Get fee-free ATM access and 0.4% APY, but only if you open and link a brokerage account.
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.
|Minimum deposit to open||$0.01|
|ATM transaction fee||$0|
|ATM fee rebates||Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa Platinum Debit Card wherever it is accepted|
|Out-of-network ATM fee||$0|
|Foreign transaction fee||0%|
|Deposit methods||Cash by ATM|
Check by ATM
Mobile/remote check deposit
What are the benefits of the Charles Schwab High Yield Investor Checking account?
Besides FDIC deposit insurance and convenient mobile access, this account comes with a handful of features that could improve your banking experience.
- Earn interest. Unlike some checking accounts, this account pays 0.4% interest on your balance.
- Fee-free ATM access.Use any Charles Schwab ATM for free and get rebates on any fees charged when using other ATMs.
- No monthly fee. There’s no monthly fee to keep this account open.
- No minimum balance. Open this account with as little as one cent.
- Few transaction fees. This account doesn’t charge fees for foreign transactions, checks, stop payments, ETF transfers and copies of checks or statements.
- Free overdraft transfers. Get free overdraft coverage when you transfer funds from a linked account.
What should I look out for?
This low-fee checking account stands out from similar options, but it’s not perfect. Here’s what to look out for:
- Hard pull. Charles Schwab will perform a hard pull on your credit report when you apply for this account.
- Brokerage account. In order to open an account, you’ll also need to open a Charles Schwab brokerage account.
- Long processing times. During the first 30 days after opening this account, checks will be held for five days before funds become available. Mobile check deposits may also be subject to the five business day waiting period.
- Online only. Even though Charles Schwab has physical branches, you’ll need to do all of your banking online and at ATMs, which can make depositing cash difficult.
- Limited simple banking products. This bank only offers a checking and a savings account, so you’ll need to visit another institution if you’re looking for CDs or similar products.
- No foreign wire transfers. Charles Schwab won’t send or receive wire transfers from institutions outside of the US.
Charles Schwab ATM network and fees
The Charles Schwab High Yield Investor Checking account comes with a Visa platinum debit card that allows you to make purchases almost anywhere. 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.
- Domestic ATM fee. $0
- Foreign ATM fee. $0
Compare to top checking accounts
How do I open an account?
This account can only be opened online. Here’s how:
- Visit the Charles Schwab website, hover over What we offer and click Checking.
- Click Open a checking account, choose an account type and click Continue.
- If you already have an account with Charles Schwab, proceed to log in. Otherwise, click No, I’m new to Schwab.
- Enter your personal information and click Next.
- Create an account and password, then click Next.
- Select your account features and agree to the terms and conditions. Click Next.
- Verify all information, fund your account and submit your application.
- Be at least 18 years old
- Possess a Social Security number or taxpayer ID
- Have a valid state-issued ID
- Have a permanent US address
- Open a Charles Schwab brokerage account
- Make an initial deposit of at least one cent
- Name and date of birth
- Social Security number or taxpayer ID
- Email address
- Bank information to fund your account
How do I deposit or withdraw money?
You can access your money several ways, but you won’t be able to deposit or withdraw funds from a Charles Schwab branch.
- At an ATM
- Mobile check deposit
- Direct deposit
- Online or via wire transfer within the US
The Charles Schwab High Yield Investor Checking account is a low-fee checking account that comes with a suite of useful perks. You’ll get free ATM access and rebates on out-of-network ATM fees and earn interest on your balance, but you’ll need to open a linked brokerage account to get started.
If you’re looking for a standalone checking account or just want to see what else is out there, you can compare your checking account options to find an account that’s right for you.