Magazine article American Banker

Checking Boosts Schwab Bank

Magazine article American Banker

Checking Boosts Schwab Bank

Article excerpt

Charles Schwab Corp., which started offering a high-yield checking account in the second quarter, said Tuesday that its retail banking arm's assets grew 37% in the period from a year earlier, to $12.5 billion.

The number of accounts at Schwab Bank in Reno grew 17% from the first quarter and 26% from a year earlier, to 177,000.

The checking account that offers a 4.25% annual percentage rate and requires no minimum balance is "probably the big story in the banking part of the business," Joe Martinetto, chief financial officer, said in an interview. "We haven't even really gotten out with the largest part of the marketing campaign. You'll continue to see us make a big push on that" for the rest of the year, he said.

Mr. Martinetto said that the product fits in with the San Francisco company's goal of attracting younger clients who now put most of their money in traditional banks. …

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