- 1 schwab high yield checking
- 2 10 Best Checking Accounts of 2016
- 2.1 Best: Bank5 Connect High-Interest Checking
- 2.2 Banks That Rounded Out the Top 10
- 2.3 Bank of Internet USA Rewards Checking
- 2.4 Charles Schwab Bank High Yield Investor Checking
- 2.5 iGOBanking.com High Interest Checking
- 2.6 Ally Bank Online Interest Checking
- 2.7 Compare the Best Checking Account Features
- 3 Schwab Bank High Yield Investor Checking Account®
- 4 High interest: How to choose between checking, savings, and CDs
- 5 schwab high yield checking
schwab high yield checking
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10 Best Checking Accounts of 2016
If all your checking account has done for you lately is charge you fees to store your money, then it's time to move on to a new account that doesn't sap your balance with numerous surcharges and actually pays interest so your money can grow. Yes, no-fee, interest-bearing checking accounts really do exist -- and GOBankingRates has found the best ones.
GOBankingRates identified the top 10 checking accounts in the U.S. based on five criteria: annual percentage yield, minimum deposit, monthly maintenance fee, nonsufficient funds (NSF) fee and minimum balance required to avoid fees; APY and minimum balance were weighted double in our methodology. The accounts reviewed were the most basic checking accounts offered by the financial institutions surveyed for our Best Banks of 2016 rankings.
Here are the 10 best checking accounts currently available. If your bank isn't on the list, and you're unhappy with your current checking account, you might want to consider switching.
Best: Bank5 Connect High-Interest Checking
Why: Bank5Connect, which earned the top spot in GOBankingRates' 2015 Best Checking Account ranking, is still the best checking account provider because it continues to offer one of the highest rates, no monthly fees, an NSF fee of just $15 and a minimum deposit of $10.
Review: This online-only bank is able to offer a competitive rate of 0.76% APY on its High-Interest Checking account because it has lower overhead costs than brick-and-mortar banks. The minimum balance to earn interest is $100.
This account includes several free features: online banking, mobile banking, bill pay and the first order of checks. Plus, Bank5 Connect won't charge you for using any ATM and will reimburse other banks' ATM fees up to $15 per statement cycle. It also offers a UChoose Rewards program that lets you earn points when you use your debit card. The points can be redeemed for gift cards, vacation packages and other items.
How to open: You can open an account online or by calling 855-55BANK5. The process takes about 10 minutes, and you'll need your Social Security number, valid ID and previous home address if you've lived at your current address for less than two years. You can fund the account with a credit card, debit card, checking account or savings account.
Banks That Rounded Out the Top 10
Bank of Internet USA Rewards Checking
Why: This account charges no monthly maintenance fee or NSF fee and offers a 0.42% APY. It doesn't have a minimum monthly balance requirement, but it does require a minimum deposit of $100.
Review: Although the minimum deposit required is higher for the Bank of Internet USA Rewards Checking account than most of the other accounts in this top 10, it offers several attractive features. For example, you can boost the rate you earn up to 1.25% APY if you use your Rewards Checking Visa debit card at least 10 times a month and if your account receives monthly direct deposits of $1,000 or more.
The account also offers unlimited ATM fee reimbursements, free bill pay, cash-back purchase rewards and free FinanceWorks money-management software. You can deposit money using the bank's free mobile app or by scanning checks from your computer using the free MyDeposit option on the bank's website.
How to open: You can open an account on Bank of Internet's website. You'll need your Social Security number, a valid ID and a valid U.S. address.
Why: There are no fees and no minimum deposit or minimum balance requirements on the Capital One 360 Checking account. It offers a 0.20% APY, which is higher than what many brick-and-mortar banks offer.
Review: The Capital One 360 Checking account's base APY of 0.20% increases to 0.75% APY on balances of $50,000 to $99,999.99 and to 0.90% on balances of $100,000 or more. Instead of overdraft fees, Capital One charges an interest rate of 11.50% on the amount you overdraw.
With this account, you have access to Capital One's network of more than 40,000 ATMs nationwide. Your first order of checks is free, as is online bill pay and the mobile app.
How to open: You can open an account online or by calling 800-289-1992. It takes about five to 10 minutes, and you'll need a check from an existing account to fund your new account.
Why: This online account has no monthly services fees, offers a 0.65% APY and has several free features. The minimum deposit to open an account is just $1.
Review: The FNBO Direct Online Checking account doesn't charge a monthly service fee, but it does charge a relatively hefty $33 NSF fee. However, it does offer one overdraft forgiveness per year. It also has free online banking, bill pay, account alerts, stop payments, debit card fraud monitoring and person-to-person payments with Popmoney, among other features.
How to open: You can open an account online. You'll need your Social Security or tax ID number, valid ID, employment information and information about any loans or mortgages you have to confirm your identity. You'll need your current bank account and routing numbers to transfer funds electronically to your new account.
Charles Schwab Bank High Yield Investor Checking
Why: This online account from Charles Schwab Bank has no minimum deposit or balance requirements and no monthly maintenance fee or NSF fee. The APY is just 0.06%, but the account is linked to a no-fee, no-minimum balance Schwab One brokerage account.
Review: Standard features on the Charles Schwab Bank High Yield Checking account are similar to those offered by other accounts in the top 10: free bill pay, unlimited ATM fee rebates and free standard checks. The big draw of this account, however, is that it allows you to open a Schwab One brokerage account without the usual minimum deposit of $1,000 and link it to your checking account.
How to open: You can open an account online in 10 minutes or download an application form, which you can send by mail. You'll need your Social Security number, driver's license and employer information. There's no minimum deposit to open an account.
iGOBanking.com High Interest Checking
Why: This online account requires a minimum deposit of just $1, has no monthly maintenance fee and has a 0.25% APY.
Review: The iGOBanking.com High Interest Checking account's $33 NSF fee is a drawback compared with some accounts on this list that offer lower fees. However, this account offers several attractive features, including free bill pay and a presentment tool that lets you import an unlimited number of bills and pay them online. You also can transfer funds electronically to others using iGoBanking.com's Pay People service. You can access your money without incurring fees at more than 43,000 ATMs in the Allpoint network.
How to open: You can open an account online in about 10 minutes. You'll need your Social Security number, valid ID, previous home address if you lived in your current location less than two years, and your current bank account and routing number to transfer funds electronically to your new account.
Ally Bank Online Interest Checking
Why: There is no monthly maintenance fee or minimum deposit requirement for this online account, which pays a 0.10% APY.
Review: The Ally Bank Online Interest Checking account has an overdraft fee of $25 and a tiered interest rate. The 0.10% APY jumps to 0.60% APY on balances of $15,000 or more.
Other perks include free online and mobile banking, bill pay and standard checks. You can use any Allpoint ATM for free and get reimbursed up to $10 per statement cycle for surcharges from ATMs outside the network. You also can send money electronically to others with Popmoney.
How to open: You can open an Ally Bank account online or by calling 877-247-2559. You'll need to provide your address, date of birth, Social Security number and valid ID. There's no minimum deposit to open an account.
Why: This online checking account from Simple Bank doesn't charge a monthly maintenance fee or NSF fee and doesn't require a minimum deposit. However, the APY is just 0.01%.
Review: Although Simple Bank's Simple Checking account has the lowest APY of the accounts on this list, it offers unique features that can help you stick to a budget and save money. The account lets you set savings goals and will show you how much is safe to spend based on those goals, your account balance, upcoming bills and pending transactions. You can access your money through the bank's network of 55,000 fee-free ATMs.
How to open: You must provide your email address to start the application process online. Then you must provide your name, birth date, occupation and Social Security number.
Why: This checking account offers the highest rate on this list -- 0.95% APY -- but it's applicable only during the first year after opening an account. The ongoing rate is 0.30% APY on balances under $10,000.
Review: The EverBank Yield Pledge Checking account offers a bonus interest rate of 1.60% APY on balances up to $100,000 in the first six months of opening an account. Although its APY offer is attractive, its minimum deposit requirement of $1,500 and the $30 NSF fee are high compared with other accounts in this top 10.
There's no monthly maintenance fee, and the account comes with features such as free mobile banking, bill pay and funds transfers with People Pay. Everbank doesn't charge ATM fees but only reimburses other banks' ATM surcharges if you have an account balance of $5,000 or more.
How to open: You can open an account online by providing your Social Security or tax ID number and proof of address if you've lived in your current location less than three months.
Why: This checking account has no monthly maintenance fee and a relatively low NSF fee of $17, but it also has no APY.
Review: The Arvest Bank Free Blue Checking account made it into the top 10 even though it doesn't earn interest because its minimum deposit of $50 and $17 NSF fee are lower than the fees charged by many of the other accounts surveyed for GOBankingRates' 2016 Best Banks rankings. The account also includes free online and mobile banking, free notary services and free checks for customers 62 and older.
How to open: You can open an account online, by calling 866-952-9523 or by visiting a local Arvest branch. You'll need a government-issued ID and Social Security number. You can transfer funds electronically from an existing account, mail a check, or deposit cash, a check, or a money order at a branch.
Compare the Best Checking Account Features
Methodology: To compile its list of the top 120 banks, GOBankingRates surveyed the FDIC's list of banks sorted by asset size, excluding non-active institutions, those with less than $1 billion in assets, investment banks and any institutions that require customers to use investment services to access commercial bank accounts. This list of 120 banks includes 90 brick-and-mortar banks and 30 online-only banks according to the GOBankingRates database. No asset threshold was consulted for online-only banks.
Criteria for ranking: To determine its Best Checking Accounts category ranking, GOBankingRates scored each bank's basic, personal checking account from most to least favorable for the following factors: (1) minimum deposit to open the checking account, (2) monthly maintenance fee, (3) minimum balance to avoid a fee, (4) annual percentage yield and (5) nonsufficient funds fee. Minimum balance to avoid a fee and APY were weighted more heavily than other ranking factors, and accounts were then ranked by overall score. In the case of a 10 th -place tie, tiebreakers were used in the following order: APY, monthly maintenance fee and then minimum deposit required to open the account.
Data was compiled via the GOBankingRates interest rate database and verified against the individual institutions' websites between Oct. 29 and Nov. 23, 2015. Rates, terms and conditions are subject to change at the discretion of the individual financial institutions. APY was based on the minimum deposit required to open the account. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met in order to obtain the interest rates listed. Rates and availability might vary by region. Please verify terms and conditions before opening an account.
Schwab Bank High Yield Investor Checking Account®
1. Unlimited ATM fee rebates apply to cash withdrawals using your debit card wherever it is accepted. ATM fee rebates do not apply to any fees other than those assessed for using an ATM to withdraw cash from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Client Service Specialist for assistance at 888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
2. The Schwab Bank High Yield Investor Checking Account , with a minimum balance of $0.01, offers a 0.13% annual percentage yield (APY) as of 3/31/2017. This rate is variable and may change without notice.
3. Funds deposited at Charles Schwab Bank are insured, in aggregate, up to $250,000, based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC).
5. If you are not completely satisfied for any reason, at your request Charles Schwab Co. Inc. (“Schwab”) or Charles Schwab Bank (“Schwab Bank”), as applicable, will refund any eligible fee related to your concern within the time frames described below. Two kinds of “Fees” are eligible for this guarantee: (1) asset-based “Program Fees” for the Schwab Private Client (“SPC”), Schwab Managed Portfolios (“SMP”), Schwab Intelligent Advisory (“SIA”), and Managed Account Connection (“Connection”) investment advisory services sponsored by Schwab (together, the “Participating Services”); and (2) commissions and fees listed in the Charles Schwab Pricing Guide for Individual Investors and the Schwab Bank Deposit Account Pricing Guide (together, “Account Fees”). Program Fee refund requests must be received no later than the next calendar quarter after the Fee was charged. Account Fee refund requests must be received within one year of the date that the Fee was charged.
Program Fees are calculated as a percentage of eligible assets in Participating Service accounts. For more information about Program Fees, please see the disclosure brochure for the Participating Service, made available at enrollment or any time at your request. The Connection service includes only accounts managed by investment advisors affiliated with Schwab: Windhaven Investment Management, Inc. ThomasPartners, Inc. and Charles Schwab Investment Management, Inc. The guarantee does not cover Program Fees for accounts managed by investment advisors who are not affiliated with Schwab or managed by Schwab-affiliated advisors outside of the SPC, SMP, SIA, and Connection services.
The guarantee is only available to current clients. Refunds will only be applied to the account charged and will be credited within approximately four weeks of a valid request. No other charges or expenses, and no market losses will be refunded. Other restrictions may apply. Schwab reserves the right to change or terminate the guarantee at any time.
The Schwab Bank High Yield Investor Checking Account is available only as a linked account with a Schwab One brokerage account. The Schwab One brokerage account has no minimum balance requirements when opened with a linked High Yield Checking account.
Schwab Mobile Deposit service is subject to certain eligibility requirements, and enrollment is not guaranteed. Standard hold policies apply. Requires a wireless signal or Wi-Fi connection.
Charles Schwab Co. Inc. and Charles Schwab Bank are separate but affiliated companies and wholly owned subsidiaries of The Charles Schwab Corporation. Brokerage products and services are offered by Charles Schwab Co. Inc. member SIPC. Deposit and lending products and services are offered by Schwab Bank, member FDIC and an Equal Housing Lender.
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High Yield Investor Checking is rated 4.4 out of 5 by 1097.
Rated 5 out of 5 by Anonymous from Banking the way it should be ATM fee reimbursements, excellent free bill pay, fast and easy transfer between accounts, easy deposits by mobile phone (and postage paid envelopes too!). First-rate all around.
Date published: 2017-05-13
Rated 5 out of 5 by Anonymous from
Date published: 2017-05-12
Rated 5 out of 5 by Anonymous from Easy FREE Checking and GREAT Customer Service! I’ve had my Investor Checking for a little over three years now and I LOVE it! Schwab is easy to do business with by providing an easy to use, intuitive, website with clear and concise instructions and guides. On the few occasions I’ve had to call customer service, I receive quick and professional service EVERY time.
Date published: 2017-05-11
Rated 5 out of 5 by yurausa from Best checking account I ever had! Schwab has exceeded my expectations. Its the only financial institution that warns you if you are about to go into overdraft and actually provides you with a timeframe to resolve it without and overdraft fees! Outstanding customer service!
Date published: 2017-05-05
Rated 5 out of 5 by Scott123098 from Long-time customer, still blown away by the service. There is no organization I work with that is more consistently incredible. The customer service is always top notch, it’s easy to speak to a human, and everybody actually knows the answers to your questions. I really cannot say how amazing Schwab has been. What a great organization.
Date published: 2017-05-05
Rated 5 out of 5 by reds from
Date published: 2017-05-04
Rated 5 out of 5 by Alex B from Reimbursement of ATM fees means that every cash-only bar, restaurant or event has my bank’s ATM right around the corner.
Date published: 2017-05-03
Rated 5 out of 5 by JClay from Awesome Best checking account experience I’ve ever had.
Date published: 2017-05-02
- High Yield Investor Checking Reviews – page 2
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High interest: How to choose between checking, savings, and CDs
In a rocky economy, high interest rates are the holy grail of conservative investors, especially those who don’t want to invest in bonds. But in this rocky economy, “high interest” hasn’t really meant much: High-interest savings accounts are returning below two percent!
Get Rich Slowly readers are just like everybody else. A couple of times a week, I get e-mail from somebody looking for higher interest rates, but puzzled about where to find them. So, inspired by a recent article in Consumer Reports Money Adviser, I’m going to run down the top choices for finding high interest rates.
First, I want to remind you all of one thing: Interest rates aren’t likely to rise until the economy improves. Capital One 360 doesn’t hate you. Ally Bank isn’t trying to rip you off. We’re just not in a high-interest-rate environment right now. The government is keeping rates low because they don’t want you to save — they want you to pump your money into the stock market or the general economy. Until things turn around, we won’t be seeing the high interest rates that were around back in 2006.
So where can you go for high interest rates? Let’s look at some options.
In February, I wrote about how to get the best rates on your savings — safely. That article mentioned bank accounts, but it also looked at stocks, bonds, and mutual funds. Today, I’m just looking at high-interest bank accounts.
Many small community banks and credit unions offer high-interest rewards checking accounts, which they provide in partnership with companies like BancVue. Different banks have different names for these checking accounts, but they all share similar features. These so-called rewards checking accounts offer high interest rates — if you meet certain requirements.
- Get your monthly statement online, not via snail mail.
- Log in to your account at least once a month.
- Make a certain number of debit-card purchases each month (usually around 12 — and ATM withdrawals don’t count).
- Make at least one electronic transaction per month, such as an automatic payment to the electric company.
If you meet these requirements, you may still find some credit unions and community banks where you can currently earn interest rates of up to about 5 percent on at least a portion of the money in your account. At some banks, you can earn this high interest rate on amounts up to $10,000; at others, it is $25,000. Any money above that cap earns a smaller return. And if you fail to meet the account requirements in any given month, that also triggers the lower interest rate. These rates most likely are offered only to individuals who reside in the local market area of the bank or credit union. (Credit unions require you to join as a member, so be sure to check if you meet the specific membership requirements of the credit union you are interested in.)
How can these banks offer high interest rates on checking accounts? According to the July 2010 issue of Consumer Reports Money Adviser:
Some account requirements — such as banking online and receiving electronic statements — provide cost savings to the financial institutions, while frequent use of debit cards generates fees. Those savings and revenue account for the higher rates.
These accounts are localized, and you will have to search for the best bank in your area. Here in Portland, for example, Advantis Credit Union is offering 1.75% APY on their Fusion Checking (for balances up to $25,000) as long as you meet the monthly requirements (Rate as of December 11, 2016). But you may be able to find higher interest rates elsewhere in the U.S.
Use this list at Money Rates to find a high-interest checking account in your area.
In the past, Kiplinger’s Personal Finance has named the Charles Schwab High-Yield Investor Checking account its “best checking account of the year.” It currently offers a 0.06% variable APY, and must be tied to a brokerage account. But if a rewards checking account isn’t an option for you, the Schwab account may be a good choice. (Rate as of December 11, 2016)
However, our current research also indicates that some credit unions are offering a higher APY on their rewards checking accounts. It might be worth a look.
If you don’t want to jump through hoops, a rewards checking account may not be the best option; you may be better off with a high-interest savings account through either a traditional bank or an online bank.
As you search for a high-interest savings account, be sure to look at online banks.
Why? Consider the following:
- Though many traditional banks (like Bank of America and Wells Fargo) have a growing online presence, they generally have lower interest rates and higher fees than online-only banks like Capital One 360.
- Security concerns are the biggest thing that hold people back from banking online. But Consumer Reports Money Adviser claims that online banking may actually be safer than traditional banking because there is no paper trail and because your transactions are digitally encrypted.
In its July 2009 issue, the Consumer Reports Money Adviser stated:
“Online banking, despite a rocky start, is becoming the rule rather than the exception.” The newsletter cites research by Forrester Associates that predicts that 76 percent of American households with Internet access will be banking online by next year.
Here are some online banks to consider:
- CIT Bank Savings Account offers a 0.95% APY on deposits of $100-$24,999 and 0.95% APY on any deposit of $25,000 or above. Henry Ittleson founded CIT in 1908 with a mission to provide financing for businesses. CIT has continued to grow, offering financing, lending and insurance to corporations in many different sectors. CIT Bank is an FDIC-insured institution, serving small businesses and consumers with CDs, savings accounts and custodial accounts. (Rate as of December 11, 2016)
- Everbank Yield Pledge Money Market offers a 1.11% first-year APY and an ongoing rate of 0.61% APY on their money market account. Everbank is an online-only bank that has been named “Best of the Web” for five consecutive years by Forbes and was also named “Best of the Breed” for online banks by Money Magazine. Everbank requires a $5000 initial deposit requirement. (Rate as of December 11, 2016)
- Sallie Mae Money Market Account offers a 0.90% APY with no minimum balance and no monthly fees, plus daily compounded interest. I don’t know much about this account, but it may be worth a closer look. (Rate as of December 11, 2016)
- Ally Bank Online Savings Account currently offers a 1.00% APY with no minimum balance and no monthly fees. Ally Bank is the reincarnation of GMAC Bank and was named the best high-yield savings account of 2009 by Kiplinger’s Personal Finance. (Rate as of December 11, 2016)
- Kiplinger’s best high-yield savings account of 2008 was FNBO Direct, Online Savings Account which currently offers a 0.95% APY with no minimum balance and no monthly fees. FNBO has also been rated as one of the safest of the major online banks according to a study by BankRate. (Rate as of December 11, 2016)
- And, finally, there’s good ol’ Capital One 360, Savings Account which offers 0.75% APY on their Savings Account (with no minimum balance and no monthly fees). This is the bank I chose a couple of years ago. I’ve remained with them even though their rates are no longer near the top of the heap. (Rate as of December 11, 2016)
In the comments, readers have also suggested Dollar Savings Direct (Savings Account 0.55% APY, $1000 minimum, no monthly fee. Rate as of December 11, 2016) and SmartyPig (Tier 1 rate is 0.80% APY in a special goal-oriented savings account with slightly different rules than most accounts. Rate as of December 11, 2016). For a more complete list, check out our list of high-interest savings accounts that offer good rates and good security.
High-interest savings accounts are easy and safe. You don’t have to worry about meeting any sort of minimum requirements (except perhaps a minimum balance) in order to earn the high interest rate. And many online banks (and some traditional banks, too) will let you open multiple accounts so you can save for individual goals. But high-interest savings accounts have one big drawback: They generally don’t pay as much interest as a rewards checking account or a certificate of deposit.
A final option for earning high interest rates is to use a certificate of deposit (also called a CD). CDs are time deposits: You give your money to a bank and promise not to touch it for a specific amount of time. Opening a CD is very much like making a loan to the bank, which can invest the money however it wants during the period you agree to. In general, the longer you let the bank keep your money, the higher the interest rate you’ll receive.
Unlike a savings account, once you put your money into a CD, the interest rate doesn’t change. If, as I did in the CD above, you open a six-month certificate of deposit at 3.50 percent, and then interest rates drop to 1.00 percent (as they did after I opened this account), you still earn 3.50 percent for the entire term.
The catch is that CDs are less liquid than other accounts, meaning you can’t move money in and out of them like you can with a checking or savings account. If you take your money out of a CD before it matures (that is, before the end of the term), you will be docked interest. And in some cases, you may even lose part of your principal!
You may find the best CD rates online, but don’t forget to check your local bank or credit union; my credit union often has competitive rates. You can learn more about certificates of deposit (including a few tips and tricks) in the GRS archives.
So, which of these options is right for you? You are the only one who can make that call. As always, the key is to shop around for an account that fits your current needs.
- Choose a high-interest checking account if you use your debit card frequently and feel comfortable ditching paper statements. Once you open the account, pay attention. If you find you are not able to meet the account requirements, don’t hesitate to switch to another option.
- Choose a high-interest savings account to build your nest egg slowly but surely without any restrictions on how you can use the money.
- Choose a certificate of deposit if you know you won’t need the money for a specific amount of time — or maybe to prevent you from touching the money until you need it. (I like this advice to use parallel CDs or a CD ladder as easy insurance.)
- If you want a higher interest rate and are willing to place your money in an uninsured account, explore the world of consumer finance companies. (But be very careful if you do.)
- If you are looking for higher potential returns, can stomach more risk, and are familiar with the world of investing, then look at other options, such as bonds or stocks that pay dividends.
You are probably already familiar with my own set-up. High-interest checking accounts don’t work for me. I tried one for about a year and my spending habits just didn’t meet the requirements. I don’t think I once qualified for the high interest rate. Since learning how to use them two years ago, I have used CDs from time to time. Right now, for example, I have the money for our upcoming trip to Europe tucked in a CD, where it’s earning a bit of interest until I need the money. But, as I have mentioned many times, most of my savings is with Capital One 360. (That is not to say that you should choose Capital One 360 — there are plenty of other great options out there.)
As always, I am interested to hear what you folks have to say. Do you concern yourself with finding high interest rates? Do you switch banks to find better rates? What sort of system have you found to balance your need for better yields while still letting you use your money the way you want? (And has anyone had success with personal loan sites like Lending Club?)
GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, and more.
schwab high yield checking
Cash cannot be deposited at a Schwab branch bank.
Here are the 5 recommended methods of depositing money into your account given by Schwab:
- Set up direct deposit into your checking account
- Transfer funds online from your linked Schwab One® brokerage account
- Mail a check using a free postage-paid envelope to Schwab Bank
- Request a wire transfer to your account from another financial institution
- Apply for Schwab Mobile Deposit™ to deposit a check directly into your account by taking a picture using your smartphone
As others have stated, you can also buy a money order at your local postal office, Walmart, or Western Union, to name some options, for just a dollar or so.
Hope I could help!
According to a Charles Schwab representative, all cash must be converted to a money order or a cashiers check.
Although both money orders and cashiers checks vary in price depending on where you place them they are generally priced modestly and shouldn’t break the bank for a cash deposit every once in a while.
If cash deposits are frequent I recommend using a brick and mortar account such as Chase, or Wells Fargo.
The only advantages to online banks are the lack of lines, higher interest rates, lower fees, and generally better online and mobile tools, but most banks regardless of presence are building on their digital structure so mobile check deposits that are available through online banks like Schwab are also available for most brick and mortars such as Bank of America but you lose the face-to-face and access to cash deposits.