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Schwab Bank High Yield Investor Checking

Reviewed
July 2012
by ConsumerSearch
Schwab Bank High Yield Investor Checking

Best online checking account

Pros
  • Free checking, no fees
  • No minimum balance
  • Unlimited ATM fee reimbursements
  • Mobile banking
  • Great for travelers
Cons
  • Yield can't compete with other banks

Though Charles Schwab doesn't pay the highest interest rates available, reviews say that the Schwab Bank High-Yield Investor Checking account offers enough perks to make it an attractive option. In fact, it's named the best no-fee checking account in Kiplinger Personal Finance magazine's Best of Everything 2011 list; it also made the magazine's best-of lists in 2008 and 2009.

Other reviewers also praise Charles Schwab for offering unlimited reimbursement of ATM fees for withdrawing funds anywhere in the world. As personal finance journalist Kevin Mulligan writes on GoodFinancialCents.com, "If you are a frequent traveler, this can be quite useful, as can the fact that your debit card is a Visa branded platinum card that can be swiped as a credit card in most businesses around the world."

Customers also like the freebies that the Schwab Bank High Yield Checking account offers, particularly online bill paying and a brokerage account. None of the accounts incurs monthly fees or requires a minimum balance, and it's easy to transfer money among them. You can make deposits remotely on a mobile device or a computer. On personal finance sites that show customer reviews, ratings average between 4 and 4.5 out of 5 stars for Charles Schwab Bank, especially for this account.  

The reviews of the Schwab Bank High Yield Investor Checking on Kiplinger.com and GoodFinancialCents.com are brief and focus on the features that make it a standout online checking account. Personal finance sites MyBankTracker.com and DepositAccounts.com show user reviews and offer editorial reviews based on user reviews, their assessment of the bank's financial health and other factors. BankRate.com doesn't offer an editorial review, but shows up-to-date rate information and assigns a Safe & Sound rating of 4 stars out of 5, meaning that BankRate.com's editors consider it a "sound" financial institution.

Our Sources

1. Kiplinger.com

Only a couple of bank accounts appear on this list, which lumps together all types of "bests" without separating them into categories. The Schwab Bank High-Yield Investor Checking account is named the best no-fee checking account. The brief write-up merely summarizes the features the account offers.

Review: The Best of Everything 2011, Editors of Kiplinger's Personal Finance magazine, Dec. 2011

2. GoodFinancialCents.com

Personal finance journalist Kevin Mulligan offers brief reviews of the five best online checking accounts, one of which is the Schwab Bank High Yield Investor Checking account. Mulligan writes that one of the most useful perks you get with this account is free ATM withdrawals anywhere in the world.

Review: Best Online Checking Accounts, Kevin Mulligan, May 9, 2012

3. Bankrate.com

BankRate.com gives Charles Schwab Bank a Safe & Sound Rating of 4 stars out of a possible 5, meaning it is considered "sound." You can click on Memo and Financial Statement links to read the fine print and get a wealth of information about the bank's financial picture.

Review: Safe & Sound Star Ratings: Charles Schwab Bank

4. MyBankTracker.com

MyBankTracker.com gives Charles Schwab Bank an overall rating of 4 out of 5 stars, based on individual ratings for Average Customer Reviews of Bank Financial Health, Bank Fees, Interest Rates and Remote Deposit Access. Users give this bank a 3 out of 5 rating based on the 33 reviews here. A few customers complain about interactions with customer service reps, and several advise that you not try to get a mortgage with Schwab Bank.

Review: Bank Report Card: Charles Schwab Bank, Editors of MyBankTracker.com

5. DepositAccounts.com

Charles Schwab Bank gets a 5-star rating here, based on nine customer reviews and a fairly detailed appraisal of its financial health.

Review: Charles Schwab Bank, Editors of DepositAccounts.com

6. Kiplinger.com

In this older review, Schwab Bank High Yield Investor Checking is named the best bank account for online checking by Kiplinger editors. The write up notes that it was the second consecutive year (at the time) that the account was so honored.

Review: 2009 Best List: Credit and Banking, Editors of Kiplinger's Personal Finance magazine Dec. 2009

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