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Schwab Bank Investor Checking™ Account Review: Rare, Lucrative Perks for Travelers

Review Updated
Kailey Hagen
Matt Frankel, CFP®
By: Kailey Hagen
Kailey Hagen
Kailey Hagen
Writer

Kailey Hagen has been writing about small businesses and finance for almost 10 years, with her work appearing on USA Today, CNN Money, Fox Business, and MSN Money. She specializes in personal and business bank accounts and software for small to medium-size businesses. She lives on what's almost a farm in northern Wisconsin with her husband and three dogs.

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 and  Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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Eric McWhinnie
Check IconFact Checked Eric McWhinnie
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Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

The Schwab Bank Investor Checking™ account takes a unique approach to attracting customers, relying more on its unique travel perks than a high APY. These perks, which include unlimited ATM fee reimbursements worldwide and no foreign transaction fees, make it a top choice for frequent travelers.

Ratings Methodology
Rates as of Jul 18, 2024
Award Icon 2024 Award Winner

Schwab Bank Investor Checking™

Member FDIC.
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.75 out of 5 stars.
4.75/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
APY
0.45%
Min. To Earn APY
$0.01
  • Competitive APY
  • No foreign transaction fees
  • No monthly maintenance fees
  • Unlimited ATM fee reimbursements worldwide
  • Great customer service
  • Free linked investment account with checking account
  • Higher APY available at other financial institutions
  • Physical locations for investment services

This free checking account is available to Schwab brokerage customers. Schwab offers unlimited domestic and international ATM reimbursements. Schwab also doesn't charge a foreign transaction fee (which can be 1% to 3% of transaction cost). In addition, there is no minimum deposit requirement and no minimum balance requirements.

Compare checking accounts

We recommend comparing checking accounts to make sure you're getting the best fit for you. Here's a list of our favorite accounts.

Account APY Promotion Next Steps
0%
Min. to earn: N/A
Earn 1% cash back on up to $3,000 in debit card purchases each month (see details when you click 'Open Account')
Open Account for Discover® Cashback Debit

On Discover Bank's Secure Website.

0.40% (up to 3.30%)
Rate info Circle with letter I in it. To earn the full APY, account holders must do all of the following: Receive monthly direct deposits totaling more than $1,500; make 10 transactions a month with your Axos debit card, or sign up for Axos's Personal Finance Manager; maintain an average daily balance of $2,500 per month in an Axos Invest Self Directed Trading Account; and use your Rewards Checking account to make your full monthly Axos Bank consumer mortgage, personal, or auto loan payment.
Min. to earn: Monthly direct deposits totaling at least $1,500
Cash in on up to a $500 bonus† and up to 3.30% APY* with a new Rewards Checking account. Just use promo code RC500 before July 31.
Open Account for Axos Bank Rewards Checking

On Axos Bank's Secure Website.

up to 1.10%
Min. to earn: $1
High APY when you complete 10 or more qualifying debit card purchases each month

Full Schwab Bank Investor Checking™ review

Top perks

Unlimited ATM fee reimbursements: The Schwab Bank Investor Checking™ account doesn't have a network of surcharge-free ATMs, but that's OK because the bank will reimburse you for ATM fees you incur anywhere in the world. Few banks do this, at least on an unlimited basis. So Charles Schwab's unlimited international ATM fee reimbursements make this account one of the top choices for frequent travelers who value having easy access to their cash.

No foreign transaction fees: $0 foreign transaction fees are a rarity for banking accounts, making this a standout feature.

Free checks: The Schwab Bank Investor Checking™ account offers free standard wallet and duplicate check styles to account holders -- a somewhat rare benefit. And the free check writing benefit is unlimited. 

Outstanding customer service: Charles Schwab Bank received the highest score in the J.D. Power 2024 U.S. Direct Banking Satisfaction Study for its excellent customer service and has received this honor for the past six years in a row. That might not seem like a big deal, especially if you rarely contact your bank, but when you run into problems or questions about your account, quality customer support is invaluable.

Save and invest in one place: When you open a Schwab Bank Investor Checking™ account, you'll also open a Schwab One® brokerage account. You'll have a single login for both accounts, so you can quickly transfer funds from one account to the other.

Access your funds wherever you go: Charles Schwab Bank's mobile app lets you transfer funds, remotely deposit checks, pay bills, view your transaction history, lock your debit card, and set up alerts to track your account activity. These features make it easy for you to manage your money even if you don't live near a Charles Schwab branch location.

FDIC insured: Finally, Charles Schwab checking accounts are covered by the same FDIC insurance as traditional bank accounts. This protects your funds up to $250,000 per insured bank, per depositor, for each ownership category in the event of a bank failure.

What could be improved

Low APY: While Charles Schwab Bank's 0.45% APY is above-average for checking accounts, it still falls a little behind some of the best checking accounts. Those who are hoping to grow their money quickly may want to consider a different high-yield checking account or a high-yield savings account.

Fees

Fees Monthly Maintenance ATM Withdrawal Overdraft Stop Payment Insufficient Funds
Schwab Bank Investor Checking™ $0 $0 (unlimited fee reimbursements) $0 when funds are available from a linked Schwab savings or brokerage account $0 $0
Data source: Charles Schwab Bank

How to access your money

Here's a closer look at how you can deposit and withdraw funds from your Schwab Bank Investor Checking™ account.

Deposit options

You can deposit money into your Schwab Bank Investor Checking™ account using any of the following methods:

  • ACH transfer
  • Wire transfer
  • Transfer from linked Schwab One® brokerage account
  • Mailed check
  • Mobile-deposited check

Note that if you choose to fund your account via wire transfer, the bank you're transferring funds from may charge you an outgoing wire transfer fee. Check with your bank to see what it charges for this. If you'd rather avoid this fee, stick to the other deposit methods listed here.

Withdrawal options

Use any of the following methods to withdraw money from your Schwab Bank Investor Checking™ account:

  • ACH transfer
  • Wire transfer
  • Check withdrawal
  • ATM cash withdrawal
  • Point-of-sale withdrawal

If the ATM you use charges fees, Charles Schwab Bank will reimburse you for them at the end of the month. In the meantime, you'll have a reduced balance, so plan accordingly to avoid overdrawing your account. However, it's important to note that Charles Schwab's account is one of very few checking accounts to offer unlimited reimbursement, so this can be an attractive feature for people who regularly need to take out cash.

Schwab Bank Investor Checking™ is right for you if:

The Schwab Bank Investor Checking™ account is a smart choice if you've already invested with Charles Schwab and like the idea of managing your money all in one place. It's also a great fit for the world traveler who wants to avoid common checking account fees.

This account's APY isn't the highest, but it's around the national average. Plus, with all of its convenient mobile and online tools, as well as its exceptional customer service, the Schwab Bank Investor Checking™ account has plenty of appeal.

Keep reading about Charles Schwab:

Our checking account methodology

At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.

Our scores are weighted as:

  • Brand and reputation: 40%
  • APY and rewards: 30%
  • Fees and minimums: 15%
  • Other perks: 15%

Learn more about how The Motley Fool Ascent rates bank accounts.

FAQs

  • The Schwab Bank Investor Checking™ currently offers a 0.45% APY. This is slightly lower than what many of the top interest-bearing checking accounts offer, but much higher than the standard for most checking accounts, which is 0%.

  • Charles Schwab offers the Schwab Bank Investor Checking™ and the Schwab Bank Investor Savings™ account. Neither is a particularly high-yield account, but they can still be convenient financial tools, especially for existing Schwab customers.

  • You can apply for a Schwab Bank Investor Checking™ account online or by calling the bank. You can also download and complete a paper application.