- The High Yield Investor Checking Account account is offered by Charles Schwab .
- Great news, this account is completely free with no minimum balance required!
- You can use any ATM in the world with this account and not pay a fee. Schwab will rebate all withdrawal fees charged by third party ATMs.
- Better yet there are no foreign exchange fees on debit card purchases.
- It is a brokerage account, and while you don't need to own any stocks the application process is a bit more involved than with a standard checking account.
- There is a $25 fee if you overdraft and there are no funds available in your brokerage account to cover the transaction. A maximum of $100 per day can be charged.
Fine Print Alert
Banks tend to charge lots of pesky fees - other than a monthly fee. Below is a table of the other fees and charges from this bank:
|Monthly fee with paper statement
|In-network ATM withdrawal fees
|Out of network ATM withdrawal fees in USA
|Transfer fees (overdraft with protection)
|Overdraft fees (without protection)
|Non-sufficient funds fee
|Early closing fee
|Early closing fee applicable until how many days
We have established a Magnify score. This bank account was scored A (5.00) .
Below we will help explain this score.
Good things about this account:
- This bank account has no monthly fee.
- This bank account charges no fee for withdrawal from ATMs outside the bank network and will rebate fees charged by other banks.
- This bank does not allow overdraft by using ATM or debit card.
- If you overdraft and there are no funds to cover in your brokerage account you will be charged a $25 insufficient funds fee per transaction, up to $100 per day.
- The bank charges overdraft fee only once per day and there are no extended overdraft charges.
While this 'high yield' checking account doesn't earn much interest you should not be looking to make money from a checking account. Receiving any (or good) interest on a checking account is almost impossible. Your goal should be to keep the fees on the account as low as possible and this accoutn does the job as long as your brokerage account has enough in it to take care of any overdrafts.
Full ATM withdrawal fee reimbursement worldwide is the big selling point of this account. If you want to earn interest on your savings, then we recommend an online savings account for the best rates.