Schwab Bank High Yield Investor Checking Account Review: Rare, Lucrative Perks for Travelers

The Schwab Bank High Yield Investor Checking account takes a unique approach to attracting customers, relying more on its unique travel perks than a high APY. These perks, including unlimited ATM fee reimbursements worldwide and no foreign transaction fees, make it a top choice for frequent travelers. Below, we’ll take a closer look at all the Schwab Bank High Yield Investor Checking account has to offer so you can decide if it’s right for you.

Top perks

Unlimited ATM fee reimbursements: The Schwab Bank High Yield Investor Checking account doesn't have a network of surcharge-free ATMs, but that's OK because the bank will reimburse you for ATM fees you incur anywhere in the world. Few banks do this, at least on an unlimited basis, 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, making this a standout feature.

Free checks: The Schwab Bank High Yield Investor Checking account offers free standard wallet and duplicate check styles to account holders -- a somewhat rare benefit. And the free check writing benefit is unlimited. 

Outstanding customer service: Charles Schwab Bank received the highest score in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study for its excellent customer service and has received this honor for the past five years in a row. 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 Schwab Bank 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 lets you 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 0.45% APY is above-average for checking accounts, it still falls a little behind some of the best checking accounts. Those who are hoping to grow their money quickly may want to consider a different high-yield checking account or a high-yield savings account.

Here's a closer look at how you can deposit and withdraw funds from your Schwab Bank High Yield Investor Checking account.

Deposit options

You can deposit money into your Schwab Bank 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 Schwab Bank High Yield Investor Checking account:

• ACH transfer
• Wire transfer
• Check withdrawal
• 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. However, it's important to note that Schwab's account is one of very few checking accounts to offer unlimited reimbursement, so this can be an attractive feature for people who regularly need to get cash.

The Schwab Bank 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 around the national average. Plus, with all of its convenient mobile and online tools, as well as its exceptional customer service, the Schwab Bank High Yield Investor Checking account has plenty of appeal.

Keep reading about Charles Schwab:

• Charles Schwab CD

Our checking account methodology

At The Motley Fool Ascent, checking accounts are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and fees. Our highest-rated banking products generally include competitive APYs without complex qualification tiers, low to no fees, and ease of use. See our full Ratings Methodology here.