Charles Schwab Bank Review | INVESTOR Checking and Savings

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Charles Schwab is widely regarded as one of the best traditional investment options, but they also offer two different bank accounts with some pretty unique features that I've never seen before. Charles Schwab offers what they call a high yield investor checking account and a high yield investor savings account. There are also a few other niche account options that we'll talk about later in the video but as the names suggest, these accounts are meant to seamlessly integrate with the popular Charles Schwab investing platform which we talked about at length in previous videos. So that begs the question…who is this bank account for?

Starting with the Schwab bank high yield investor checking account, this has no monthly fees no minimum balance requirements, and a flat APY of 0.25% on all balances. Remember that this is a checking account so earning any interest and all is great and many of Schwab's national competition has different balance tiers with higher account balances earning a higher APY so I do like the fact that it's a flat APY across the board for all account balances. There are also no foreign transaction fees which is great if you frequently travel internationally and unlimited ATM fee reimbursements worldwide.

Moving on from there we have the Schwab bank high yield investor savings account which again isn't anything too flashy but offers you 0.28% APY, the same no-fee structure as the checking account, and of course unlimited ATM fee reimbursements worldwide. Again 0.28% is nothing to write home about but what I will say is that number one that is still 28 times better than competition like chase and Wells Fargo who pay just 0.01% and as we'll talk about in a second, this is meant to be used in conjunction with your Schwab brokerage accounts meaning the target audience here is likely investing a majority of their cash anyways and is not that concerned about the interest rate they're earning on the little cash they have sitting on the sidelines.

Now regardless of which account options or combination of accounts you go with, every Schwab account and be managed online and from the Schwab mobile app, and while I'm a huge fan of being able to track multiple financial accounts under one application, the Schwab mobile app leaves a lot to be desired. Don't get me wrong it does everything you could possibly need including managing balances viewing transactions depositing checks remotely, transferring money and all of that.

0:00-Schwab BANK Account
0:47-High Yield Checking
3:08-High Yield Savings
5:09-The BEST Feature
7:12-Investing Integration
9:19-My FINAL Thoughts

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