Question : I am looking into opening a Schwab Bank High Yield Investor Checking account and not sure of the downsides?

http://www.schwab.com/public/schwab/banking_lending/checking

Two downsides I can see are that you have to open a Schwab One® brokerage account and the only way you can get money into the account is by direct deposit, mailing in a check or transfering from you brokerage account. Not really that bad if you ask me (which I know you did not). So what are the other downsides?
high yield checking account

Best answer:

Answer by joburgslim
I switched from a local bank to Schwab about 8 months ago.

Your top concern was my top concern too, and so far it is working for me. I find I do very few deposits to an account, as my payroll goes direct. A few checks a month mailed in seemed like it might be a burden, but so far i am happy. Schab gives you all the pre-addresses and paid envelopes you want. I used to drive around with deposits till it was convenient to go to the bank. Now I just have to wait a few days for the deposits to go through.

I don’t use a lot of cash, but from time to time I want to draw $ 1000 in cash, and with Schwab you can’t do that, or at least I haven’t tried hard enough to find out how.

I go the the ATM 2 days in a row, now, although that is a hastle and only being able to get 20′s is a hastle, but I get over it once I see my statement and enjoy the interest and completely free ATM’s anywhere.

Your call, but I am happy. I do use the Schwab one account and have built up some Money market savings which gets even better interest than the checking account. And you can move it back and forth no cost!