topic Re: Opinions on Schwab Investor Checking Account? in Personal Finance

Opinions on Schwab Investor Checking Account?

CreditCuriosity — Wed, 17 Sep 2025 20:24:30 GMT

Anyone have the Scwhab checking account? If so can you provide your exeriences etc? Pros/Cons or any issues? I am just tired of huge banks looking at you Chase/Wells Fargo/BofA, etc..

I am so fed up with PenFed and all their stupid stuff i am done with them. I decided to open a Scwhwab Checking account today for a few reasons. No fees or minimim balance, Free ATM reimbursements and appears to be a full service bank not serviced by anyone else and offers zelle direct deposits, etc, etc.. Thinking about making them my primary FI although have accounts with BofA and BMO etc I just don't like either of them either other than their CC offerings but keep some cash in both among many other CU's as well. About to start to close some of my CU accounts but a whole different story.

I applied today as have a brokerage account with them for years and just have a few hundred in it at the moment as had other plans when opened but decided to do stuff different so applied through my log in. With all Scwhab checking account it appears it takes a few days to be approved for it. I logged off and back on and it is showing already although limited to actions as believe this is required for their systems to be caught up but linked a few external accounts to it as was able to do that but not able to fund it yet until a few days pass is my understanding. Credit was locked down so no HP's or possibilities of it. Been about 1.3 years since opened up a new checking account so good be good on Chexsys I think.

Re: Opinions on Schwab Investor Checking Account?

GZG — Wed, 17 Sep 2025 20:32:13 GMT

you lose out on the ~4% from Fidelity CMA not going fidelity

the schwab debit is infinitely nicer looking than the horrid fidelity design

schwab doing their own bank is a + compared to fidelity using UMB, I assume schwab pulls don't result in horrid hold times on those funds either.

schwab also has zelle now? that seems new

Re: Opinions on Schwab Investor Checking Account?

CreditCuriosity — Wed, 17 Sep 2025 21:32:46 GMT

@GZG wrote:
you lose out on the ~4% from Fidelity CMA not going fidelity

the schwab debit is infinitely nicer looking than the horrid fidelity design

schwab doing their own bank is a + compared to fidelity using UMB, I assume schwab pulls don't result in horrid hold times on those funds either.

schwab also has zelle now? that seems new

Have fidelity CMA but it isn't a real "bank" or real "checking" account although similar but not sure of all the differences and not comfortable with possibly making them my primary FI. Yes Schwab offers Zelle now and wires, etc, etc. Seems like they offer all except limited physical locations. I think I could get away with making them my primary FI if zelle is allowed that way if need to transfer decent amount of cash I can goto a mainstream bank such as BofA that have account with and pull say 5k cash if ever needed or something like that. As mentioned just getting peoples thoughts on them as a primary FI where would have direct deposits from work going to them. I don't see any draw backs especially with having zelle so no holds or anything stupid. I HATE penfed now for so many reasons and been looking for a solution that isn't a main street bank such as mentioned on my original post being chase, etc.. I do have BofA both a CMA account and checking account with them as well but don't like how their interface works among other things. Just have 250 going there every other week from tiny portion of pay check so don't get hit with fees then zelle it out to PenFed currently.

Re: Opinions on Schwab Investor Checking Account?

creditrizz — Thu, 18 Sep 2025 08:02:28 GMT

The Schwab is pretty good, but I prefer the Fidelity due to the auto-sweep. I've used it as my main checking account for a few years without running into limitations from it not being a real checking account. Personally I find that it has way more useful features than the checking accounts I've had at the big banks and the customer service is a world better than I've had at the big banks. Never had a reason to use a Fidelity branch, but they do have one nearby. I keep a US Bank Checking as part of the smartly program, and just use it for depositing cash once in a while when people insist on paying me back with it for odd things. Without that I'd probably just keep a larger lottery ticket fund since the tickets are cash-only where I live. If you don't want to use Fidelity I'd say you should still be able to successfully use the Schwab without having to bother with a B&M bank. PenFed is pretty awful to deal with. Nice reps but almost nothing works there! CTO needs to be fired, unless it's Tyrell Wellick

Re: Opinions on Schwab Investor Checking Account?

CreditCuriosity — Thu, 18 Sep 2025 10:21:22 GMT

@creditrizz wrote:
The Schwab is pretty good, but I prefer the Fidelity due to the auto-sweep. I've used it as my main checking account for a few years without running into limitations from it not being a real checking account. Personally I find that it has way more useful features than the checking accounts I've had at the big banks and the customer service is a world better than I've had at the big banks. Never had a reason to use a Fidelity branch, but they do have one nearby. I keep a US Bank Checking as part of the smartly program, and just use it for depositing cash once in a while when people insist on paying me back with it for odd things. Without that I'd probably just keep a larger lottery ticket fund since the tickets are cash-only where I live. If you don't want to use Fidelity I'd say you should still be able to successfully use the Schwab without having to bother with a B&M bank. PenFed is pretty awful to deal with. Nice reps but almost nothing works there! CTO needs to be fired, unless it's Tyrell Wellick

Thanks for your opinion as well. Yes PENFED reps are all nice that i have dealt with but they aren't responsible for PENFEDs awful policy changes and making stuff more painful than needed. /nice thing about fidelity Schwab etc is wait times are basically non existent a well where as PenFed or BofA or Us Bank etc you name it wait times are outrageous to talk to a live human being. Glad fidelity is working for you!

Re: Opinions on Schwab Investor Checking Account?

ForwardLooking — Thu, 18 Sep 2025 22:14:29 GMT

@CreditCuriosity wrote:
...

Have fidelity CMA but it isn't a real "bank" or real "checking" account although similar but not sure of all the differences and not comfortable with possibly making them my primary FI.
...

I have been using my Fidelity brokerage account as my primary FI account for a couple of years now. Never really had any issues and I have been enjoying the interest rate in the money market while my cash sits idle (but that will go away as the FED lowers rates). I do keep some funds avaliable in Navy Federal in my Flagship checking for whenever I need cash quickly and for the rare occasion a payment can't be made by credit card (i.e. Mortgage). Outside of that, I primnarly live off my credit cards for day-to-day expenses and just pay in full each month from my Fidelity account. I moved away from Chase as my primary FI for a lot of the same reasons you are probably wanting to move too.

Re: Opinions on Schwab Investor Checking Account?

Ushio — Fri, 19 Sep 2025 13:40:16 GMT

I've had one for a while. I use it as my tertiary checking. In all honesty, though, I don't use it for anything serious. It's more just where my investment/savings money goes, with a backup function of being able to use it as proper checking if I wanted to, as opposed to sending it directly to a brokerage account or something.

That disclaimer out of the way, I actually do really like the account. Customer service has been good, I've had no serious issues, and they've actually been able to help me out once or twice in situations where my primary two checking accounts failed me a bit. The perks on their debit card, like international fee reimbursement, are nice. And it (obviously) interfaces very well with Schwab investing accounts.

But I do question how well the account would work for someone who needs serious banking services. I get by with all of my accounts being basically online only. Not everyone can do that.

Re: Opinions on Schwab Investor Checking Account?

Outbackexplorer — Sun, 21 Sep 2025 01:32:26 GMT

Been my main for many years. Great customer service, zelle works fine, no fees. I really don't have any major complaints. I'm looking for something else atm, but that's more because I've linked my Schwab to so many services over the years and I want a fresh start than anything to do with Schwab itself. I'd have no problems recommending them to people.

Re: Opinions on Schwab Investor Checking Account?

Komma — Fri, 17 Oct 2025 21:56:20 GMT

Schwab checking is good. The fidelity cma is better in most aspects, but no Zelle and it's a third party bank which can be a slight pain in certain situations. I no longer use Fidelity CMA since linking it on plaid and other services was very hit and miss when needing to verify things.

I personally only use Schwab for international atm usage though, main reason being I don't like my atm card also being attached to my primary deposit account.

Re: Opinions on Schwab Investor Checking Account?

AskPatient1281 — Mon, 15 Dec 2025 01:25:47 GMT

@creditrizz wrote:
The Schwab is pretty good, but I prefer the Fidelity due to the auto-sweep. I've used it as my main checking account for a few years without running into limitations from it not being a real checking account. Personally I find that it has way more useful features than the checking accounts I've had at the big banks and the customer service is a world better than I've had at the big banks. Never had a reason to use a Fidelity branch, but they do have one nearby. I keep a US Bank Checking as part of the smartly program, and just use it for depositing cash once in a while when people insist on paying me back with it for odd things. Without that I'd probably just keep a larger lottery ticket fund since the tickets are cash-only where I live. If you don't want to use Fidelity I'd say you should still be able to successfully use the Schwab without having to bother with a B&M bank. PenFed is pretty awful to deal with. Nice reps but almost nothing works there! CTO needs to be fired, unless it's Tyrell Wellick

I had no idea PenFed was so bad. They are on my short list. Maybe I need to reevaluate.

Re: Opinions on Schwab Investor Checking Account?

Stuart89 — Tue, 16 Dec 2025 03:02:53 GMT

With checking accounts, as long as you’re comfortable and there aren’t high fees, you shouldn’t have much to worry about. The funds are FDIC insured up to $250k.

Re: Opinions on Schwab Investor Checking Account?

AskPatient1281 — Tue, 16 Dec 2025 20:04:59 GMT

Can you have more than one checking account?

Re: Opinions on Schwab Investor Checking Account?

creditrizz — Thu, 25 Dec 2025 22:37:28 GMT

@Komma wrote:
Schwab checking is good. The fidelity cma is better in most aspects, but no Zelle and it's a third party bank which can be a slight pain in certain situations. I no longer use Fidelity CMA since linking it on plaid and other services was very hit and miss when needing to verify things.

I personally only use Schwab for international atm usage though, main reason being I don't like my atm card also being attached to my primary deposit account.

Fidelity CMA seems to now be completely excluded from Plaid. Pretty annoying, as now I have to pass funds through multiple accounts to get to some places. That's really the only downside, though, so I still prefer their CMA to anyone else's. Schwab's doesn't do automatic sweep account, so if you keep a decent balance for every day bills the cost to use over the long term is higher since you're missing out on ~3.7 interest or whatever SPAXX is at now. I mostly just use it for redemptions of my amex points since I have their flavor of the Plat.

Re: Opinions on Schwab Investor Checking Account?

AskPatient1281 — Sat, 03 Jan 2026 21:56:23 GMT

I'm testint the Schwab investor checking.

GOOD: I like the ACH speed, the interface is great.

0K-ish: I'm not sure about Zelle. Sure, it works on the app but there is no option on the browser. I prefer to do my finances using my computer when possible. I hope they will make it available on the browser soon.
NOT SO GOOD: I'm not impressed with the time it takes to transfer from brokerage to checking. If you have your money on MM, we are talking T+2. One day to settle MM sell, and one day to settle money transfer to checking. If Wells Fargo and Etrade and (maybe) Merril can do this in T+1 (just to settle the money market transaction), why does Schwab need T+2? It is just not good enough, specially when Fidelity is T+0.

I'm not super impressed. Considering the checking account pays no interest and Schwab does not have a decent sweep, my cash is all is MM. And that forces me to work in T+2.

Re: Opinions on Schwab Investor Checking Account?

TrapLine — Sat, 03 Jan 2026 21:59:49 GMT

Good information and I have used the Fidelity T+0 often.

Re: Opinions on Schwab Investor Checking Account?

creditrizz — Mon, 05 Jan 2026 10:29:12 GMT

If you keep a decent CMA balance to pay bills and things, Fidelity is 100% the way to go bc of auto invest in SPAXX. Schwab is second place to me, but it's noticeable gap between the two. If you want to borrow against stocks to buy property than Schwab wins on rates and programs. I say open accounts at each - that's what I have going