Free checking with 2.01% variable APY.¹ No catches.

Charles 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 2.01% as of 08/01/2008. This rate is variable and may change without notice. The current APY on the High Yield Checking account for an account with $1 is  4 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 08/01/2008. 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. Schwab Bank reserves the right to modify or discontinue the ATM fee rebate at any time.
3. Overdraft protection using margin sources may create a margin loan in your Schwab One® brokerage account that may be subject to daily interest charges, margin calls or potential liquidation of securities. Refer to the Schwab Bank Deposit Account Agreement and Schwab One Account Agreement for further details.
4. 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).

Deposits for the Schwab Bank Investor Checking account are not accepted at any Charles Schwab & Co. branches. For details, please refer to Section 3.9, Processing Transactions, of the Schwab Bank Deposit Account Agreement. Deposits to your linked Schwab One brokerage account can systematically fund your Schwab Bank Investor Checking account through the Target Balance Transfer feature.