Enjoy free global ATM access and no foreign transaction fees -- but only if you open and link a brokerage account.
The Charles Schwab High Yield Investor Checking account is best for travelers. This interest-bearing checking account has no monthly and foreign transaction fees, and no minimum balance requirements. You'll get free ATM access and rebates on out-of-network ATM fees.
But you'll need to open a linked brokerage account to get started.
finder.com's rating: 4.8 / 5.0
★★★★★
Checking accounts provide easy access to your money, but many still charge transaction fees that can eat into your balance. This account offers unlimited ATM-fee rebates, and has no monthly fees — the only catch is that you’ll need to open a Charles Schwab brokerage account to get started.
This account can only be opened online. Here’s how:
Besides FDIC deposit insurance and convenient mobile access, this account comes with a handful of features that could improve your banking experience.
This low-fee checking account stands out from similar options, but it’s not perfect. Here’s what to look out for:
If you’re looking for a standalone checking account, you’ll want to keep looking. As always, compare your options when choosing a checking account.
Michael Koh
Data Analyst
In fact, I’d never heard of Charles Schwab until a company I worked for set up my IRA with them. That’s when I started familiarizing myself with its products, which led to closing my Bank of America checking account and moving my money into a High Yield Investor Checking Account.
The beauty of a checking account at Charles Schwab is quickly transferring money between your brokerage and checking accounts. The only caveat is that you must open a brokerage account, but you don’t even need to fund it. Then again, you might be tempted to stash your extra money into index funds managed by Schwab!
Let’s not forget that at the end of every month, Schwab refunds ATM fees charged when withdrawing money, and they provide mobile deposits for convenience. You also earn monthly interest on your checking account, and it’s nice to see the balance boost — their interest is higher than many savings accounts at other banks.
Schwab customer support is helpful, and they try to solve any issues you might have so that you’re satisfied. For example, Schwab accidentally withdrew money from my account twice using the same check — which happens rarely — and customer support rectified it immediately by phone. Speaking of checks, they give them to you for free!
The only drawback I’ve had with Schwab is that I can’t deposit cash. But that’s why we all use Venmo, right?
Megan Horner
Assistant Publisher
I love the Charles Schwab debit card! I recommend it to everyone. Its biggest selling point for me is no ATM fees, which is especially useful if you’re traveling abroad. Before I had this debit card, I would take out as much cash as possible each time I used an international ATM to minimize the fees. Now I take out cash as needed without worrying.
No ATM fees has been useful in my hometown as well. I’ll find myself at festivals or concerts, where there’s only a weird ATM charging a $10 fee. No worries with this debit card, though! I love seeing the ATM refund in my account. After a big trip, it’s easy to see quantify how substantially this card saves you.
Charles Schwab has amazing customer service too. I was in Hong Kong when I realized I’d forgotten my PIN for the card. The customer service rep helped me through the process of resetting the PIN, which was complicated, because I wasn’t in the US. They did what they could to speed up the process, including waiving the fee for expediting a letter to me with my PIN number.
Still, I don’t take full advantage of the money accounts connected to this debit card. Charles Schwab sets you up with checking and brokerage accounts. But if you’re not interested in those, it’s worth it for the debit card alone.
The Charles Schwab High Yield Investor Checking account comes with a contactless Visa platinum debit card that allows you to swipe or tap your card at any contactless ATM or reader. You can use any Charles Schwab ATM without incurring any fees, and the bank will refund any ATM fees charged when using out-of-network ATMs.
You can access your money several ways, but you won’t be able to deposit or withdraw funds from a Charles Schwab branch.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.
Charles Schwab High Yield Investor Checking is not currently available on Finder
Have you considered BMO Smart Advantage Checking?
Earn a $400 cash bonus after $4,000 deposits in the first 120 days. Pay $0 monthly fees and no minimum balance. Access a large nationwide network of free ATMs. Member FDIC.
Peter Finder
Writer
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