No account minimum
There’s no minimum deposit required to open an account.1
No monthly service fee
There’s no monthly account service fee, regardless of your account balance.
Brokerage account transfers
Your checking account comes linked to a Schwab One® brokerage account with no minimum balance requirement. Online transfers between the accounts are free.1
Unlimited ATM fee rebates
Enjoy unlimited ATM fee rebates worldwide2 and no fees for using a Schwab Bank ATM.
Schwab Bank Bill Pay™
There’s no fee to pay your bills online or on your mobile device with this service.
Schwab Mobile Deposit™
Apply for Schwab Mobile Deposit.3 Then make deposits directly to your Schwab Bank accounts by taking a picture of your checks using your iPhone® or Android™ smartphone.4
After you fund your checking account, there’s no fee for original or replacement Schwab Bank Visa® Platinum Debit Cards delivered by regular U.S. mail. Free services include travel and emergency services assistance, Price Protection, Warranty Manager, and more.5
No foreign transaction fees
There are no foreign exchange transaction fees for purchases made with your debit card.6
Electronic funds transfers
There’s no fee to transfer funds electronically between your Schwab Bank account and accounts at other U.S. financial institutions.
There’s no fee for standard checks delivered by regular U.S. mail.
There’s no fee to cover overdrafts when funds are available from an overdraft source, such as a linked Schwab brokerage or Schwab Bank High Yield Investor Savings® account.7
There’s no fee to stop payment on an item from your account.
Domestic wires only (Schwab Bank does not accept wires in foreign currency or from banks outside the U.S. and its territories).
Check and statement copies
There are no fees for copies of checks and statements sent to you by regular U.S. mail or fax.
With your Schwab Bank debit card and Apple Pay4, you can use your iPhone® 6 or iPhone 6 Plus to make convenient, secure purchases at over 220,000 retailers and in many apps.
Download the apps at schwab.com/mobile to transfer funds and pay bills. With Schwab Mobile Deposit™, you can make deposits simply by taking photos of your checks.3
Transfer funds online, view account information, pay bills, and more.
See the current interest rate.
Up to $250,000 for each account based on ownership type.8
Summary of processing policies9
Deposit and withdrawal postings
We typically process transactions in this order:
- Previously authorized transactions (e.g., checks cashed at a Schwab Bank branch), wire transfers, electronic funds transfers, bank fees, ACH debits
- Direct deposit: Same business day as deposit
- Incoming wire transfer: Same business day as deposit
- Check deposits: Generally the next business day after we receive your deposit. Exceptions apply. If we place a longer hold, we will notify you.9
Fee: $25 for each domestic wire. Schwab Bank does not send wires to countries outside the U.S. and its territories.
Fee: $10 each. To request a cashier’s check, please call 888-403-9000.
Fee: $25 for each check returned (maximum of $100 per day) due to insufficient funds (a check you write that we are unable to pay because there isn’t enough money in your account).
Fee: $5 each. You’re charged for checks deposited into your account that the paying bank returns unpaid, usually due to insufficient funds in the payer’s account.
Debit card rush delivery
Fee: $15 or more. There’s no fee for delivery of your debit card by regular U.S. mail, but there is a fee if you need the card rushed to you.
Take advantage of these features to make your banking even easier.
- Download Schwab Mobile apps to manage your checking account anytime, anywhere.10
- Set up direct deposit for your paycheck or government-issued checks.
- Use Schwab Bank Bill Pay online or on your mobile device to pay bills quickly and easily.
- Set up a recurring transfer to your 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.
Brokerage Products: Not FDIC-Insured • No Bank Guarantee • May Lose Value
1. Schwab Bank High Yield Investor Checking accounts are available only as linked accounts with Schwab One brokerage accounts. The Schwab One brokerage account has no minimum balance requirements, and there is no requirement to fund this account when it is opened with a linked High Yield Investor 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. Schwab Mobile Deposit service is subject to certain eligibility requirements, limitations, and other conditions. Enrollment is not guaranteed. Mobile deposits are subject to the Bank's hold policy. Requires a wireless signal or mobile connection.
4. Apple®, the Apple logo, Apple Pay™, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries.
Apple Pay is a service provided by Apple Inc. and not by Schwab Bank. Schwab Bank has no liability to you for any failure of Apple Pay.
Schwab Bank does not charge a fee for providing access to Apple Pay. However, third-party message and data rates may apply; please check with your wireless carrier for details regarding any fees.
Android is a trademark of Google Inc. Use of this trademark is subject to Google Permissions.
5. For more information about related fees and charges, please see our Visa Debit Card Agreement.
6. If you use your debit card to withdraw foreign currency from an ATM or to pay for a purchase with foreign currency, we charge your account only for the U.S. dollar equivalent of the transaction. There is no additional percentage added for the foreign currency transaction. See the Schwab Bank Visa Debit Card Agreement for details.
7. Overdraft protection using margin sources may create a margin loan in your Schwab One brokerage account that may be subject to daily interest charges, margin calls, or potential liquidation of securities. Refer to the Schwab Bank Deposit Account Agreement and the Schwab One Account Agreement for details.
8. 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).
9. See your Schwab Bank Deposit Account Agreement for details.
10. Requires a wireless signal or mobile connection. System availability and response times are subject to market conditions and your mobile connection limitations. Functionality may vary by operating system and/or device.
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.
©2016 Charles Schwab Bank. All rights reserved. Member FDIC. Equal Housing Lender. CC7606 (0615-45BC) (01/16)