The savings account is currently available for clients only meaning that an investment account of some type must be open in order to open one. The bank was created for banking solutions for clients and this product seems to be a dividend of that.
The high yield savings account doesn’t come with any strings attached along with a competitive rate. We’ll see how long that lasts as E*trade and ING along with other savings accounts rates have taken a beating.
For now, Charles Schwab Bank, High Yield Investor Savings Account comes with No Monthly Service Charges, No ATM Fees and No Minimum Balances.
The rate isn’t as competitive as one of the highest rate savings accounts out there but does fare well against the others.
Overall, the savings account is a great overall offer and if it’s like any other of Schwab’s products out there you’ll be assured that the service you’ll receive from Schwab is above par.
*This savings account has really had some issues. It’s very difficult to fund, transfer and simply manage. Besides their strong financial reputation, we’d recommend opening an account elsewhere.