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Charles Schwab High Yield Investor Savings Account review

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An account with free ATM access and no monthly fees, initial deposit or balance requirements — but only 0.05% APY.’s rating: 4.0 / 5.0


Charles Schwab’s high-yield savings account is designed to safely grow your liquid savings as part of your overall investment portfolio with this brokerage-backed bank. You get worldwide ATM access and a Visa Platinum Debit Card. But you’re limited to opening it by mail or fax, and you can expect a hard pull on your credit report.






Minimum deposit to open


Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
More Info

Expert review

Peter Carleton

Review by

Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.

Expert review

The Charles Schwab High Yield Investor Savings account is best for those looking for a fee-free account. It offers basic savings with no minimums or fees. It even comes with free worldwide ATM access, a hallmark of this brokerage bank.

But expect a hard pull on your credit report, which can temporarily drop your credit score and may prevent approval for low-credit customers.

If you’re after a high-yield savings account to grow your nest egg, you’ll want to keep looking. As always compare your options when choosing a savings account.

What are the benefits of the High Yield Investor Savings Account?

Focused on investors, Schwab offers this no-frills, fee-free account to help you manage your overall investments with this bank. Your balance is insured by the FDIC with Schwab-specific perks that include:

  • Free ATM access. Access your money worldwide with rebates on all ATM fees.
  • No minimums or fees. The 0.05% isn’t huge, but you’ll earn it on any account amount, no matter your balance.
  • Convenient customer service. Call or chat anytime with a representative.

What should I look out for?

This account makes it easy to save without fees, but you’ll want to keep an eye out for potential drawbacks:

  • Low interest. You can grow your savings more quickly with a higher APY on top high-yield savings accounts.
  • Fax or mail application. You can download your application online, but all other steps culminate in mailing or faxing that application to Schwab.
  • Temporarily lowers your credit score. While the necessity of a hard pull at signup is questionable for this type of account, Schwab is an investment bank that checks your credit report for all its products.
  • Limited in-person help. While Schwab supports many brokerage branches across the country, only two of its branches service this savings account.

Compare Charles Schwab Savings with other accounts

Name Product Interest rates (APY) Fee Minimum deposit to open Interest earned More info
Citibank® Account Package

0.13% on $500,000+
0.08% on $25,000 to $99,999.99
0.04% on $0 to $24,999.99
$25 per month
(can be waived)
Go to site
View details
Earn a $400 bonus after opening new eligible checking and savings accounts and completing required activities.
American Express® Personal Savings High Yield Savings
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View details
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
CIT Bank Money Market
Go to site
View details
A savings account with a higher-than-average rate and minimal fees.
Chase Savings
$5 per month
(can be waived)
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View details
A simple savings account with low, waivable monthly fees and a $150 signup bonus when you meet deposit and balance requirements.
Aspiration Spend & Save Account

1.00% on $0 to $10,000 but you’ll need to be enrolled in Aspiration Plus and make at least $1,000 in debit card purchases a month
Go to site
View details
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.
CIT Bank Savings Builder High Yield Savings Account

0.55% on $25,000+ or set up a direct deposit of $100+ each month
0.31% on $0 to $24,999
Go to site
View details
No account opening or maintenance fees. Daily compounding interest. Earn one of the nation's top rates

Compare up to 4 providers

How do I apply for the Charles Schwab Savings account?

The only way to open the High Yield Investor Savings Account is to download an application and return it by mail with a check to fund the account.

  1. Visit the Charles Schwab website, hover over What We Offer and click Savings.
  2. Click Download an Application.
  3. Complete the application and mail or fax it to the bank.


You’re eligible for the Charles Schwab High Yield Investor Savings Account if you meet these requirements:

  • At least 18 years old
  • US citizen or resident alien
  • Mailing address in the US or a US territory
  • Valid Social Security number or taxpayer ID
  • Valid funding account

Required information

Have this information on hand when you apply:

  • Name and contact information, including email address
  • Date of birth and Social Security or taxpayer number
  • Routing and account number for funding account
  • Government-issued ID

How do I deposit or withdraw money?

Charles Schwab offers flexible access to your money worldwide, from Schwab or other accounts, with your phone and more depending on the transaction type.`


  • At an ATM or branch
  • Mobile check deposit
  • Direct deposit
  • Online or wire transfers within the US
  • By mail


  • At an ATM or branch
  • With a check or your check card
  • By phone
  • Online or wire transfers within the US

How do I contact Charles Schwab customer service?

Charles Schwab offers 24/7 customer support from your phone or computer:

  • Live chat. Get real-time answers to your questions online.
  • Phone. Call 866-855-9102 weekdays from 4 a.m. to 8 p.m. PT and weekends from 6 a.m. to 7 p.m. PT.

Frequently asked questions

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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