APY of 2.00% Offers Clients a Competitive Rate and a Secure Alternative for Their Cash With no Minimums or Monthly Service Fees
Public Company Information:
SAN FRANCISCO--(BUSINESS WIRE)--Charles Schwab Bank today announced the Schwab Bank High Yield Investor Savings ™ account, with a variable annual percentage yield (APY) of 2.00%.(1) The account is designed to provide a competitive rate on cash, no matter the account balance, all with no monthly service charge, no ATM fees(2), and no minimum balances. The Schwab Bank High Yield Savings account will be available Feb. 26, 2009, with account balances FDIC-insured up to $250,000(3) per depositor.
“Our clients tell us they want to make more on their cash while keeping it safe and accessible. This product delivers on all of those needs,” said John Clendening, Schwab executive vice president. “We want our clients to have the benefit of a competitive yield and safety, without having to lock up their money for three months or longer.”
Schwab’s suite of cash management products now serves a complete range of different client needs, and provides smart solutions for those who desire an easy ways to save, including Schwab Bank’s offerings, the High Yield Investor Checking Account for daily cash management, unlimited 2% cash back on purchases with the new Schwab Bank Invest First™ Visa Signature® credit card(4), and now the new Schwab Bank High Yield Investor Savings account, as well as Schwab brokerage offerings, such as Schwab CD OneSource™ and Schwab money market funds.
While designed as a higher yielding savings alternative, the new savings account is also designed for convenience. Clients can transfer funds between Schwab Bank accounts, in or out of Schwab brokerage accounts, and to or from outside accounts(5). Clients can also view their account balance on www.schwab.com, as well as access their account via phone for automated information or to speak with a Schwab Bank Client Service Specialist.
For additional information on the Schwab Bank High Yield Savings account, visit www.schwab.com.
About Charles Schwab
The Charles Schwab Corporation “Schwab” (Nasdaq:SCHW) is a leading provider of financial services, with more than 300 offices and 7.4 million client brokerage accounts, 1.5 million corporate retirement plan participants, 468,000 banking accounts, and $1.1 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. (member SIPC, 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 Advisor Services division. Charles Schwab Bank (member FDIC) provides banking and mortgage services and products. More information is available at www.schwab.com. (0209-7120)
Brokerage Products: Not FDIC-Insured • No Bank Guarantee • May Lose Value
1 The Annual Percentage Yield (APY) quoted is 2.00%, with a minimum balance of $0.01, as of 02/26/09. This rate is variable and may change without notice.
2 Unlimited ATM fee rebates apply only to cash withdrawals using the Schwab Bank Visa® Check Card at any ATM where it is accepted. ATM fee rebates do not include currency exchange fees or other fees. See the Schwab Bank Deposit Account Pricing Guide or schwab.com for additional terms and conditions. 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, based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. Deposits which had an insurance limit of $100,000 prior to October 3, 2008 will revert to the $100,000 limit after December 31, 2009.
4 For information about rates, fees, other costs and benefits associated with the use of this credit card, please visit www.schwab.com/creditcard. 2% cash back is automatically deposited to a Schwab One brokerage account. See offer for details.
This credit card program is issued and administered by FIA Card Services, N.A. Schwab Bank and Invest First are trademarks or registered trademarks of Charles Schwab & Co., Inc., used by Charles Schwab Bank with permission. Visa and Visa Signature are registered trademarks of Visa International Service Association, and are used by the issuer pursuant to license from Visa U.S.A. Inc.
5 Federal regulations and our Deposit Account Agreement limit outgoing transfers to third parties, pre-authorized transfers (including overdraft transfers) and transfers made online or by telephone to six per statement cycle; no more than three of those six transfers may be by check card. See the Schwab Bank Deposit Account Agreement and Pricing Guide for additional information.
Investors should consider carefully information contained in the prospectus, including investment objectives, risks, charges and expenses. You can request a prospectus by calling Schwab at 800 435-4000. Please read the prospectus carefully before investing.
An investment in a money market fund is neither insured nor guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in the fund.
Certificates of Deposit available through Schwab CD One Source offer a fixed rate of return and are FDIC insured and are offered through Charles Schwab & Co., Inc.
Matt Hurwitz, 415-636-3700