Checking for Travelers: Schwab High Yield Investor Checking
Why it’s a winner: Free checking with no foreign-transaction fees. And unlimited reimbursements for ATM surcharges worldwide make this ideal for those who are on the road a lot. Plus you earn interest (flat 0.10%).
Caveats: You need a linked Schwab One brokerage account to open this checking account, but the brokerage account has no fees or minimums.
Best Debit And Credit Cards To Use Abroad
Schwab – Best Checking Account for Expats
Posted on December 17, 2015 by admin in Our Card Choices // 0 Comments
On a forum recently, a group of guys were explaining how they move money between their US accounts and their foreign accounts for living expenses. Although they all agree that SCHWAB ATM is the best choice for ATM card use, they all refer to having a "regular checking account".
I know a lot of guys who simply write checks to themselves and deposit them in their respective dollar accounts in the Philippines each month or whenever it's needed. Of course you have to wait about 30 days for the check to clear if done this way but it avoids any bank transfer fees entirely. Always best to keep a decent cash float when using this method to avoid running low on money completely. In other words, think ahead.
SCHWAB IS A CHECKING ACCOUNT . All the benefits of a "regular checking account", plus the benefits of refunded ATM fees. I don't understand why multiple checking accounts would be needed.
Look at the Schwab Benefits List:
No minimum balance requirements
No monthly service charges
No ATM fees. ALL ATM FEES FROM EVERY COUNTRY ARE REFUNDED .
Thailand: almost $6 USD for every ATM withdrawl. REFUNDED BY SCHWAB.
Philippines: More than $4 USD for every ATM withdrawal. REFUNDED BY SCHWAB.
Free standard checks and a Visa® Platinum debit card once the account has been funded.
Free online bill pay on Schwab.com and Schwab Mobile
Competitive interest rate
FDIC Insurance up to $250,000
If you are a US Resident and living as an expat or traveling abroad often, you need a Schwab account.
Thought leadership for banking and financial services professionals
Posted on February 20th, 2014
This article originally appeared on MyBankTracker.com.
A s MyBankTracker has grown over the past few years, our focus on banking has never wavered, as we have tracked 6,927 FDIC insured banks and compiled useful information for consumers to make smart banking decisions. We currently have just over 8,600 bank reviews from real bank customers for the purposes of building banking transparency.
Our criteria for picking the top rated online banks are based around report card ranking comprised of bank health, fees, technology, rates, location and mobile access. According to MyBankTracker’s reviewers, the top banks are: Ally Bank, Charles Schwab, USAA Bank, Capital One 360, and Bank of Internet.
*In determining which banks topped the list, we chose banks that each had at least 20 reviews.
Ally Bank ranked three out of five stars by reviewers, with a total of 417 reviews, an “A” grade, and an overall rating score of 83%.
Without branches, Ally is able to offer free ATM use on any machine by reimbursing customers for surcharges, and offers high yields and 24/7 customer service for checking and savings. Ally interest checking comes with no maintenance fee with higher than average interest rates — accruing 0.4% on up to $15,000 and 0.75% above that. Ally Online Savings is also free, and offers a competitive interest rate on all balances, coming in at a flat 0.84%.
Charles Schwab Bank has been rated by our reviewers as three out of five stars with a total of 48 reviews, an “A” grade, and an overall rating score of 81%.
Besides checking and savings accounts, Charles Schwab offers a multitude of services, including help in saving for retirement, ways to invest, and trading tools. Consumers can stay connected by being able to talk with specialists, going online with mobile apps, and heading to workshops, such as free retirement workshops. Schwab’s High Yield Investor Savings comes with no account minimums, no monthly service fees, unlimited free rebates from any ATM worldwide, the ability to deposit checks from anywhere (Schwab Mobile Deposit) with an interest rate of 0.12%. The Schwab Bank High Yield Investor Checking Account gives customers 0.10% variable interest on any balance, and offers free bill pay, free standard checks, a Visa Platinum debit card, and a linked Schwab One brokerage account without fees or minimums.
3. Bank of Internet
Bank of Internet has been rated three out of five stars with a total of 24 reviews, an “A” grade, and an overall rating score of 77%.
Bank of Internet is an online, branchless bank which offers high-interest checking, savings, certificates of deposit, and money market accounts. There are no overdraft fees and consumers receive things like ATM fee reimbursement, free online banking, free bill pay, mobile deposit and more. Bank of Internet’s homepage advertises rewards checking with the potential to earn up to 1.25% APY, 6 times the national average, as well as low interest rate mortgages.
USAA Bank has been rated three out of five stars by 220 reviewers, a “B” grade, and an overall rating score of 65%.
Established in 1983, USAA Federal Savings Bank provides a full range of financial products and services to the military community globally. USAA offers military members and their families investment products, checking and savings products, credit cards, and life insurance. Like the other banks on our list, USAA has free ATMs nationwide, and offers mobile and technological ways of accessing and managing your money, bills, spending, and budgeting. The bank advertises interest rates that are twice the U.S. average, but this does not compare to Bank of Internet’s APY of 6 times the average. Rates on USAA savings vary from 0.10% to 0.20%. USAA checking comes with an APY of 0.01%.
5. Capital One Bank
Capital One Bank has been ranked two out five stars on average by 67 reviewers, but earns a “B” grade.
Capital One has some competitive features, such as no fees for opening an account and no monthly maintenance fees. They also have a savings APY of 0.85% for a minimum deposit of $100 and an APY of 0.90% for a minimum deposit of $25,000. Additionally, the bank offers many cards designed for business owners with varying features, APRs, and rewards.
As seen in our list of the top online banks, banking has become more competitive, with online banks now offering more lucrative features for consumers than traditional banks such as high-interest and free ATM use. The future of banking, we predict, will move even further in that direction, with banks continuing to move to the online sector and consumers growing disenchanted with the traditional approach to banking.
Schwab Promotes 4% APY Checking Account on Homepage
I never thought I'd see the day that Charles Schwab featured a checking account on its homepage (see note 1). Even Schwab, that built its business catering to do-it-yourself individual investors, wants a piece of those cash balances sitting in non-interest checking or low-rate checking/savings accounts.
With many major banks still paying next to nothing on deposits (as low as 0.10% annually on savings, see note 2), direct banks and other non-traditional outlets are still looking to grab deposit share even though most have dropped their promotional rates below the magic 5% mark (previous coverage here).
Schwab.com homepage (18 Oct. 2007, 11 a.m. Pacific)
Schwab login page (18 Oct. 2007, 11 a.m. Pacific)
1. The bank promotion is on Schwab's main site, NOT a special landing page or Schwab Bank page.
2. Memo to US Bank: Don't you think it's time to raise your savings account rates? I have my checking account at US Bank and was thinking of parking some cash for a few weeks in an interest-bearing account. But I was shocked when I looked at the rates. There is nothing I could apply for online that would pay more than 0.40% and most paid just 0.10% (see inset).
That's no typo; one-tenth of one percent on savings accounts across all balance levels. That's less than a $1 per month on a $10,000 balance! Pre-tax.
There's only one deposit account that cracks the 1% mark, Maximum Money Market, which pays 2% to 2.5% for balances greater than $10,000. But you can't even apply for that one online, you have to visit a branch.
I don't care how much you make on the so-called lazy money, a rate page that looks like US Bank's (see screenshot above) is a marketing and PR disaster.