Charles Schwab Bank - High Yield Investor Savings

Average Score:

•   The Good and the Bad

  Three key features set this bank account apart from others. First and most importantly is the ATM fee rebate charged by other financial institutions. Charles Schwab does not charge you a fee to use ATMs however there is often a fee charged by other banks. They will refund you the fees up to $10 a month. Secondly it is extremely cost effective. There are no minimums or annual fees to maintain this account. It is free to sign up and electronic transfers in and out of this account are free. Thirs notable feature is the link between the savings account and any securities held under Charles Schwab. You can transfer finds easily between any uninvented money market accounts held with CS and the High yield Investor Checking. Additionally you can set up overdraft protection to automatically sell securities of your choosing as to give your money market account enough funds to provide overdraft protection to your checking account.

  There are a few downsides. The web site for online banking and investing is not that user friendly. There is a slight learning curve to figure out where you are and where you want to be. It takes more mouse clicks than there should be. Also the broker fees of $13 per trade are a little steep.

  On a personal note, I find it frustrating that they mail me a paper statement every month even though the balance is freely available online. I have called to cancel this and it just doesn't seem to happen.

  Posted by mxharlow -- July 14, 2009

•   ATM Fee Rebates Set This Account Apart

  I have held a savings account with Charles Schwab for about a year now. I originally signed up for an account through the recommendation of a friend. The main selling point for me was that the bank reimburses you for any ATM fees from using their bank card. For me, this not only makes all ATMs accessible, but it saves me about $10/month. In addition, Charles Schwab offers a nice APR to their customers. The customer service through Charles Schwab is excellent too. Their customer service people always seem educated, attentive and definitely not out-sourced (which is great when you have a complicated issue that needs to be worked out).

  The downside of the account is the online interface isn't especially user friendly. You have to click around a lot to see where you can go to pay your bills or view your transactions. Also, once a month I get a thick packet of paper in the mail as my statement. I am more on the green side of things, so I am a little annoyed Charles Schwab doesn't have the option to go entirely paperless like some other banks.

  Overall, I would recommend this account to anyone who uses ATMs and is tired of automated phone customer service or underpaid customer service representatives. Charles Schwab really values their customers and it shows.

  Posted by ecbrower -- June 16, 2009