[Expired] [YMMV] Charles Schwab $200 Bonus For Existing Checking Account Holders

This checking bonus has expired and is no longer available. Click here for a list of the best checking bonuses.

Before we get started a quick note about eligibility. This offer was sent out via e-mail with the subject line of ‘Earn $200 by using your investor checking account.’ You can try calling 888-403-9000 to get this bonus added to your account. This datapoint states that everybody that doesn’t have a direct deposit already set up will receive the bonus as long as they receive the new direct deposit of $2,500 by December 31st, 2017 even if you didn’t receive any communication. I’ll try to confirm with Charles Schwab.

Offer at a glance

• Maximum bonus amount: $200
• Availability: See above. Must be an existing account holder
• Direct deposit required: Yes, $2,500+
• Additional requirements: None
• Hard/soft pull: None as it’s for existing users
• ChexSystems: None as it’s for existing users
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: N/A
• Household limit: None
• Expiration date: December 31st, 2017

The Offer

No direct link, see above

• Charles Schwab is offering a bonus of $200 for using your High Yield Investor Checking account. You must do the following:
  • Enroll in direct deposit by visiting our site.
  • Establish and make direct deposits totaling $2,500 or more before December 31, 2017.

The Fine Print

• This offer is made available at the discretion of Charles Schwab Bank (“Schwab Bank”) and is valid from November 14, 2017 to December 31, 2017.
• A $200 incentive* will be deposited to your High Yield Investor Checking (“Investor Checking”) account provided that you set up new direct deposits totaling at least $2,500 to your Investor Checking account of your payroll check, routine deposits to dollar cost average associated with your financial plan, Social Security payment, or pension or other retirement distributions, and a direct deposit is received into that account on or before December 31, 2017.
• This offer is available to individuals 18 years of age or older only and is limited to one per client.
•  This offer is not transferable, saleable, or valid in conjunction with other Schwab Bank offers.
• This offer is available to legal U.S. residents only. Schwab Bank may modify or end this offer at any time without notice.
• This offer is not available to Schwab Bank High Yield Investor Checking accounts which are closed, inactive or in default, and is void where prohibited by law. Other restrictions may apply.
• The amount of the incentive deposit to your Investor Checking account is considered interest and is subject to IRS and other tax reporting requirements.
• The value of all Schwab Bank offers received during the calendar year will be included in the Form 1099-INT you receive from Schwab Bank.
• The incentive deposit will be deposited into your High Yield Investor Checking account by January 31, 2018.
• All bank account bonuses are treated as income/interest and as such you have to pay taxes on them

Avoiding Fees

This account has no monthly fees to worry about. Not sure if there is any early account termination fee but don’t think it should really matter as this account is worth keeping long term.

Our Verdict

This offer is insane, it’s rare to see a bonus for existing account holders and this account is one of the few that’s worth keeping long term. So much so that I recommend signing up if you don’t have an account as it comes with a $100 bonus and provides the following useful benefits: ATM fees reimbursed, no fees for foreign transaction withdrawals. Signing up for the account is a hard pull but thankfully that doesn’t matter for this promotion as it’s targeted to existing customers. Before anybody asks, we don’t know what counts as direct deposit. That information is always added here. Please don’t just randomly ask for datapoints, it just clogs up the comments and if anybody has any I’m sure they will add them.

I doubt we will know what works/doesn’t work until after the promotion ends as the bonus is due to post on January 31st, 2018. Keep in mind the fine print states the following will work: payroll check, routine deposits to dollar cost average associated with your financial plan, Social Security payment, or pension or other retirement distributions.

Fingers crossed all Charles Schwab High Yield Investor checking accountholders are eligible.

Big thanks to reader, Curmudgeon, Daniel B, Andrew H & Nicolas who let us know. Learn how to find bonuses and contribute to the site here.

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