Brokerage products are offered by Charles Schwab & Co., Inc., Member SIPC. Deposit and lending products and services are offered by Charles Schwab Bank, Member FDIC and an Equal Housing Lender.