Posted byon July 22, 2016
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We have held our main checking account at Schwab Bank for years. Why? Because they offer free ATM withdrawals. And interest (although the rate is really low right now).
There is now a $100 sign up bonus making the switch worth it. To open a checking account and earn the bonus you’ll need a brokerage account with a linked checking account.
It’s our Free Money Friday offer.
Brokerage/Checking Confusion. The referral offer was terribly worded. I reached out to Schwab for clarification. Specifically, the bonus is on the brokerage account, not the checking account. However, there is not a stand alone checking account through Schwab; you must open a checking account and brokerage account. If you do that and link the accounts, it also waives the minimum to open the brokerage account. And it qualifies for the bonus.
ATM Fee Rebates. The ATM fee rebates on the checking account are unlimited. Just use your Schwab debit card and at the end of the month you’ll get a rebate for the ATM fees.
Monthly Fees. Schwab doesn’t charge any monthly fees on the checking account or the brokerage account.
Referrals. If you refer someone to Schwab, your friend will earn $100. You don’t earn anything for the referral.