Charles Schwab High Yield Investor Savings review 2019 |

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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 0.34% APY.

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

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 0.34% 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 other 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 with other savings accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
Enjoy no monthly fees and a competitive APY with this online-only savings account.
$5 per month
(can be waived)
Get a $150 bonus when you open a new Chase Savings account, deposit a total of $10,000 or more in new money within 10 business days and maintain a $10,000 balance for 90 days.
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
Betterment Everyday Savings
Betterment Everyday Savings
At a 2.38% APY if you join the waitlist for Betterment Everyday Checking or 2.13% if you don't, this is a high-interest FDIC-insured savings account seamlessly tied into Betterment's investment robo-advisor.
Earn 20x the national savings account average with no fees or minimums.
Earn one of the highest interest rates without the fees.

Compare up to 4 providers

How do I apply?

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.


  • 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

  • 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.

Bottom line

The Charles Schwab High Yield Investor Savings Account 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.

To find a standalone savings that offers a stronger rate to grow your nest egg, compare savings accounts at banks, credit unions and other financial institutions competing for your dollar.

Frequently asked questions

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