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Charles Schwab Savings account review

Get free, worldwide ATM rebates and no monthly fees — but only 0.13% APY.’s rating: 4.0 / 5.0


This brokerage-backed savings account is designed to grow your savings as part of your overall investment portfolio with Charles Schwab. You get worldwide ATM access and a Visa Platinum Debit Card. But you’re limited to a paper application, and expect a hard pull on your credit report.






Minimum deposit to open


Annual percentage yield (APY)0.13%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily

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 Charles Schwab investors or those who travel the globe and want fee-free, international ATM access. It offers basic savings with no minimum balance required or fees like monthly service charges. Its hallmark perk is that you get an ATM card and unlimited ATM rebates worldwide.

But the interest rate is next to nothing at a 0.13% APY. And you can expect a hard pull on your credit when you open your account, temporarily dropping your credit score and preventing approval for customers with low credit.

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

How do I open a Charles Schwab Savings account?

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

  1. Go to the provider’s site and follow the steps to apply.
  2. Hover over What We Offer on Charles Schwab’s website and choose Savings.
  3. Select Download an Application.
  4. 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 several requirements. You don’t have to invest with Charles Schwab to open this savings account, although we have a hunch that most customers are Schwab investors.

  • 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

What are the benefits of a Charles Schwab 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, worldwide ATM access. Your Charles Schwab High Yield Savings account comes with an ATM card an unusual perk among savings accounts. Although there aren’t any in-network ATMs, you can withdraw cash anywhere worldwide and get unlimited rebates on fees.
  • No minimums or fees. The 0.13% isn’t huge, but you’ll earn it on any account balance, no matter how small.
  • Convenient customer service. Call or chat anytime with a representative.

Charles Schwab Savings account interest rate: How much will I earn?

See how much interest you can earn with a Charles Schwab Savings account if you make an initial deposit of $1,000, then deposit $100 a month for the next five years.

AccountAPY1 year2 years3 years4 years5 years
Charles Schwab Savings account0.13%$0.80$2.20$4.20$6.80$10.01

What should I look out for?

This account makes it straightforward to save without fees, but keep an eye out for potential drawbacks:

  • Low interest. The interest rate is only 0.13%. 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.
  • Hard pull on your credit. Needing a hard pull at signup is questionable for this type of account, but Schwab is an investment bank that checks your credit for all its products.
  • Limited in-person help. While Schwab supports many brokerage branches across the country, only two of its branches service its savings account.

If you’re looking for fee-free savings with a higher APY, consider Quontic Bank’s High-Yield Savings account. This account also gives you access to 90,000 fee-free ATMs and doesn’t charge a fee for those out-of-network, although the ATM owner might.

Compare Charles Schwab Savings with other accounts

Compare savings accounts with your ideal features side by side, and select Go to site when you’re ready to apply.

Name Product Annual Percentage Yield (APY) Fee Minimum deposit to open
Bread Savings™ High-Yield Savings
Finder Rating: 4.3 / 5: ★★★★★
Bread Savings™ High-Yield Savings
Earn competitive interest rates with this high-yield savings account you can open in just minutes. Member FDIC.
Aspiration Spend & Save Account
Finder Rating: 4.2 / 5: ★★★★★
Aspiration Spend & Save Account
$0 per month or $7.99 per month for Aspiration Plus ($5.99 per month if you pay annually)
New customers get a $150 bonus when they open an account and spend $1,000 in the first 60 days.
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $150 bonus when you spend $1,000 in your first 60 days.
Quontic Bank High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank High Yield Savings
Interest is compounded daily. No monthly service fees. Competitive rates
Barclays Online Savings
Finder Rating: 4.6 / 5: ★★★★★
Barclays Online Savings
Barclays Online Savings account offers key features that can help you save, including a high-interest rate, no monthly fees, and no minimum deposit.
Quontic Bank Money Market
Finder Rating: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Competitive rates, no monthly fees, user-friendly online banking platform
American Express® High Yield Savings Account
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings Account
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.

Compare up to 4 providers

How do I deposit or withdraw money?

Charles Schwab offers flexible access to your money worldwide through free rebates on ATM fees worldwide. You can also deposit checks on the go through the app, although the app’s features is aimed mostly at investors.


  • At an ATM or branch
  • Mobile check deposit
  • Direct deposit
  • Online or wire transfers within the US
  • Transfers from your brokerage account
  • 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.

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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