Have questions about the Schwab Bank High Yield Investor Savings® account? We've got answers. Look below to find our responses to some of the most common questions we hear. Or, if you have questions that aren't answered here, please call us at 888-303-0310.
Account
Is the money in my High Yield Investor Savings account FDIC-insured?
Yes. The funds in your High Yield Investor Savings account are insured up to $250,0001 by the Federal Deposit Insurance Corporation (FDIC) based on account ownership type.
Learn more about FDIC insurance.
Is this a fixed interest rate or will it change?
The High Yield Investor Savings account has a competitive variable interest rate, so it may change as market conditions vary.
Are there minimum balance requirements or monthly fees?
No. There is no minimum balance requirement to open or maintain a High Yield Investor Savings account, and there are no monthly service fees, regardless of your balance.
ATM Usage
Can I access my money with an ATM card?
Yes. Funds in your High Yield Investor Savings account can be accessed with the Schwab Bank Visa® debit card (also known as a "check card"). You'll have no ATM fees, since we reimburse any ATM fees you are charged. And you can use your debit card at any Plus® or Visa ATM worldwide.
Do I pay ATM fees?
Schwab Bank does not charge any ATM fees, and we reimburse any ATM fees you are charged worldwide.2 When you make an ATM transaction, you may receive a message such as "You will be charged $2 for this transaction. Proceed?" Just choose yes and we'll rebate the charge to your account at the end of that month. Note that some transaction fees (such as currency exchange fees) are not eligible.
Checkwriting
Is it possible to request checkwriting for this account?
No. But you can access your funds at ATMs worldwide, and we'll reimburse any ATM fees you’re charged.2 If you prefer to access your funds using checks, the Schwab Bank High Yield Investor Checking® account offers a competitive rate and has no account minimums or monthly service fees.3
Online Services
Can I access my account online?
If you have a Schwab brokerage account (such as a Schwab One® account or Schwab IRA), you can view your High Yield Investor Savings account balance by logging on to Schwab.com.
Can I view my statements online?
If you have a Schwab brokerage account (such as a Schwab One account or Schwab IRA), you can view your High Yield Investor Savings account statements by logging on to Schwab.com. Monthly statements will also be sent to you by mail.
Deposits
How do I deposit money into my High Yield Investor Savings account?
There are several ways you can make a deposit:
- Transfer funds online from another Schwab account.
- Set up direct deposit into your High Yield Investor Savings account.
- Mail a check to Schwab Bank.
- Request a wire transfer to your account from another financial institution.
How do I make a direct deposit into my High Yield Investor Savings account?
You can have all or part of your paycheck, or other types of recurring payments, deposited into your High Yield Investor Savings account. Simply download the direct deposit form and give the information to your employer.
How do I make a deposit by check?
To deposit funds by check, simply write yourself a check from another account and include the account number on the memo line. Please be sure to endorse each check on the back and write your High Yield Investor Savings account number beneath the endorsement. Mail your check to either address below:
- Charles Schwab Bank, P.O. Box 52114, Phoenix, AZ 85072-2114
- Charles Schwab Bank, P.O. Box 628291, Orlando, FL 32862-8291
Visit a Branch
Where can I find a Schwab Bank branch?4
We have a bank branch in Reno, Nevada. We also have over 270 brokerage branches across the nation.
Take the next step.
Call 888-303-0310.
1. 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).
2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa debit card (also referred to as a "check card" or "Visa check 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 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 requirement, and there is no requirement to fund this account, when it is opened with a linked High Yield Checking account.
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 the High Yield Savings account.
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 are offered by Charles Schwab Bank, member FDIC and an Equal Housing Lender.