Free checking with 2.20% 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 2.20% as of 10/9/2008. This rate is variable and may change without notice. The current APY on the High Yield Checking account for an account with $1 is 5 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 10/1/2008. 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. 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 $250,000 based on account ownership type, by the Federal Deposit Insurance Corporation (FDIC). Note: 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.