Schwab Investor Checking is offering a new-account bonus of up to $1,000. Deposit $100,000 in new funds to earn the full bonus. You only need to keep the funds in the account through December 25—not for a full year. The minimum holding period is about a month and a half, so earning 1% on your deposit works out to an annualized return of about 8%, which is pretty good.

Here are the bonus tiers:

  • Deposit $25,000–$49,999 in new funds to earn $250.
  • Deposit $50,000–$99,999 in new funds to earn $500.
  • Deposit $100,000 or more in new funds to earn $1,000.

Offer requirements:

  • Open a new Schwab Bank Investor Checking account by November 10, 2026, and deposit the amount of new funds required for the applicable bonus tier.
  • Maintain the account balance through December 25, 2026. The balance must not fall below the minimum required for the applicable bonus tier during this period.
  • Funds must be external funds new to Schwab. There is no Direct Deposit requirement.
  • The funds must remain in the Investor Checking account. Although you can transfer money at any time between it and the linked Schwab One Brokerage account, cash, stocks, or securities such as SGOV in the brokerage account cannot be used in place of the Checking deposit requirement.
  • Existing Investor Checking customers are not eligible. However, customers who only have an existing Schwab Brokerage account can still apply for a new Investor Checking account and participate in the offer.

A Schwab investment account can also be opened on its own; you do not need a Checking account. However, applying for Investor Checking requires a linked Schwab One Brokerage account. If you do not already have one, the system will open one for you at the same time.

There is also a smaller bonus with a lower deposit requirement: open an account and deposit at least $50 within 30 days to receive stocks worth a total of $50. The $50 is divided equally among the top five S&P 500 companies, giving you a small start with investing.

Note that this Starter Kit is only for new customers who have never had a Schwab account. It is limited to eligible individual taxable brokerage accounts and cannot be combined with other new-account bonuses.

(1) opens a Schwab One individual taxable retail brokerage account and (2) deposits at least $50 into that account within 30 days of enrolling in the offer (only outside assets new to Schwab qualify; assets transferred from affiliates other than Schwab Retirement Plan Services are excluded) .

About Schwab Accounts

Whether you are traveling in the US, China, or elsewhere, you may need cash from time to time. Aside from your own bank’s ATMs, most ATMs charge a fee for cash withdrawals. That is where the debit card that comes with this Charles Schwab checking account comes in handy: withdrawals with the card are fee-free worldwide, regardless of whether the ATM operator charges an additional fee. In effect, this one card can take care of your cash needs almost anywhere in the world.

Sign-Up Link

See the beginning of the article for the specific bonuses.

Note

Opening a checking or investment account now results in a soft pull (visible only to you, not to others, and with no impact on your credit score). Previous hard-pull inquiries have also been removed from credit reports (thanks to reader Victor for providing a screenshot). In short, this is good news: these applications no longer affect your credit score, and you will not need to explain the hard pull when applying for a loan.

In fact, opening most investment and bank accounts does not require a hard pull of your credit report.

Application Notes

  • Complete the tax forms based on your actual tax status when opening the account. US tax residents generally fill out Form W-9, while Non-Resident Aliens (NRAs) generally use Form W-8BEN. The US version of Schwab Investor Checking is mainly for eligible US residents. Non-US residents can look into Schwab International Brokerage; actual eligibility and documentation requirements are subject to Schwab’s review.
  • Account-opening bonuses may have tax-reporting implications. The official terms for Schwab investment account Referral Offers and the $50 Starter Kit state that bonuses in taxable accounts will be reported on Form 1099-INT. Handle the tax reporting based on your own tax status.
  • Online applications are usually not approved instantly. A customer service representative may call a few days later to confirm details. Answer truthfully; the account is considered successfully opened only after the representative confirms everything is OK.
  • Different account-opening bonuses have different funding requirements. The Investor Checking bonus requires depositing new funds into the Checking account and maintaining the specified balance. The Referral bonus, on the other hand, requires a deposit into the participating Brokerage account. If the bonus has not arrived after the official estimated processing time, contact customer service online.
  • As with many other banks, the deposit interest rate is around 0.

My Take

If you do not plan to use it for investing, the best way to use this checking account is to keep only a small amount in it for unexpected cash withdrawals, such as needing cash at a Las Vegas casino. Before traveling abroad, deposit enough to cover your overseas cash needs. If you want to compare alternatives, you could also consider Fidelity’s Cash Management Account (which currently has no new-account bonus); its benefits are almost identical. Visa’s exchange rates are generally pretty good. See the Visa exchange rate calculator for details.

KUKU loves this debit card. For me, living outside the US for extended periods, it is a great card for moving money and withdrawing cash while traveling abroad. If you want to keep earning US credit-card rewards after leaving the US, or earn high cash back abroad with Chinese credit cards, this debit card is well worth having. I will also continue sharing my experience with it on the blog.

Advantages

  • Withdrawals are fee-free at Visa-supported ATMs worldwide. Schwab also reimburses additional fees charged by ATM operators, with no limit, and waives Visa’s fees. Reimbursements usually appear on your statement at the end of the month. In practice, there are no fees at all.
  • The Travel Notice feature is very flexible: you can set it for up to a year and include multiple countries and regions!
  • The debit card runs on the Visa network and is widely accepted at ATMs. The Visa Platinum card has a relatively high daily withdrawal limit of up to $1,000.
  • There is no foreign transaction fee (FTF) when using the Debit card for purchases abroad, but there is no cash back either.
  • The account has no minimum balance requirement or maintenance fee, so it is easy to manage.
  • Since Schwab’s accounts are designed for investing, check deposits and ACH transfers to other banks are very fast, and Schwab is less sensitive to large transfers. The mobile check deposit limit is the amount shown in the app.
  • This Checking Account comes with a free investment account. This investment account will allow you to apply for co-branded credit cards from Schwab and AMEX, including the AMEX Platinum (Schwab version), which supports converting MR points to cash at a 1:1.1 ratio.
  • Schwab ACH transfers to other banks may be a way to trigger a DD (Direct Deposit) requirement. YMMV.
  • A checkbook is included for free.

Disadvantages

  • You must link an investment account (Brokerage Account), but if you already have an eligible Schwab One investment account, you can link it directly without opening another account.
  • ACH transfers from other banks to Schwab are usually held for 4 business days after they clear, but this does not affect your interest earnings. If you need to transfer money, do so a few days in advance. If you’re leaving in a day or two, depositing a check directly is faster and takes about 1 business day.
  • Despite advertising high interest rates, the Checking account currently earns only about 0.01% APY, and the corresponding Savings Account earns just 0.15% APY. Neither is suitable for keeping large amounts of idle cash.
  • Online trades of U.S. stocks and ETFs in the investment account now have $0 commissions. Options trades still cost $0.65 per contract, and some funds and other transactions may also incur fees.
  • The debit card cannot be used to withdraw cash at some smaller banks’ ATMs in mainland China (because they do not support Visa), but it works at the major state-owned banks and mainstream commercial banks.
  • Cash withdrawals with this debit card may not be supported in some countries, such as Cuba... Thanks to WeChat reader “49 年入国军” for asking about cash withdrawals in Cuba. If withdrawing cash in Cuba, it is recommended that you exchange money for euros in the U.S. in advance, then use euros in Cuba to obtain currency accepted by tourists.

Related Articles

Don’t forget to check out our recommended articles on various U.S. stock trading platforms!

Stock Market Basics

Here are some popular U.S. stock brokerages and their account-opening bonuses:

Overview Sign-Up Bonus Quick Take
Moomoo $200 in stock vouchers + $1,000 in Anthropic stock + 8.1% APY Feature-rich with a strong Chinese-language experience. Its market data, Level 2 quotes, options, and cash management features are useful for everyone from beginners to active traders.
TradeUp 50 shares of NVDA + a chance to win 5 shares + 4% for three months Well suited to active trading, with competitive trading fees and margin rates for U.S. tax residents. It supports Web Trading and Level 2 quotes and offers Chinese-language customer service.
Webull 12 fractional shares + one month of Premium membership Strong charting and active-trading features, including technical indicators, options, and premarket and after-hours trading. A good fit for frequent traders.
BBAE Up to $650 in rewards Convenient for Chinese users to open an account; applications are accepted without an SSN or ITIN. It offers good Chinese-language support, but currently charges a platform fee, making it less suitable for frequent trading with small amounts.
Robinhood A chance to win 1 share of stock Its simple interface is easy to use, making it suitable for first-time U.S. stock investors. Gold members also get a higher yield on uninvested cash and lower margin rates.
Interactive Brokers Up to $1,000 A highly capable broker with access to global markets and multiple currencies. Its margin costs are competitive, and Chinese residents can also open accounts. A good fit for experienced investors and those investing globally.
TradeStation $250 Geared toward professional and active traders, with powerful advanced charting, strategy backtesting, and automated trading tools. Most long-term investors may not need these features.
Schwab Up to $1,000 Well suited to long-term investing and larger portfolios, with convenient access to ETFs and CDs. Checking accounts and global ATM access are also advantages, but the default yield on uninvested cash is relatively low.
Fidelity Account opening link A long-established full-service brokerage suited to long-term investing, ETFs, and retirement accounts. It also offers good cash management, making it a solid choice as a primary long-term brokerage.
BIT (formerly Matrixport) Earn $210 by depositing and trading Suitable for Chinese users and digital asset investors. You can use funds such as USDT and USDC to invest in U.S. stocks. It is not a traditional U.S. brokerage, so review its fees and asset custody structure separately.
SoFi Invest $75 for opening an account Easy to use and supports Stock Bits, making it suitable for small investments and long-term investing. It has fewer advanced market data and trading tools, so it is not ideal for frequent trading.
M1 Finance Get $10 when you deposit Focused on Pies and automated investing. It is well suited to setting a stock and ETF allocation and investing regularly over the long term, but not to active trading.

If you don’t have an SSN or ITIN but still want to invest in U.S. stocks, consider the brokerages and platforms below. They accept a full set of Chinese documents, and you can register with a national ID card or passport. None participates in China’s CRS.

  • BBAE: Welcoming to Chinese users; no SSN or ITIN required to open an account
  • BIT (formerly Matrixport): Open an account with a national ID card; approval can take just a few hours.
  • Bitget: Complete identity verification with a national ID card or Chinese passport

If you’re in China and want to invest in U.S. stocks, see this overview: