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The Charles Schwab High Yield Investor Checking® Account doesn't have the best APY, but it's garnered a lot of attention due to its lineup of freebies like no foreign transaction fees and ATM fee reimbursements worldwide. It's a no-brainer for those who are considering investing with Schwab because you can manage all your funds in one place. Learn if this is the right checking account for you with our detailed Charles Schwab High Yield Investor Checking® Account review.
Rates as
of Jan. 5, 2022
| Offer | Our Score | APY | Best For |
|---|---|---|---|
 BEST OF 2022
Schwab Bank High Yield Investor Checking Member, FDIC |
Rating image, 4.5 out of 5 stars.
4.5 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
APY: 0.03% | Best For: ATMs and no foreign transaction fees |
Full Charles Schwab High Yield Investor Checking® Account review
Top perks
Unlimited ATM fee reimbursements: The Charles Schwab High Yield Investor Checking® Account doesn't have a network of surcharge-free ATMs, but that's okay because the bank will reimburse you for any ATM fees you incur anywhere in the world. Few banks do this, so Schwab’s unlimited international ATM fee reimbursements make this account one of the top choices for frequent travelers who value having easy access to their cash.
No foreign transaction fees: $0 foreign transaction fees are a rarity for banking accounts, and this is a standout feature.
Outstanding customer service: Charles Schwab Bank received the 2019 J.D. Power U.S. Direct Retail Banking Award for its excellent customer service. That might not seem like a big deal, especially if you rarely contact your bank, but when you run into problems or questions about your account, quality customer support is invaluable.
Save and invest in one place: When you open a Charles Schwab High Yield Investor Checking® Account, you’ll also open a Schwab One® brokerage account. You'll have a single login for both accounts, so you can quickly transfer funds from one account to the other.
Access your funds wherever you go: Schwab Bank's mobile app enables you to transfer funds, remotely deposit checks, pay bills, view your transaction history, lock your debit card, and set up alerts to track your account activity. These features make it easy for you to manage your money even if you don't live near a Charles Schwab branch location.
FDIC insured: Finally, Charles Schwab checking accounts are covered by the same FDIC insurance as traditional bank accounts. This protects your funds up to $250,000 per depositor, per institution, in the event of a bank failure.
What could be improved
Low APY: While Schwab Bank's 0.03% APY is well above the industry average for checking accounts, it can’t keep up with some of the best checking accounts, many of which offer higher APYs. Those who are hoping to grow their money may want to consider a different high-yield checking account or a high-yield savings account.
Fees
| Fees | Monthly Maintenance | ATM Withdrawal | Overdraft | Stop Payment | Insufficient Funds |
|---|---|---|---|---|---|
| Charles Schwab High Yield Investor Checking® Account | $0 | $0 | $0 when funds are available from a linked Schwab savings or brokerage account | $0 | $25 per item, up to a maximum of $100 per day |
How to access your money
Here's a closer look at how you can deposit and withdraw funds from your Charles Schwab High Yield Investor Checking® Account.
Deposit options
You can deposit money into your Charles Schwab High Yield Investor Checking® Account using any of the following methods:
- ACH transfer
- Wire transfer
- Transfer from linked Schwab One® brokerage account
- Mailed check
- Mobile-deposited check
Note that if you choose to fund your account via wire transfer, the bank you're transferring funds from may charge you an outgoing wire transfer fee. Check with your bank to see what it charges for this. If you'd rather avoid this fee, stick to the other deposit methods listed here.
Withdrawal options
Use any of the following methods to withdraw money from your Charles Schwab High Yield Investor Checking® Account:
- ACH transfer
- Wire transfer
- Requesting a mailed check
- ATM cash withdrawal
- Point-of-sale withdrawal
If the ATM you use charges fees, Schwab Bank will reimburse you for them at the end of the month. In the meantime, you'll have a reduced balance, so plan accordingly to avoid overdrawing your account.
Alternatives to consider
Rates as of Jan. 5, 2022
This checking account is right for you if:
The Charles Schwab High Yield Investor Checking® Account is a smart choice if you’ve already invested with Schwab and like the idea of managing your money all in one place. It's also a great fit for the world traveler who wants to avoid common checking account fees.
This account’s APY isn't the highest, but it's still well above the national average. Plus, with all of its convenient mobile and online tools, as well as its exceptional customer service, the Charles Schwab High Yield Investor Checking® Account still has plenty of appeal.
About the Author
Kailey has been writing about banks, credit cards, loans, and all things personal finance since 2012. She also writes for The Ascent's parent company, The Motley Fool. Her work has appeared on USA Today, CNN Money, Fox Business, and MSN Money. She's a graduate of the University of Wisconsin and happily lives in the woods of northern Wisconsin where she grew up.
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