What's in My Wallet: Schwab Debit Card

A debit card and its associated checking account isn’t the sexiest thing to talk about in the points world, but the Schwab High Yield Investor Checking is a slam dunk for both travelers and homebodies.

Fine Print First

One small catch: you have to have a Schwab Brokerage Account. But the good news? Straight from the horse’s mouth:

Schwab Bank High Yield Investor Checking® accounts are available only as linked accounts with Schwab One brokerage accounts. The Schwab One brokerage account has no minimum balance requirements, and there is no requirement to fund this account when it is opened with a linked High Yield Investor Checking account.

No Monthly Fees, No Foreign Transaction Fees, No Minimum Balance

That’s it. That’s the paragraph.

ATM Fee Refunds

No matter who you get cash from and where, Schwab will refund the ATM fee. Some random bank in Malaysia wants to charge you $7 to withdraw $50? Schwab will refund it at the end of the month. A minimart down the block wants to charge $5 to withdraw $20? Schwab will refund you at the end of the month. Never worry about finding a fee-free ATM ever again.

I typically save $125 per year on this.

Competitive Interest Rates

While it’s not a significant amount, Schwab gives 0.2% APY on checking balances. I’m usually able to eke out $5 - $20 per year and am happy getting a free lunch or two.

In Sum

You may be completely happy with the bank at which you’re checking account is. If so, lovely. But if you’re looking for a new way to access your cash or if you’re sick of ATM fees I 100% recommend Schwab’s High Yield Investor checking. Since opening my account about five years ago I haven’t looked back