edpaffjr.comKim and I have been busy trying to switch banks. We’ve grown tired of US Bank’s never-ending ATM fees as well as their lousy rates. On the advice of some friends, we are in the process of moving our checking accounts to a High Yield Checking account at Charles Schwab. Not only will this account not charge us anytime we use an ATM, they will also reimburse any ATM fees charged by other banks. And that is all on top of the .75% APY that the account will earn. This is a variable rate, which I’m hoping will rebound in the near future to even higher rates.
So far we’ve yet to see any drawbacks. We still have a checkbook to write checks. There are no minimums and no monthly fees. And our Visa Platinum Check Cards should be delivered shortly. The account also comes linked to a free Schwab One brokerage account, which I hope to use in the near future as well. The only headache so far has been trying to cancel some of our other accounts in other banks, and getting all of our automatic payments transferred over. I guess that’s the biggest reason people don’t swap banks more often. So far this has been well worth it.