Charles Schwab Bank Checking Account: 4.25% Interest Rate
Posted on May 26, 2007
Over the past couple of weeks I have been writing on attractive savings accounts from FNBODirect and Citibank. It seems the online banking industry keeps getting more competitive because there is another large brick and mortar company joining the race. Ramit introduced an attractive new checking account from Charles Schwab. Again, another competitor to the high interest rates of the online banks, this one comes with a 4.25% interest rate. What sets it a part from the others is that rate is on a checking account. A few of the other features that make it a solid choice for anyone shopping for a new bank:
If anyone switches over let us know how the service and experience goes.
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One Response to “Charles Schwab Bank Checking Account: 4.25% Interest Rate”
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I’ve been using Charles Schwab Bank for a couple of years since they closed down their SchwabOne accounts and made us switch them to their bank. The transaction was smooth enough, though I didn’t get the ATM cash card in time for a European trip and the existing one expired the last day of the vacation, leaving me with no British Pounds for the cabbie! The new card was waiting back at home.
They also switched VISA providers. I have two VISA’s from Schwab, one debit card (ATM) tied to the checking account at Charles Schwab Bank, the other a regular credit VISA now issued and billed by FIA Card Services. Since it earns WorldPoints, its my first choice for payments, using the debit ATM card for cash withdrawals.
When FIA took over payment processing we also lost the ability to automatically schedule payments via Schwab’s BillPay online service. Seems FIA does not like to talk to Checkfree who power’s Schwab’s online bill payer. So no more online automatic billpay for a Schwab Credit Card from Schwab Bank, go figure! I was, however, able to set up auto payments over the phone with FIA, signing some forms snailed to me to make the auto-pay full balance payments automatically from the FIA side.
Why I can’t set up Schwab Bank Credit Card automatically on the Schwab Bank web site is still beyond me. We used to before FIA took over.
Checking account is fine, paychecks auto deposit to it, paper checks have to be mailed in (no scanning, yet). Transfers from Bank to Brokerage are easy and fast. I seldom write paper checks anymore, so its mostly payments to billers and credit cards online, and that is free! Along with free ATM use at ANY ATM (they even credit the foreign ATM’s $1.50-$2.50 charges ever month).