Charles Schwab Investor Checking Review
Charles Schwab Investor Checking isn't available on Finder right now.
- Fee
- $0 per month
- APY
- 0.05%
- Minimum deposit to open
- $0
Our verdict
Free global ATM access and no foreign transaction fees — but only if you open and link a brokerage account.
The Charles Schwab Investor Checking account is an interest-bearing checking account that has no monthly, foreign transaction fees or minimum balance requirements. You'll also get free ATM access and rebates on out-of-network ATM fees. That said, you'll need to open a linked brokerage account to get started, and there’s also no way to deposit cash into the account. You make deposits by transferring funds from another bank, mailing a check to Schwab Bank, requesting a wire transfer or moving funds from your Schwab One brokerage account. Despite these limitations, this checking account is still a solid option for those who travel often and value low-fee banking with global ATM flexibility.
Best for: People who travel frequently and want to avoid foreign transaction fees.
Pros
-
Earns interest
-
Free ATM access
-
No monthly fee
-
No minimum balance
-
Few transaction fees
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Free overdraft transfers
Cons
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Requires you to open a brokerage account
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No foreign wire transfers
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No cash deposits
Who is the Charles Schwab Investor Checking account best for?
The Charles Schwab Investor Checking account is best for those who want fee-free access to ATMs anywhere they travel in the world, as well as a checking account that pays a bit of interest. But if you want to be able to deposit cash regularly or make foreign wire transfers, this account isn’t for you.
What we like about the Charles Schwab Investor Checking account
The Charles Schwab Investor Checking account stands out for its combination of low fees, global ATM access and travel-friendly features.
You earn interest with no monthly fees
Unlike many checking accounts that don’t pay interest at all, the Schwab Investor Checking account offers a 0.05% APY on your balance. It isn’t much, but it’s still better than earning nothing at all.
Also, Schwab Bank doesn’t charge you monthly maintenance fees or have minimum balance requirements, so you can earn interest on your money without jumping through hoops.
Free ATM access worldwide
Perhaps the biggest selling point of this checking account is unlimited ATM fee reimbursements worldwide. This feature means you can withdraw cash in your hometown or while traveling abroad, and Schwab will refund all ATM fees at the end of the month. So, if you travel a lot or are a digital nomad, this checking account is definitely worth looking into.
Minimal fees and free overdraft transfers
The Charles Schwab Investor Checking account has barely any fees. You won’t have to worry about surprise charges for things like monthly maintenance, overdrafts or low balances, which are common with other traditional banks.
Where it falls short
Though the Charles Schwab Investor Checking account has a lot going for it, it has some limitations.
Requires a brokerage account
To open a Schwab Investor Checking account, you also have to open a Charles Schwab brokerage account first. And even though there’s no cost to keep the brokerage account open, this extra step can be a hassle for people just looking for a simple checking option.
No cash deposits or foreign wire transfers
Another downside to be aware of is that the Schwab Investor Checking account doesn’t allow cash deposits and doesn’t have foreign wire transfer capabilities, which can be a dealbreaker if you need those services. If these features are important to you, look into other options, such as Chase, Capital One or SoFi®.
Charles Schwab Investor Checking account’s fees and access
| Type of fee | Fee details |
|---|---|
Monthly service | $0 |
Opening deposit | $0 |
ATMs | Unlimited ATM fee rebates for cash withdrawals worldwide |
Debit card fees |
|
Overdraft or nonsufficient funds | $0 |
Wire transfers | $25 each (Domestic wires only) |
Other fees |
|
Compare Charles Schwab Investor Checking to other checking accounts
Narrow down top checking accounts by opening deposits, fees and APYs. You can also tick the Compare box on up to four providers to see features side by side.
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How we picked theseWhat is the Finder Score?
The Finder Score crunches over 300 checking accounts from hundreds of financial institutions. It takes into account the product's monthly fees, overdraft fees, opening deposit, customer support options, ATM network and features — this gives you a simple score out of 10.
To provide a Score, Finder’s banking experts analyze hundreds of checking accounts against what we consider is the best option: no monthly fees, no overdraft fees, a large ATM network of 50,000 or more, additional features outside of typical banking services, and the optional perk of earning interest. Accounts that are nearly free to maintain and use are scored the highest, while accounts with costly fees and few features are scored the lowest.
Customer reviews and ratings
| BBB accredited | No |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 1.39 out of 5 stars, based on 82 customer reviews |
| Trustpilot score | 1.5 out of 5 stars, based on 589 customer reviews |
| App Store Score | 4.8 out of 5 stars, based on 1,000,000 customer reviews |
| Google Play Score | 2.7 out of 5 stars, based on 27,400 customer reviews |
| Customer reviews verified as of | 03 June 2025 |
Charles Schwab’s Better Business Bureau (BBB) and Trustpilot ratings are quite low, but it’s important to note that most of the complaints on these sites were about Schwab’s brokerage services and not the Investor Checking account itself. Many of the negative reviews mention issues with account holds, delayed fund transfers and poor communication with customer support regarding investment accounts.
What do people on Reddit say?
Frequently asked questions
Does Charles Schwab offer any other checking accounts?
No, the Charles Schwab Investor Checking is the only checking account that Charles Schwab offers.
Can I open an account if I am living outside the US?
Yes, but only if you have a valid US address. You can contact customer service to request that your debit card be sent to your foreign address.
How do I close my Charles Schwab account?
You can close your Charles Schwab account at any time by calling customer service to request the account closure forms.
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Charles Schwab Investor Checking is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 3.80% APY on savings by meeting deposit requirements or by paying the SoFi Plus subscription fee every 30 days, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
- 0.50% APY on checking balance
- Up to 3.80% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
Your reviews
Jamela Finder
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