Schwab Bank High Yield Investor Checking
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Bank announced today an increase in yield on its Schwab Bank High Yield Investor Checking account, from 2.01% APY to 3.00% APY(1). The move makes Schwab Bank’s High Yield Checking account yield six times greater than the national average APY for checking accounts.
“Schwab Bank’s intention since launching this product was for it to be the industry's best checking account with one of the industry’s highest annual percentage yields,” said René Kim, senior vice president for Charles Schwab. “We are committed to providing our clients with the highest value and the most competitive banking and brokerage services in the marketplace.”
Schwab Bank High Yield Investor Checking – named “Best Checking Account” by Money magazine, May 2008 – provides consumers with a powerful combination of a full-featured and integrated checking and bill-paying account linked to full-service brokerage account. There are no monthly service fees and no minimum balance requirements for this account. Schwab Bank High Yield Checking also offers free online bill pay and standard checks, as well as free and unlimited ATM transactions at any ATM worldwide (2). Clients can also manage both their Schwab Bank checking account and their Schwab One® brokerage account at Schwab.com with a single login and easily transfer funds online between the accounts at no charge. Schwab Bank Investor Checking account balances are FDIC insured up to $100,000 (3).
“By linking a checking account that has one of the industry’s best checking account yields with Charles Schwab’s full-service brokerage account, we are delivering the kind of value consumers expect from their financial services provider,” added Kim.
Brokerage Products: Not FDIC Insured * No Bank Guarantee * May Lose Value
Brokerage products and services provided by Charles Schwab & Co., Inc. Deposit and lending products and services provided by Schwab Bank.
1 The Annual Percentage Yield (APY) on the Schwab Bank High Yield Investor Checking® account, with a minimum balance of $0.01, is 3.00% as of 9/16/2008. This rate is variable and may change without notice. The current APY on the High Yield Checking account for an account with $1 is 6 times higher (when rounded to the nearest whole number) than the national average APY of banks and thrifts (excludes credit unions), based upon a survey by Informa Research Services, Inc., Calabasas, CA (www.informars.com), as of 8/29/2008. Although the information has been obtained from the various institutions themselves, its accuracy cannot be guaranteed.
2 Unlimited ATM fee rebates apply to cash withdrawals using the Schwab Bank Visa® Platinum Check Card wherever it is accepted. ATM fee rebates do not include currency exchange fees; fees imposed by merchants for POS transactions; or fees for stamp purchases, balance inquiries, or any transactions other than for an ATM cash withdrawal from your Schwab Bank account. Schwab Bank makes its best effort to identify those ATM fees eligible for rebate, based on information it receives from Visa and ATM operators. In the event that you have not received a rebate for a fee that you believe is eligible, please call a Schwab Bank Customer Service Representative for assistance at 1-888-403-9000. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
3 Funds deposited at Charles Schwab Bank are insured, in aggregate, up to $100,000 (based on account ownership type) by the Federal Deposit Insurance Corporation (FDIC).
Schwab Bank High Yield Investor Checking accounts are available only as linked accounts with Schwab One® accounts. The Schwab One brokerage account has no minimum balance requirements when opened with a linked High Yield Checking account.
About Charles Schwab
The Charles Schwab Corporation (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.3 million client brokerage accounts, 1.3 million corporate retirement plan participants, 367,000 banking accounts, and $1.4 trillion in client assets as of July 31, 2008. 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. (member SIPC, http://www.sipc.org), 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 (member FDIC and Equal Housing Lender) provides banking and mortgage services and products. More information is available at www.schwab.com.
© 2008 Charles Schwab & Co., Inc. All rights reserved. Member SIPC (0908-2815)