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 - 3.75% APY
- 3.75% 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 Portfolio Savings - Earn up to 3.26% APY
- Earn up to 3.26% 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 - 3.80% APY
- No account fees
- Option to open individual or joint account
- FDIC insured up to $250,000 per depositor
- Only $500 minimum opening deposit
High Yield Savings Account - 3.86% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
Axos ONE - Earn up to 4.31% APY
- Earn up to 4.31% APY* on savings, and 0.51% APY* on checking when you meet requirements.
- Get your money up to 2 days early.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
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® - $400 Bonus
- New Chase checking customers can receive $400 when you open a Chase Total Checking® account and make direct deposits totaling $1,000 or more within 90 days of coupon enrollment.
- Unlock more offers with Chase. Get up to $500 per calendar year by referring friends and family. Plus, get cash back from top brands with Chase Offers when you use your debit card.
- Chase Total Checking® has a $15 monthly service fee, you can easily avoid the fee with direct deposits totaling $500 or more, or a minimum average daily balance each statement period.
- 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*
- Chase Mobile® app makes banking simple. Manage accounts, pay bills, send money to friends with Zelle® and deposit checks on the go with Chase Quick Deposit℠.
- Chase has the largest branch network in the U.S. with thousands of ATMs and branches. Use the Chase locator tool to find a branch or ATM near you.
- Chase helps keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
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
U.S. Bank Business Essentials - $400 Bonus
Promo code Q1AFL26 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.
To earn a business checking bonus, open a qualifying U.S. Bank business checking account between 1/15/2026 and 3/31/2026. Make the required deposit(s) in new money within 30 days of account opening, maintain the same required daily balance through the 60th day, and complete 6 qualifying transactions based on posted date within 60 days of account opening.
Business Essentials: $400 bonus with $5,000 new money deposits, daily balance, and 6 qualifying transactions.
Qualifying transactions include debit card purchases, ACH and wire credits or debits, Zelle credits or debits, U.S. Bank Mobile Check Deposit, electronic or paper checks, Bill Pay (excluding payments made by credit card), and payment received via U.S. Bank Payment Solutions. Other transactions, such as person-to-person payments, credit card transfers, or transfers between U.S. Bank accounts, are not eligible.
New money is defined as funds 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 may reduce the required daily balance during the qualifying period.
Bonus will be deposited into your new eligible U.S. Bank business checking account within 30 days after the month-end in which all offer requirements are met, provided the account remains open with a positive available balance.
Offer may not be combined with other business checking bonus offers. Existing businesses with a business checking account or had one closed within the past 12 months, do not qualify.
All regular account-opening procedures apply. For full checking account pricing, terms and policies, refer to your Business Pricing Information, Business Essentials Pricing Information, and YDAA disclosure. These documents are available at any U.S. Bank branch or by 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 - 3.75% APY
- 3.75% 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
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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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