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Charles Schwab Bank is an online-only bank established by Charles Schwab Corporation, a well-known institution offering brokerage services. See promotions for their brokerage services here.
The Schwab Bank High Yield Investor Checking Account is one of the best free online Checking account options available today, and it’s a great choice for travelers. Compare it to other top worldwide banking options.
I’ll go over why the account is so awesome and review the long-running offer available for it.
[Expired] Charles Schwab High Yield Investor Checking Account Up To $500 Bonus
UPDATE: The $500 bonus for the High Yield Investor Checking Account may have ended but you can still earn up to $1,000 with the referral link below for becoming a Schwab client.
You can earn up to a $500 bonus when you open a new High Yield Investor Checking Account and link it to a new brokerage account. I’ve personally opened a brokerage account to be able to open the Checking account and it wasn’t an issue at all. I’ve never had to have any activity with my Schwab brokerage account (I actually use TD Ameritrade for trading). You won’t be able to apply for just the Checking account alone for the bonus, but you can choose from the many other account types for the bonus.
- $500 bonus has no listed expiration date
- A new Brokerage account or a new High Yield Investor Checking account linked to a Brokerage account will qualify for the bonus.
- Available online, nationwide
- Account needs to be open for at least 1 year to avoid an early account termination fee
Referral link: http://www.schwab.com/public/schwab/nn/refer-prospect.html?refrid=REFER4U498PXV
*This is my personal referral link (I do not receive any incentive when you use my link). My unique referral code is REFER4U498PXV. Use the link above to open an account. After you choose an account type you’ll get to a screen where you can enter the Offer/Referral Code.
*If you have a Schwab account open, you can find your referral link after logging in.
How To Earn The Bonus

- Open an eligible account here to get your Bonus Award.
- Make a qualifying net deposit of cash or securities within 45 days.
- They’ll deposit the Bonus Award into your account about a week after the 45-day qualification period.
- Bonus Award amount determined by net deposit as follows:
Net Deposit | Bonus Award |
$1,000–$24,999 | $100 |
$50,000–$99,999 | $300 |
$100,000+ | $500 |
Offer Terms:
- Offer valid for referred individuals who do not currently have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account) and who open and make a qualifying net deposit into an eligible retail brokerage account within 45 days of enrolling in the offer.
- Net deposits are assets deposited into the enrolled account minus assets withdrawn from the account and transferred out of Schwab.
- Only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded.
- Net deposits will be calculated as of the 45th day after enrollment, and the bonus award will be credited to the enrolled account within approximately one week.
- For taxable accounts, you must maintain the net deposit amount (less any market losses) at Schwab for at least one year or Schwab may charge back the bonus award.
- Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.
- This offer is limited to one per account, with no more than one account enrolled per client.
- It does not apply to accounts managed by independent investment advisors, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, or education savings accounts.
- The bonus award, when combined with the value received from all other offers in the last 12 months, may not exceed $5,000 per household, as defined in the Charles Schwab Pricing Guide for Individual Investors.
- This offer is not transferable, saleable, or valid in conjunction with other offers and is available to U.S. residents only.
- Employees, contractors, or persons similarly associated with Schwab or a Schwab affiliate; their spouses; and employees of any securities regulatory organization or exchange are not eligible.
- Other restrictions may apply.
- Consult with your tax advisor about the appropriate tax treatment for this offer and any tax implications associated with receipt before enrolling.
- Any related taxes are your responsibility.
- For taxable accounts, the bonus award will be reported on your Form 1099-INT.
- IRS guidance may impact your ability to make more than one IRA-to-IRA rollover in a one-year period.
Why I Like The Schwab Investor Checking Account So Much:
- You can earn up to a $500 bonus just for opening a new account.
- The best feature is the unlimited ATM fee rebates worldwide.
- I use this account and make ATM withdrawals all the time when I am traveling abroad. It works with ATMs that accept Visa debit cards and I’ve rarely encountered an ATM that didn’t accept the card. Charles Schwab does not charge any ATM fees on their end in the U.S. or internationally. And, you’ll receive rebates on the fees charged by other banks (yes, in the U.S. and internationally). This is my favorite feature because I never have to worry about carrying a lot of cash to exchange during my travels.
- No foreign transaction fees
- No service fees or account minimums
- While it’s a low rate, the account actually does earn interest.
- Check deposit from anywhere with Schwab Mobile Deposit
- Free bill pay on Schwab.com and Schwab Mobile
- Free standard checks and a Schwab Bank Visa Platinum Debit Card
- FDIC insurance up to $250,000
- A linked Schwab One Brokerage Account
- Ability to link to Apple Pay, Google Pay, Microsoft Wallet, and Samsung Pay when you set up your compatible devices
- Convenient and more secure online purchases when you enroll your Schwab Bank Visa Platinum Debit Card with Visa Checkout
Take a look at the best bank promos from Bank of America, Chase Bank, Aspiration and many others on this page.
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This is my referral link:
http://www.schwab.com/public/schwab/nn/refer-prospect.html?refrid=REFER682AXVBD
Use my below referral code, and i will split the bonus 50/50 and pay you via Venmo or Zelle,
Referral link: http://www.schwab.com/public/schwab/nn/refer-prospect.html?refrid=REFERAK4KEVNE
Referral code: REFERAK4KEVNE
Hi Eddie!! Is your offer still valid? Let me know how to go about it. email me at aacos087@fiu.edu please.
I’ve opened the Charles Schwab brokerage account using the above referral link on early Feb (2020) and made a net deposit of $25,000 trying to get the referral bonus. However, the bonus never came.
I made a call to the custom service this morning and they said the code isn’t eligible for the system now. One possible reason is the code has been used too many times so they flagged it. They encourage people to use referral code from an actual customer to be on the safe side.
Anyway, I didn’t get the bonus but I’m willing to generate referral link for people who needs it. Just email me with title “Charles Schwab referral link needed” and I’ll send it to you.
harrey810719@gmail.com
Offer valid for referred individuals who do not currently have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account) and who open and make a qualifying net deposit into an eligible retail brokerage account within 45 days. – straight from fine print…doesn’t matter if it’s new checking account, its a new client BROKERAGE promotion.
Tony P., As to your noting that you use TDAmeritrade, Charles Schwab buying TDAmeritrade made the news on 11/25/19. We will have to see if the purchase goes through after passing regulatory review.
Send me an email, I will give you referral code. Trsk.com@gmail.com
Thanks for the referral code!
Can someone send me a referral link if this offer is still active. Im very much interested in this.
I don’t think the offer is still active
Yea let me look into it and ask a rep again. They’ve been making it very confusing.