APY of 4.25%, eight times the national average
SAN FRANCISCO, April 26 /PRNewswire-FirstCall/ -- Charles Schwab today
announced high-yield Investor Checking(TM) from Charles Schwab Bank, with
an annual percentage yield (APY) of 4.25%, eight times higher than the
national average annual percentage yield for checking accounts(1). The
yield is available immediately to all Schwab Bank Investor Checking account
holders regardless of their balance. The account has no monthly service
charges or ATM fees(2). It also includes free checking, bill pay, and
direct deposit, and is linked to a Schwab One(R) brokerage account. There
are no minimum balance requirements for either account. Schwab Bank
Investor Checking account balances are FDIC insured up to $100,000.
"We think people will find this is a compelling alternative to a retail
bank account," said Schwab CEO Charles R. Schwab. "Clients tell us they
want a great value, easy access, and a combination of banking and low-cost
investing with no hidden requirements or gimmicks. This service delivers on
all these fronts."
Schwab Bank Investor checking and the Schwab One brokerage account
bring together the features and benefits of a fully-featured high-yield
checking account and a full-service brokerage account, both free of any
monthly service fees or minimum balance or deposit requirements.
"This is one of the most compelling packages of banking and brokerage
services in the market today, with no catches," said Schwab President and
COO Walt Bettinger. "People are tired of making trade offs between banking
and brokerage accounts, and want a complete value combination in one
place."
Important Disclosures
Brokerage Products: Not FDIC Insured * No Bank Guarantee * May Lose
Value
Brokerage products and services provided by Charles Schwab & Co., Inc.
(member SIPC, http://www.sipc.org). Deposit and lending products and
services provided by Schwab Bank (member FDIC and an Equal Housing Lender).
Charles Schwab & Co., Inc. and Charles Schwab Bank, N.A. are separate
but affiliated companies and wholly owned subsidiaries of The Charles
Schwab Corporation.
(1) The Annual Percentage Yield (APY) is effective as of 4/25/07. This
rate is variable and may change without notice. The APY on the Schwab Bank
Investor Checking applies with a minimum balance of $0.01. The current APY
on Investor Checking for an account with $1.00 is more than eight times
higher than the national average APY of banks and thrifts (excludes credit
unions), based upon a survey by Informa Research Services, Inc., Calabasas,
CA, (http://www.informars.com), as of 4/10/2007. Although the information has been
obtained from the various institutions themselves, its accuracy cannot be
guaranteed.
(2) Unlimited ATM Fee rebates when using the Schwab Bank Visa Platinum
Check Card wherever it is accepted. Unlimited ATM rebates do not include
fees imposed by merchants for POS transactions or currency exchange fees.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq: SCHW) is a leading provider of
financial services, with more than 300 offices and 6.8 million client
brokerage accounts, 1.1 million corporate retirement plan participants,
151,000 banking accounts, and $1.3 trillion in client assets. Through its
operating subsidiaries, the company provides a full range of securities
brokerage, banking, money management and financial advisory services to
individual investors and independent investment advisors. Its broker-dealer
subsidiary, Charles Schwab & Co., Inc. and affiliates offer a complete
range of investment services and products including an extensive selection
of mutual funds; financial planning and investment advice; retirement plan
and equity compensation plan services; referrals to independent fee-based
investment advisors; and custodial, operational and trading support for
independent, fee-based investment advisors through its Schwab Institutional
division. Charles Schwab Bank, N.A. provides banking and mortgage services
and products. More information is available at http://www.schwab.com. (0407-5900)
SOURCE Charles Schwab
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Related links:
http://www.schwab.com/
CONTACT:
Matt Hurwitz of Charles Schwab,
+1-415-636-3700
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