Schwab Bank Investor Checking Account
Updated April 27, 2009
Discount stock brokerage Charles Schwab Corp. goes head-to-head with the banking industry by offering a new high-yield checking account.
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Fans of discount broker Charles Schwab & Co applauded the arrival of the Schwab Bank High Yield Investor Checking account in early 2007. It offered a convenient way to move money between a checking account and a brokerage account and paid out a hefty 4.25% annual percentage yield (apy).
Rates on the Schwab Bank High Yield Investor Checking account have fallen since then, along with most other deposit accounts at other institutions.
The Schwab Bank High Yield Investor Checking account shares some of the most convenient features of other online checking accounts: there are no minimum balance requirements or monthly fees.
The big catch, if you can call it a catch, is that customers of the checking account must have or open a Schwab One brokerage account and the two accounts must be linked. What makes this catch a non-issue is that there is no requirement that the brokerage account must be used.
Some other goodies on the Schwab Bank High Yield Investor Checking account include unlimited check writing, free standard wallet checks, and free Bill Pay.
The checking account comes with a Visaź Platinum Check Card which can be used to make purchases wherever Visa is accepted, and to withdraw cash from your High Yield Investor Checking account at ATMs worldwide. Schwab will reimburse any ATM fee you are charged worldwide.
There are several ways to make deposits to the Schwab Bank Investor Checking account: (1) transfer funds online from your linked Schwab One brokerage account; (2) set up direct deposit into your checking account; (3) mail a check using a free postage-paid envelope to Schwab Bank; or (4) request a wire transfer to your account from another financial institution.
The Schwab Bank High Yield Investor Checking account is FDIC insured.
Yields | Contact | ||||
| www.schwab.com (888) 403-9000
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Account Features
Minimum Deposit $1 | Monthly Fee No | Minimum Balance None | Check Writing Unlimited |
