Posted by William Charles on July 5, 2016
Bank Account Bonuses

Published on July 5th, 2016 | by William Charles

331

Charles Schwab $100 Checking Account Bonus – No Requirements, Monthly Fees, International ATM Fees + ATM Fee Reimbursements

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide 
  • Direct deposit required: No
  • Additional requirements: Minimum opening deposit of $1,000 is required
  • Hard/soft pull: Hard, Equifax
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: Account needs to be kept open for oen year
  • Expiration date: None listed 

The Offer

Direct link to offer| New Link | Newest link

  • Charles Schwab is offering you a $100 sign up bonus when you’re referred by an existing member (the existing member does not receive anything) and sign up for a new account

charles schwab $100 bonus

The Fine Print

  • A minimum deposit of $1000 is required to open most Schwab brokerage accounts. Waivers may apply. See the Charles Schwab Pricing Guide for details.
  • New clients who do not have a Charles Schwab & Co., Inc. (“Schwab”) account (other than a Stock Plan Services account), open an eligible retail brokerage account, and enroll in the offer can earn a $100 Bonus Award.
  • The Bonus Award will be credited to the enrolled account within approximately one month of account open.
  • For taxable accounts, the account must be maintained at Schwab for at least one year or Schwab may charge back the Bonus Award.
  • Schwab reserves the right to change the offer terms or terminate the offer at any time without notice.
  • The offer is limited to one per account, with no more than one account enrolled per client.
  • The offer does not apply to accounts managed by independent investment advisors, the Schwab Global Account™, ERISA-covered retirement plans, certain tax-qualified retirement plans and accounts, or education savings accounts.
  • You’re required to pay taxes on all bonuses

Avoiding Fees

Charles Schwab does not charge any monthly fees and as such do not have a direct deposit requirement or account balance requirement to keep the account fee free. You’ll need to keep the account open for one year, otherwise the bonus might be clawed back.

They also refund all ATM fees (including international withdrawals) and do not charge any forex fees on international ATM withdrawals either. This makes it one of the most attractive options for international travelers wanting to withdraw cash.

Our Verdict

The hard pull makes this one quite difficult to recommend, that being said it is a great account for international travelers. The other benefit is that you could open the High Yield checking account and a brokerage account and it would only be one hard pull. The brokerage account is enough to make you eligible for the Charles Schwab American Express cards. The Platinum card is particularly interesting because of the sign up bonus and also the fact that you can cash out Membership Rewards points for 1.25¢ each. I think I’ll be adding this to our list of the best bank account bonuses, just keep in mind a hard pull will be done (not sure if it’s possible to sign up for these two accounts and credit cards in the same day for only one pull, if it is the offer is even better).

Charles Schwab have offer a similar bonus in the past, but it required you to deposit $10,000.

Thanks to reader Keith M for letting us know about this offer.



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Hard pull for $100 measly dollars with $10,000 deposit (or is it $1,000, your post mentions both?). Doesn’t seem like a very good deal to me

Dan, the value of this account is not in $100 bonus, but in the benefits for international travelers. No fees on withdrawals and ATM fee reimbursements are awesome. Similar account with Fidelity saved me $100s if not $1000s over the past several years.

If you opt-out of margin trading Schwab will not do a hard pull.

Is it possible to opt-out when applying online? I’ve had the accounts for years and I applied in-branch, so I don’t know.

Although I did opt-out of margin trading during application, and my account verification letter also states no margin trading, I still had a hard pull on Equifax (applied on 11/14).

Additional requirements: Must add $10,000 in funds
are you sure?

Does it state the minimum balance required [after] the $1000 initial deposit?
I don’t see it mentioned. Just wondering if the funds can be pulled, yet the
account remains open for the year.

Well spotted.

I see nothing in the fine print about any balance being required after the minimum deposit to open…. hmmm this got more intriguing…

What is the process for getting someone to refer you? I have a friend willing to refer me but we don’t know how the referrer actually makes the referral.

Great timing! Was about to open with them recently but had some questions.

Since it is hard pull, does that mean no Chex inquiry?

Opened this a few months ago! Wonder if they’ll match me… 🙂

They will if you call and ask. I opened the checking and brokerage acct in March and called them Monday 8/15, $100 bonus was deposited on Tuesday!

Do you know what a “new client” means? I’m an AU on my son’s account from when he was on his gap year 2 years ago (that allows me to deposit money in his account and check the balance for him). Need to open an account for my daughter in the next few months. Would we be eligible for the bonus if I’m an AU in the new account?

for what it is worth, I am a type of AU (with a Schwab login as a holder of a power of attorney for a family member’s IRA) and when I called today, the rep said I was eligible. So I went forward with opening the accounts in hopes that I get the bonus along with the hard pull.

Update: I had to call the Investor Development Team at
866-855-9102, 8:30 am – 8 pm ET Monday-Friday, and plead my case to get the bonus. I cited the name of the initial rep that said I was eligible for the bonus and finally got it.

I have a schwab traditional IRA I opened a couple years back. Would I still count as a new customer and still be able to get the $100 bonus from this offer?

Thanks for posting the offer…. anybody with any experience funding a new Schwab brokerage account? Can I fund it with a credit card or will I need to ACH the opening $1000 from another account in order to meet the $1K opening deposit minimum? Thanks…

Any confirmation on ability to fund with CC?

bank ach or brokerage transfers only. unfortunately.

So the offer is for a brokerage account not the standard checking account right? I wanted to take advantage of the $100 offer and ATM benefits, so ill have to create both accounts?

Even without the bonus, you’ll need to open brokerage account anyway when opening the checking account

but the title says checking and all the verbiage in the post is about brokerage.

which one do you need to deposit 1000 in? there is no requirement of 1000 dollar deposit if you just open the checking to my knowlege

Great account to have. Makes it easy to get local currency when traveling anywhere.

I have been informed on Charles Schwab chat that if you open the Investor Checking account with your brokerage account the $1000 minimum deposit is waived for your brokerage account. Therefore, you do not need to put in any additional deposit in to receive your $100 bonus.

Same thing here. I opened a brokerage and checking account and I did not need to fund either one. The customer service rep claimed I’m still eligible for the bonus. I hope he’s right, I saved the chat transcript.

Has anyone gotten their bonus yet? I did not fund mine with $5K, I just put a few dollars in there…but I have not gotten the bonus yet. It’s been 30 days. I might have to contact them with the screen shots I have.

Data Point:

I just received my bonus!!

I opened a brokerage and a checking account under this offer. I funded the brokerage account with $1 and I funded the checking account with $100 and I received a $100 bonus in my brokerage account. Sweet deal!

Okay let me get this straight, do I send the $1000 deposit to the checking account or the brokerage account in order to earn the $100 bonus? The Schwab site isn’t clear? How long do i have to maintain the $1,000 balance?? Thank you.

Curious to know this as well. TIA.

I only see one account (individual account) on the home page. Does this include both the checking account and the brokerage account?

Actually the investor checking account showed up on the second day.

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