Schwab High Yield Investor Savings Overview

Charles Schwab Bank offers two very similar, feature-packed bank accounts for the savvy brokerage client and the everyday banking client alike. The High Yield Investor series offers both checking and savings options with a nearly-zero cost of ownership to clients. Schwab Bank accounts have a multitude of features designed to make banking more transparent and require less hassle.

Charles Schwab High Yield Savings Account Rate

Current Charles Schwab High Yield savings rate is 0.40% APY on all account balances.

Charles Schwab High Yield Checking Account Rate

Current Charles Schwab High Yield checking rate is 0.20% APY on all account balances.

Charles Schwab High Yield Investor Checking Account Review

  • Unlimited ATM Rebates Worldwide
  • No Account Minimums
  • No Monthly or Annual Service Fees
  • Mobile App Access & Mobile Deposit
  • Free Checks and Visa Platinum Debit Card
  • 24/7 Award Winning Customer Service
  • Free Linked Brokerage Account
  • Free Overdraft from Brokerage account
  • Multiple Ownership Options
  • Free Billpay
  • 0.10% Variable APY
  • FDIC Insurance up to $250,000

Schwab Bank's High Yield Investor Checking (HYIC) accounts are a great option for people who need an internationally capable checking account without the hassle and fees. Although no bank can eliminate fees on the spot at competitors' ATMs, Schwab Bank refunds all fees incurred regardless of location and cost at the end of the month.The rebate is unlimited and clients are also not charged a fee for converting currency to withdraw from an ATM. The rate of currency conversion is transparent and available on Visa.com. However, banking customers should always be aware that there are certain machine-specific currency conversion fees that can be added on to their withdrawals.

The Schwab Bank's High Yield Investor Checking also has no minimum balance to open or maintain throughout the life of the account. Regardless of balance, there is never a service fee monthly or annually.

Accessing Schwab Bank accounts is very easy, with Android and iPhone users having mobile app access for trading, account management, and even mobile deposit. Consistent with the low cost philosophy of the company, checks and debit cards are issued at no additional charge as soon as the account becomes initially funded. Schwab's award winning customer service is extended to banking clients as well, giving them access to 24/7 support even on major holidays.

Schwab Bank's High Yield Investor accounts come as a matched pair with a brokerage account held on the brokerage side of the business. The account comes at no cost and simply allows banking clients to seamlessly transition into investing without additional paperwork and red tape if they decide to do so. As an added benefit, when the HYIC account would normally overdraft resulting in a fee, it will automatically check for available cash in the attached brokerage account and cover the payment with no fee if it is available.

The checking accounts can also be registered in a number of ways, including individual ownership, joint tenancy, and community property to name a few. This allows a great deal of flexibility in the management of funds between married couples, business partners, and other financial relationships.

With free Billpay, banking clients are able to set up recurring bill payments for a plethora of different obligations with no cost and excellent ease of use.

Currently, HYIC accounts are earning 0.10% APY variable interest and requires no minimum balance to be subject to interest accumulation. As a member of FDIC, Charles Schwab Bank accounts are protected by up to $250,000 in federal remuneration.

Charles Schwab High Yield Investor Savings Account Review

  • Unlimited ATM Rebates Worldwide
  • No Account Minimums
  • No Monthly or Annual Service Fees
  • Mobile App Access & Mobile Deposit
  • 24/7 Customer Service
  • FDIC Insurance up to $250,000
  • Higher Interest Rates than HYIC

The High Yield Investor Savings (HYIS) from Schwab Bank offers many of the same benefits and low-cost options as its sibling checking account. Although the HYIS cannot be connected to a new or existing brokerage account, it also boasts unlimited ATM rebates from any machine in the world. Existing checking clients who already possess a debit card can access their savings without an additional , or, if not, a Visa Platinum Debit Card can be specially requested for only the savings account.

Much like the HYIC, the Investor Savings accounts have no minimum to open or maintain, and the account will never be charged monthly, annual, or minimum balance fees.

Android and iPhone users will also have access to their savings via the Schwab mobile app for transfers and checking account balances. Customer service is extended to all Schwab account holders 24/7, and savings account holders are no exception. FDIC insurance is extended up to $250,000 for savings accounts, and they earn a significantly higher interest rate than HYIC accounts.

The main difference between HYIC and HYIS accounts is the convenience of use, as regulations prohibit multiple monthly transactions in savings accounts. Current regulations maintain a strict limit of six or less withdrawals or transfers out of a savings account in any given monthly period. This can make it a little bit more difficult to move money around when using the Investor savings. The savings accounts also do not feature the ability to write checks, set up automated Billpay, or chose as many different registration options. Savings accounts are only permitted at Schwab Bank in individual and joint tenant ownership.

Schwab High Yield Investor Savings Review Summary

Overall, the low cost of maintaining these accounts is a huge benefit of working with the Schwab Bank Investor series. Having no minimum balance or charge related to a low balance gives a distinct advantage to Schwab Bank clients over using many of the other large chains. Both HYIC and HYIS have also become extremely competitive due to the unlimited ATM fee rebates, a service many of the larger banks have avoided like the plague. The Investor series bank accounts provide a welcomed breath of fresh air for those who travel and want a hassle-free and low cost experience.

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Charles Schwab High Yield Investor Savings Account reviewed by TopRatedFirms.com Rating: 3.5