Personal Finance 26 Apr 2007 07:52 am
Earning interest on your checking account no longer requires you to have tons of money sitting in the bank. (That whole “you need money to make money” vicious circle.) Charles Schwab is offering a no-fee checking account paying 4.25% no matter what your balance is.
Moving to a new checking account can be a pain. If you have direct deposit–and why not?–you have to make sure your paycheck gets into the new account. Then if you do electronic bill paying or have automatic withdrawals you have to change those. That will keep Schwab from stealing a lot of customers from traditional banks. If you’re about to change banks take a look at what Schwab is offering. Now, if you’re a Schwab customer you have a way to earn some interest on your non-invested funds while having greater liquidity.