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 0.48% 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.
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
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% 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
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
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
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- 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 5/31/2024.
- To qualify, open a 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 account within 90 days of opening.
- 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.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
CIT Bank Platinum Savings - 5.05% APY
- 5.05% 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
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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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