Personal Finance

Benefits of the Schwab Bank High Yield Investor Checking Account

This morning, I was eating at a local brunch spot not realizing that this restaurant is “cash only.” Unfortunately, there wasn’t an ATM nearby so I had to drive across the street to find an ATM machine.  Fortunately though, I have a Charles Schwab checking account. I first got the Charles Schwab High Yield Investor checking account as a means to withdraw money from ATM while traveling without paying currency exchange fees but I’m finding that I am using this card more than I anticipated.  Here are some of the benefits of the Charles Schwab account:
  • No ATM fees– this is a lifesaver; you can withdraw from any US ATM and will be reimbursed for your fees.  This is great when you need to get cash quickly and don’t want or have the time to go around searching for your banking institution’s ATM.
    • No Foreign Transaction Fees- we all love to travel, but we don’t want to pay currency exchange fees.  With this card, I simply pull money from my account without paying any exchange fees (However, there may be a small ATM fee for non AllPoint ATMs but its way better than the currency exchange rates).
  • 0.15% APY-– this isn’t much, but its better rate than many of the traditional banks
  • Brokerage Account-– when you open this account, it automatically comes with the account.  Charles Schwab has tons of ETFs, and they have one of the lowest expense ratios.
  • Customer Service– I’ve only called them once, but the representative was super helpful

 




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