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Charles Schwab Savings account review

Get free ATM access and no monthly fees — but only 0.05% APY.’s rating: 4.0 / 5.0


The Charles Schwab 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


Annual percentage yield (APY)0.05%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
More info

More Info


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 the interest rate is next to nothing at only 0.05% APY. And you can expect a hard pull on your credit report when you open your account, 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.

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. From Charles Schwab’s website, hover over What We Offer and click Savings.
  3. Click 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 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

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

This table showcases how much interest you’d earn with a Charles Schwab Savings account if you made an initial deposit of $1,000, then deposited $100 a month for the next five years.

AccountAPY1 year2 years3 years4 years5 years
Charles Schwab Savings account0.05%$0.78$2.15$4.13$6.70$9.88

What are the benefits of the 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 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 0.05% 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. The interest rate is only 0.05%. 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

Enter your deposit amount into the table to see how much interest you could earn with a Charles Schwab High Yield Savings account versus the competition.

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
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)
Deposits are fossil fuel-free. A spend and save combo account with unlimited cash back rewards and deposits insured by the FDIC and a $100 bonus when you spend $1,000 in your first 60 days.
BlockFi Interest Account
BlockFi Interest Account
Up to 8.25%
Score up to 8.25% APY with this free crypto-interest account. Not available in New York and not FDIC insured.
Axos Bank High Yield Savings
Finder Rating: 4 / 5: ★★★★★
Axos Bank High Yield Savings
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily.
Gemini Earn
Gemini Earn
Up to 8.05%
Watch your cryptocurrency earn up to 8.05% APY with this nationwide account. Not FDIC insured.
American Express® High Yield Savings
Finder Rating: 4.6 / 5: ★★★★★
American Express® High Yield Savings
Enjoy no monthly fees and a competitive APY with this online-only savings account. Accounts offered by American Express National Bank, Member FDIC.
Nexo Earn
Nexo Earn
Up to 12.00%
This account accrues up to 12% APY on crypto, and interest gets deposited into your account on a daily basis. Not FDIC insured.

Compare up to 4 providers

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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