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  Charles Schwab Bank High Yield Investor Savings Account

Charles Schwab Bank High Yield Investor Savings Account

in Savings Accounts from Charles Schwab · fdic

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Charles Schwab Bank High Yield Investor Savings Account

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in Savings Accounts from Charles Schwab · Member FDIC

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
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Monthly Fee $0
APY (Annual Percentage Yield) 0.05%
APY Minimum Balance $0.01

Charles Schwab Bank High Yield Investor Savings Account Review

Charles Schwab Bank High Yield Investor Savings Account is offered by Charles Schwab, a bank founded in 1971 and based in San Francisco, CA. Charles Schwab Bank High Yield Investor Savings Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Higher than average APY. Charles Schwab Bank High Yield Investor Savings Account has an annual percentage yield of up to 0.05%, which is higher than the national average interest rate on savings accounts. Note that you must keep a minimum balance of $0.01.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • No minimum initial deposit. There is no minimum balance required to open an account.
  • No ATM fees. Charles Schwab Bank High Yield Investor Savings Account does not charge fees on ATM transactions.
  • ATM fee reimbursements. This account will reimburse you for ATM fees (see terms and conditions for details).
  • Bill pay. Pay your bills to practically anyone in the United States through Charles Schwab.
Charles Schwab savings account Pros & Cons
Pros Cons
  • Available in all 50 states.
  • Interest-yielding account.
  • Access to physical branches.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No charge on incoming domestic or international wire transfers.
  • No signup bonus.
  • Higher than average wire transfer fees.
Charles Schwab savings account FAQ

Are savings accounts from Charles Schwab federally insured?

Yes, your Charles Schwab savings accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC #57450). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Does Charles Schwab offer a signup bonus?

Charles Schwab savings account doesn't offer a signup bonus.

What is the minimum initial deposit for Charles Schwab savings account?

There is no minimum deposit to open a Charles Schwab savings account.
Charles Schwab Bank High Yield Investor Savings Account Minimums
Description
APY Minimum Balance $0.01
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $0
Minimum Required Balance $0

What APY does Charles Schwab offer?

Charles Schwab savings account offers an APY of 0.05% (APY stands for annual percentage yield, rates may change).

The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually.

What fees does Charles Schwab savings account charge?

Charles Schwab savings account does not charge a monthly service fee. See the fee breakdown section below to view all fees.

  • Outgoing domestic bank transfers come with a $25 fee.

What features and perks does Charles Schwab savings account offer?

This savings account includes the following features:

  • ATM reimbursement - This account provides ATM access and will reimburse you for the ATM fees charged by other networks.
  • Check images with monthly statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks for each statement period.
  • Fraud monitoring - Charles Schwab savings account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
  • Free Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Charles Schwab savings account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

Can you set up a direct deposit to Charles Schwab savings account?

In most cases, the answer is yes. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.

How do people rate the customer service and user experience of Charles Schwab savings account?

Overall, Charles Schwab savings account is strongly recommended based on community reviews that rate customer service and user experience.

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Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

APY Minimum Balance $0.01
Minimum Balance to Avoid Monthly Fee Starting at $0
Minimum Combined Balance to Avoid Monthly Fee $0
Minimum Direct Deposit to Avoid Monthly Fee $0
Minimum Opening Deposit Starting at $0
Minimum Required Balance $0
Monthly Fee $0
Returned Deposit Fee (Domestic) $5
Wire Transfer Fee - Domestic (Outgoing) $25
Bauer Financial A+/A Rating
Account Features
  • No ATM Fees
  • Member FDIC
  • Branch Access
  • Bauer Financial A+/A Rating
  • Automatic Transfers
  • Debit Card
  • Free Bill Pay
  • Debit Card Lock/Unlock
  • Fraud Monitoring
  • Mobile Banking
  • Check Images with Statement
  • Nationwide ATM Network
  • ATM Reimbursement
  • Interest Bearing Account
  • No Monthly Maintenance Fee
  • Mobile Check Deposit
APY (Annual Percentage Yield) 0.05%

Charles Schwab Bank High Yield Investor Savings Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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