charles schwab checking account

A Closer Look at the Charles Schwab Checking Account

Online personal checking accounts have been available for several decades. They are popular with consumers for their extra perks and beneficial features. Here is a closer look at the Charles Schwab checking account.

The banking division of brokerage powerhouse Charles Schwab launched the High Yield Investor Checking® account in 2007 as a convenience to its clients. Investors could now manage all of their finances in one place and smoothly move funds from their bank account to their portfolio.

Charles Schwab Checking Account Reviews

Industry experts love the freebies associated with the account, the easy-to-use mobile app and the outstanding customer service that is always available should you need it. The downsides to this account are a lower-than-average APY compared to other online checking accounts and no option to deposit cash.

Charles Schwab Checking Account Features

This checking account charges no foreign transaction fees when using the included debit card, making it an excellent choice for anyone who travels internationally. This feature is what sets this account apart from its competitors.

You are also reimbursed for any fees you receive at ATMs anywhere in the world when using the included Schwab Bank Visa® Platinum debit card. That is another perk for anyone who frequently travels and one not often offered by banks.

Account-holders are not charged any fees for monthly maintenance or stop payment of a check. Should you go over your account balance, no overdraft fee is charged if your checking account is linked to a Schwab savings or brokerage account. There is no minimum balance required to open or maintain the account. Currently, you will earn 0.03% interest on your balance, which is lower in comparison to other online checking accounts.

The mobile app makes it quick and easy to move money between your Schwab accounts, pay bills, deposit checks, view your transactions or set up security alerts. Add your debit card to your mobile wallet for contactless payment where available.

If you have a Charles Schwab brokerage account, you can add this checking account to your login, which gives you the ability to manage your funds in one place.

Should you need it, you can contact the award-winning customer service 24/7 on Twitter or through the online chat feature. Phone support is also available for extended business hours on weekdays and weekends.

How To Open a Charles Schwab Checking Account

You can apply for this account online or by calling 800-540-6718. Deposits are made by:

  • Transferring funds from a linked Schwab account
  • ACH or wire transfer from another financial institution
  • Check deposit on the Schwab mobile app
  • Direct deposit
  • Mailing a check

Why Choose a Charles Schwab Checking Account?

This account is an excellent choice if you already have a Schwab brokerage or savings account and want the option to use one login to access them all. If you travel internationally, you will benefit from the no foreign transaction fees feature. All travelers will appreciate being reimbursed for ATM usage fees charged anywhere in the world. Those who value outstanding customer service or the convenience of using a mobile app to manage their accounts will also find what they are looking for with this account.

On the other hand, this is not a great account for growing your money. You will find a higher return on your funds from other companies.

Quick Questions

What is the benefit of getting an online checking account?

Online checking accounts offer lower fees and higher interest rates than those offered at a brick-and-mortar bank. You also have the convenience of 24/7 access to your account.

Can I get a Schwab brokerage account after I open my checking account? 

Yes. When you open a Charles Schwab checking account, you automatically receive a brokerage account too.

Do I get a debit card with the Charles Schwab online checking account?

All account holders receive a Schwab Bank Visa® Platinum debit card when they open a Schwab checking account.

Interested in looking at other options? Check out our review of HSBC’s checking account offerings here.