Charles Schwab High Yield Savings
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Charles Schwab Bank has a savings account with no fees and a free debit card. But how does its APY stack up against other accounts?
Overall Score | 4.1 | ||
Savings | 3.0 | ||
Fees | 5.0 | ||
Mobile App | 4.0 | ||
Customer Service | 4.5 | ||
Pros and Cons
- $0 monthly fees
- Unlimited ATM fee rebates
- Very low rate
- No physical locations
Bottom Line
Standard savings account with a decent rate and unlimited ATM rebates
Charles Schwab is known for its investment products. However, they also offer banking products that are worth checking out.
The Schwab Bank Investor Savings™ account, for instance, boasts no fees and account minimums. But, what about its rate? Read on to find out all the details.
Does Charles Schwab Have High-Yield Savings?
Currently, Charles Schwab does not offer a high-yield savings account. They only have a basic savings account with a low APY called Schwab Bank Investor Savings™.
What Is Schwab Bank Investor Savings™?
Schwab Bank Investor Savings™ is a standard savings account with a 0.15% APY. Despite the low rate, it can be a solid option as a regular spending account since it has no initial deposit or minimum balance requirement.
Accessibility-wise, it comes with a debit card that has unlimited ATM fee rebates worldwide and no fees for foreign transactions. You can also manage your account, transfer funds, and even deposit checks via the Schwab app.
Schwab Bank Investor Savings
How Much Can You Earn?
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Here's a calculator you can use to see how much your money can grow with a Schwab Bank Investor Savings™ account.
Fees to Look Out For
The Schwab Bank Investor Savings™ boasts no fees. So you can expect:[1]
- No monthly service fee
- No initial deposit requirement
- No minimum balance requirement
It also has no ATM fees, both domestic and international, thanks to its unlimited ATM fee rebates program.[2]
Here are the different ways you can deposit money into your account:
- Transfer funds from other Schwab accounts
- Direct deposits
- Schwab Mobile Deposit™
- Mail a check
- Wire transfer
How It Compares
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
UFB Portfolio Savings - Earn up to 3.76% APY
- Earn up to 3.76% APY.*
- No monthly maintenance fees.
- No minimum deposit required to open an account.
- Access your funds 24/7 with easy-to-use digital banking tools.
- Enjoy peace of mind with FDIC insurance up to the maximum allowance limit – Certificate #35546.
High-Yield Savings Premier - 4.10% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
Online Savings Account - Earn 3.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 4.09% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Pros and Cons
Pros
- No account minimums
- $0 monthly fees
- Complimentary debit card
- Unlimited ATM fee rebates
Cons
- Very low rate
- No physical bank branches
Is Charles Schwab Bank Safe?
Yes, Charles Schwab Bank is safe because their deposit products are covered by FDIC insurance (Cert #57450). This means that funds deposited are insured up to $250,000 per depositor, per ownership category.
Should You Open an Account?
If you want to avoid fees and balance requirements, the Schwab Bank Investor Savings™ is a worthy option.
It is also a good choice to keep your funds within reach because it comes with an ATM card and an easy-to-use mobile app.
If you are already an existing customer, opening an Investor Savings account is a practical move for seamless transactions between your other Schwab accounts and investments.
But, if your goal is to grow your funds, you should consider other savings accounts from online banks and credit unions for higher rates.
How to Open an Account
As of now, the only way you can open a Schwab Bank Investor Savings™ is by doing the following:
- Go to the Charles Schwab Bank website and download the Schwab Bank Investor Savings™ application form.
- Fill it out by providing the necessary information.
- Submit the completed application form through fax, physical mail, or at a Schwab branch near you.
Bottom Line
The Schwab Bank Investor Savings™ is a practical choice for those who prefer a fee-free, straightforward savings account. Though it does not offer a competitive rate, it gives you easy access to your funds.
Ultimately, if this account aligns with your financial preferences and goals, you should check it out!
References
- ^ Charles Schwab Bank. Account Fees and Minimums, Retrieved 12/27/2023
- ^ Charles Schwab Bank. Schwab Bank Investor Savings™ account, Retrieved 12/27/2023
Bank of America Advantage Banking - Up to $500 Cash Offer
- The cash offer up to $500 is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2026.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* into that new eligible account within 90 days of account opening. Your cash bonus amount will be based on the total amount of your Qualifying Direct Deposits received in the first 90 days.
Cash Bonus Total Qualifying Direct Deposits $100 $2,000 $300 $5,000 $500 $10,000+ - If all requirements are met 90 days after account opening, Bank of America will attempt to deposit your bonus into your new eligible account within 60 days.
- Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Online Savings Account - Earn 3.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
U.S. Bank Business Essentials - $400 Bonus
Promo code Q4AFL25 MUST be used when opening a U.S. Bank Business Essentials®, or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 10/01/2025 and 1/14/2026. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay or payment received via U.S. Bank Payment Solutions. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
CIT Bank Platinum Savings - $300 Bonus
- Qualify for a $300 cash bonus with a minimum deposit of $50,000
- This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice.
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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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