March 2, 2024

Charles Schwab High Yield Savings

Read more about Charles Schwab Bank
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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?

5-point scale (the higher, the better)

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 0.48% 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.

What matters most to you in a high-yield savings account?

How Much Can You Earn?

Here's a calculator you can use to see how much your money can grow with a Schwab Bank Investor Savings™ account.

Savings Calculator

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]

How do I make an initial deposit into my Investor Savings account?
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

Pros and Cons


  • No account minimums
  • $0 monthly fees
  • Complimentary debit card
  • Unlimited ATM fee rebates


  • 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 do you use your high-yield savings account?

How to Open an Account

As of now, the only way you can open a Schwab Bank Investor Savings™ is by doing the following:

  1. Go to the Charles Schwab Bank website and download the Schwab Bank Investor Savings™ application form.
  2. Fill it out by providing the necessary information.
  3. Submit the completed application form through fax, physical mail, or at a Schwab branch near you.

If you are an existing Schwab Bank customer and you have an online account, you can upload your application through the website's Message Center feature.

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!


  1. ^ Charles Schwab Bank. Account Fees and Minimums, Retrieved 12/27/2023
  2. ^ Charles Schwab Bank. Schwab Bank Investor Savings™ account, Retrieved 12/27/2023
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
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Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer 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 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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