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Charles Schwab Cash Management Account
2023 Charles Schwab cash management account review: CMA interest rate yield, online banking, checking, debit/credit
card, online bill pay, and reimbursement of bank ATM fees.
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Charles Schwab CMA Overview
Charles Schwab has long been a popular name in the finance industry, and the broker offers a long list of products and services for investors to take advantage of. Included in those services is the cash management feature.
Charles Schwab Cash Management has many perks and advantages, and investors happy with Schwab’s approach to brokerage services may do well with it.
If the Schwab Bank Investor Checking account isn’t what you are looking for, we have a solid alternative for you to consider.
Schwab Bank Investor Account(s) Overview
The Schwab Bank High Yield Investor Checking Account and the Schwab Bank Investor Savings Account are automatically linked to a Schwab brokerage account. You can pair one or both of the available bank account options with your Schwab brokerage account. Whichever you choose, the same features are available to you.
Schwab Checking vs. Savings
Choosing between Schwab’s checking or savings accounts has fewer considerations than you would see at other financial institutions. The two account types have similar functionality and features, with the primary difference being 0.03% in the APY.
If you are on the fence about which to choose, we suggest starting with the checking account for cash management and then adding the savings account as a longer-term solution.
Charles Schwab Cash Management Features
Charles Schwab Cash Management comes with all the features you would expect from a major financial institution.
Here is a summary of what you can expect from a Schwab Cash management account:
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Notable Features
Account accessibility: When you open a Schwab Bank Investment account (or accounts), your cash management features are added to your brokerage account. Whether you use Schwab Mobile or the Schwab website to log in, all your accounts are available from the same location.
Unlimited ATM rebates: Schwab offers ATM withdrawal fee rebates from any qualifying ATM. There is no cap on the number of reimbursements you can request, but the benefit only applies to withdrawals. If you want to use the card to conduct other transactions, Schwab will not offer a rebate.
No account minimums: Schwab brokerage accounts don’t require investors to maintain a minimum balance; the same applies to cash management (bank) accounts.
No monthly service fees: Unlike most traditional savings and checking accounts, no monthly activity milestones are required. There are no monthly fees, so you do not have to do anything to avoid being charged.
No foreign transaction fees: Investors may use the Schwab Bank Visa Platinum Debit Card abroad without extra fees.
FDIC coverage: Schwab insures deposits up to $250,000 per investor per account category. If you need additional coverage and have a checking account, consider opening a savings account.
Free standard checks: Schwab Bank Invest Checking accounts come with free checks, but a $100 minimum deposit is required to activate the feature.
Mobile wallet: You can connect your Schwab Cash Management accounts (Checking and Savings) to all the popular mobile wallets.
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Ben Wright is an investor, a trader, an educator, and something of an explorer. He spends his days in the markets when he is not teaching or spending time with his family. Ben writes about stockbrokers, markets, investment vehicles, promotional offers, and tools that help investors make the most of their time in the markets.
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