It is not very often I get excited about a checking account or a debit card. In fact, I have been on record heavily advising against debit card use! While I still take a stance against the wretched little hunks of plastic that some call debit cards, there is one in particular that I am learning to love … I am talking head over heels here, people! They call it…

The Schwab Bank High Yield Investor Checking Account

What do I like so much about this Checking Account?

Well, how about one word followed by 3 letters – Free ATM! And by “Free ATM”, I mean that there are ZERO ATM fees worldwide! That’s right, my friends – NADA! Unlimited ATM fee rebates using your debit card wherever it is accepted.


No matter where you are in the world. Whether you happen to be just  .1 mile away at my local Chase Bank (shout out to my main man, Lee!), or at UniCredit Bank pobočka Štefánikova in the Czech Republic! If you have the Schwab Bank High Yield Investor Checking Account, you won’t be paying ATM fees!

This is a big deal you guys! While it may be easy to locate ATMs affiliated with your specific bank here in the US, it is much more difficult outside of the country! Just take a look at all the ATM fees I incurred when I traveled to Europe last fall and used my Chase Debit Card to withdrawal cash while abroad:


$5 per ATM withdrawal! But not with Schwab my friends!

I was able to sweet talk Chase into waiving these fees as a “one-time courtesy”, but I will not be making this same mistake again thanks to my Schwab Checking account!

But Wait, There’s More:

$0 ATM fees is pretty cool, right!? I mean what more could you want!?

Glad you asked! How about a $0 minimum deposit, $0 monthly service charges, interest earning potential, FDIC Insurance and a linked Charles Schwab Investment Account to boot!?

More good news – Schwab is currently offering an easy $100 in your account to those new to Charles Schwab! This is easy money my friends…


I like free money… do you!?

“You’re welcome” – Charles Schwab (probably)

ATM Use Only, People

This debit card is designed to be used for ATM withdrawals, and should be used as such! I still stand by my previously argued position that debit cards should never be used for everyday spending.  And I will be up here on this soap box until you stop using it!

So don’t be walking around town telling all your friends that AYP said you could use your debit card to buy your Triple, Venti, Half Sweet, Non-Fat, Caramel Macchiato – credit cards only, people!

Too Good to be True? Well… kind of.

While the Schwab Checking account provides fee-free ATM withdrawals and $0 monthly fees, a sign-up for this account will result in a hard inquiry to your credit report. Remember, hard inquiries are not the end of the world, but they should not be taken lightly given the resulting impact to your credit report and credit score! It is important to fit your application into your overall application strategy in order to ensure this checking account sign-up does not hurt your score right before a potential credit card application, or vice versa!

AYP Tip – I applied for the Schwab Checking Account the same day I applied for the 100k bonus on the Business Platinum Card American Express OPEN – a mighty nice combo, if I do say so myself.


This bad boy will have you on your way to 100k Membership Reward points!

Final Thought

The Schwab Bank High Yield Investor Checking Account is AYP approved! The account provides the fee-free convenience to use any ATM in the world and won’t even charge you a monthly fee. Before you rush out and apply, just make sure you are aware of that hard inquiry coming your way and the potential impact to your credit score.

This card is a must have – especially for international travelers. Personally, I plan on taking BIG TIME advantage of this feature on my next trip abroad and I really think that you should too!


Stop paying ATM fees at home or abroad! Apply for a Schwab account today!

Looking for more information? Doctor of Credit does a nice write up on the current $100 bonus offer and the account overall…

Do you like paying ATM fees? Or will you be making a move to the Schwab Bank High Yield Investor Checking Account?

Happy Travels!