The Schwab high yield checking account is one of the best high yield checking accounts in the United States.  In addition to opening high interest savings accounts, everyone should have a high yield checking account.  Schwab just started offering it checking account in 2007 and it has been getting a lot of praise.  Money Magazine recently called the Schwab checking account the “Best Checking Account” in May 2008.  This article will review the Schwab checking account.

Schwab’s high yield checking account is currently paying a 2.01% APY.  Schwab boasts that this 2.01% annual percentage yield is 5 times higher than the national average for checking accounts.  In order to earn this high interest rate, Schwab only requires that account holders maintain a $0.01 minimum balance.  This is an incredibly low minimum balance requirement which allows anyone to open a Schwab high interest checking account.

Besides the high interest rate on these checking accounts, the next best feature of the Schwab checking account is that Schwab charges no ATM fees and will reimburse you for all ATM fees.  As long as you are using your Schwab Visa Platinum Check Card, Schwab will reimburse you for any ATM fees charged by the ATM machine owner.  This is a great way to save money.  But, you do need to read Schwab’s terms of service to make sure you understand what transactions will be reimbursed.  Things like currency exchanges and balance inquiries are excluded.

Hopefully you have found this Schwab checking account review to be helpful.  If you have any questions about this Schwab high yield checking account or any other high interest checking accounts, please leave a question below.