Yes, the funds in your High Yield 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 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 Savings account, and there are no monthly service fees, regardless of your balance.
Are there transaction limits?
Yes, there are regulatory limits for all savings accounts. You may make:
Unlimited withdrawals and transfers at any ATM, by mail, or in person at our Schwab Bank branch in Reno, Nevada.
Up to six debit transactions from your account per statement period, with no more than three made by check card or similar transaction. See the Schwab Bank Deposit Account Agreement for more details.
Do I need to open a brokerage account to open the savings account?
No. However, if you have an existing Schwab brokerage account (such as a Schwab One® account or Schwab IRA) you can view your savings account balance by logging on to the new Schwab.com.
Is it possible to request checkwriting for this account?
No. However, you can access your funds at ATMs worldwide, and we’ll reimburse any 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
Can I access my account online at Schwab.com?
If you have a Schwab brokerage account (such as a Schwab One account or Schwab IRA) you can view your High Yield Savings account balance on the Account Summary screen of the NEW Schwab.com. Balances are not available on the original site due to its 2009 scheduled retirement date. If you have trouble viewing your account balance, call 888-403-9000.
Already have a Schwab Bank High Yield Investor™ Savings account? To access your account on the new schwab.com, visit www.schwab.com/new and choose the Account Summary tab.
Can I view my statements online at Schwab.com?
If you have a Schwab brokerage account (such as a Schwab One account or Schwab IRA), you can view your High Yield Savings account statements by clicking on the Statements & Reports tab on the Account History screen of the new Schwab.com. Please note that monthly statements will also be sent to you by mail.
Who do I call for account service?
For account transaction information or to speak to a Schwab Bank Customer Service Representative, call 888-403-9000.
Our automated voice response system can provide information about your balance and last five transactions, 24 hours a day, 7 days a week.
Schwab Bank Representatives are available Monday-Friday, 8:30 a.m.-11:00 p.m., and Saturday-Sunday, 9:00 a.m.-10:30 p.m. ET.
You have several options for depositing and transferring funds into your High Yield Savings account.
Direct Deposit
Have all or part of your paycheck, or other types of recurring payments, deposited into your High Yield Savings account. Simply download the direct deposit form and give the information to your employer.
Check
To deposit funds by check, simply write yourself a check and include the account number on the memo line. Please be sure to endorse each check on the back and write your account number beneath the endorsement. Mail your checks to either address below:
Charles Schwab Bank, P.O. Box 52114, Phoenix, AZ 85072-9714
Charles Schwab Bank, P.O. Box 628291, Orlando, FL 32862-9225
Transfer from Another Account
How to transfer funds from your Schwab brokerage account:
Schwab brokerage clients can sign up for MoneyLink in order to transfer funds between their brokerage account and their Schwab Bank High Yield Savings account. To do this, download the MoneyLink form and mail to:
Charles Schwab Bank, P.O. Box 52114 Phoenix, AZ 85072-9714
Note: if you funded your savings account via MoneyLink, you do not need to submit another MoneyLink application.
Once enrolled in Schwab MoneyLink, you can transfer funds between your brokerage and savings accounts via the Transfers and Payments tab on Schwab.com.
How to transfer funds between your Schwab Bank checking and savings accounts:
To transfer funds between your Schwab Bank High Yield Investor Checking account and your High Yield Savings account, call 888-403-9000. Funds will be immediately available if the transfer is made during Schwab Bank’s business hours.
Schwab Bank business hours are Monday-Friday, 8:30 a.m.-11:00 p.m., and Saturday-Sunday, 9:00 a.m.-10:30 p.m. ET.
How to transfer funds between your High Yield Savings account and other financial institutions:
Sign up for the Schwab Bank Electronic Funds Transfer (EFT) service by downloading, printing and mailing the Electronic Funds Transfer form. To choose a recurring transfer, indicate the amount on the form. Mail your completed form to the following address:
Charles Schwab Bank, P.O. Box 4987, Greenwood Village, CO 80155-4987
To make a one-time transfer: once you’ve mailed in your EFT form, call 888-403-9000 each time you’d like to transfer funds.
Wire Funds
Wire transfers are a fast, easy way to move larger amounts of money between your Schwab Bank accounts and accounts at other financial institutions, anywhere in the world.
Schwab does not charge a fee for incoming wire transfers. However other financial institutions may charge fees for wire transfers.
Incoming Wires:
Provide the following to your financial institution:
ABA/Routing & Transit Number: 121202211
Account Type: Savings
Name of the Financial Institution:
Charles Schwab Bank
5190 Neil Road, Suite 100
Reno, NV 89502-8532
How do I transfer funds from my savings account?
ATM/Schwab Bank Visa®
Check Card
Once you fund your account, you’ll receive all the benefits your Schwab Bank Visa Check Card has to offer:
No ATM fees. We reimburse any ATM fees you are charged.1
Use your check card at any Plus®
or Visa ATM worldwide.
You can use your card at any merchant that accepts Visa by signing your name or using your PIN.
Transfer to Another Account
Transfer from Savings to your Schwab brokerage account.
Schwab brokerage clients can sign up for MoneyLink in order to transfer funds between their brokerage account and their Schwab Bank High Yield Savings account. To do this, download the MoneyLink form and mail to:
Charles Schwab Bank, P.O. Box 52114 Phoenix, AZ 85072-9714
Note: if you funded your savings account via MoneyLink, you do not need to submit another MoneyLink application.
Once enrolled in Schwab MoneyLink, you can transfer funds between your brokerage and savings accounts via the Transfers and Payments tab on Schwab.com.
Transfer from Savings to your High Yield Checking account.
To transfer money between your Schwab Bank High Yield Investor Checking account and your savings account, call 888-403-9000. Funds will be immediately available if the transfer is made during Schwab Bank’s business hours.
Schwab Bank business hours are Monday–Friday, 8:30 a.m.–11:00 p.m., and Saturday–Sunday, 9:00 a.m.–10:30 p.m. ET.
Transfer funds to another financial institution.
Sign up for the Schwab Bank Electronic Funds Transfer (EFT) service by downloading, printing and mailing the Electronic Funds Transfer form. To choose a recurring transfer, indicate the amount on the form. Mail your completed form to the following address:
Charles Schwab Bank, P.O. Box 4987, Greenwood Village, CO 80155-4987
To make a one-time transfer: once you’ve mailed in your EFT form, call 888-403-9000 each time you’d like to transfer funds. (Note: this typically takes one business day.)
Wire Funds
Wire transfers are a fast, easy way to move larger amounts of money between your Schwab Bank accounts and accounts at other financial institutions, anywhere in the world.
A maximum fee of $25 is charged for outgoing wire transfers. Schwab does not charge a fee for incoming wire transfers. Other financial institutions may charge fees for wire transfers.
Incoming Wires: Provide the following to your financial institution:
ABA/Routing & Transit Number: 121202211
Account Type: Savings
Name of the Financial Institution:
Charles Schwab Bank
5190 Neil Road, Suite 100
Reno, NV 89502-8532
How do I sign up for Direct Deposit?
You must request Direct Deposit from your employer or other payer. Download a direct deposit form and give the information to your employer.
Schwab 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 click yes and we’ll rebate the charge to your account at the end of that month.
Here’s how it works: Whenever you use your Schwab Bank Visa Check Card, you’ll receive a refund for any ATM fees you’re charged by ATM operators at the end of that month.4 Note that some transaction fees (such as currency exchange fees) are not eligible. If you don’t receive a rebate for a fee that you believe is eligible, Schwab Bank Customer Service Representatives are ready to assist you at 888-403-9000.
Schwab Bank currently has a branch in Reno, Nevada. Schwab brokerage also has more than 270 branches across the country with representatives who can answer your banking questions.5 To find the nearest Schwab brokerage branch, visit our branch locator.
Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value
1. Funds deposited at Charles Schwab Bank are insured, in aggregate, based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). The temporary increase of FDIC insurance coverage to $250,000 for all insurable capacities has been extended through December 31, 2013. If not further extended, FDIC coverage will revert to $100,000 on January 1, 2014.
2. Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for Point of Sale transactions; or fees for stamp purchases, balance inquiries, or any transactions other than an ATM cash withdrawal 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 Customer Service Representative 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 accounts. The Schwab One brokerage account has no minimum balance requirement, and no requirement to fund this account, when it is opened with a linked High Yield Checking 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.
4. The rebate will appear as a lump-sum credit on the same checking account periodic statement that includes ATM fees incurred for that particular account statement cycle.
5. Schwab Bank deposits are accepted only at Schwab Bank branches. Please see the High Yield Savings account welcome kit for details on making deposits directly into the savings account.
Call us at 866-232-9890
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