Schwab Bank

Almost everyone has heard of the brokerage firm, Charles Schwab, but it wasn't until recently that I learned about their banking services. They offer MORE services than most other banks when it comes to their High Yield Investor Checking Account. The banks are learning that nickel and diming customers keeps them away; free services that add value to a checking account goes a long way to getting and keeping the cash reserves that they want.

Not only do you earn more than in a money market account (currently the yield is 1.75%), but you also get FREE checks, FREE ATM usage worldwide (they reimburse you for any fees), FREE bill pay, a FREE Visa check card, overdraft protection, FDIC insured balances (up to $250,00 until then end of 2009), NO minimum deposit and NO service fees. They send you postage free envelopes so you can mail in your deposits, or you can set up a recurring deposit from a linked checking account.

Nothing is perfect; the only annoyance I have found with their service is that they are still working on an online link so you can transfer money into or out of your account from an outside bank. Until the beginning of 2009, you must call them to make an outside bank transfer of funds, but the nice thing is that in spite of this annoyance, they will credit you immediately for the transfer and you start earning interest on your deposits the day you make the call.

It is in your interest to save your nickels and dimes so you can watch them grow into dollars by putting your money into fee-free checking.