Schwab offers high-yield checking accounts

Charles Schwab Corp. today announced no-fee checking accounts from Charles Schwab Bank, with an annual percentage yield of 4.25%. 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. It also includes free checking, bill pay, and direct deposit, and is linked to a Schwab One 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 chief executive Charles R. Schwab, in a statement.