SAN FRANCISCO, April 26 /PRNewswire-FirstCall/ -- Charles Schwab today announced high-yield Investor Checking(TM) from Charles Schwab Bank, with an annual percentage yield (APY) of 4.25%, eight times higher than the national average annual percentage yield for checking accounts(1). The yield is available immediately to all Schwab Bank Investor Checking account holders regardless of their balance. The account has no monthly service charges or ATM fees(2). It also includes free checking, bill pay, and direct deposit, and is linked to a Schwab One(R) brokerage account. There are no minimum balance requirements for either account. Schwab Bank Investor Checking account balances are FDIC insured up to $100,000.

"We think people will find this is a compelling alternative to a retail bank account," said Schwab CEO Charles R. Schwab. "Clients tell us they want a great value, easy access, and a combination of banking and low-cost investing with no hidden requirements or gimmicks. This service delivers on all these fronts."

Schwab Bank Investor checking and the Schwab One brokerage account bring together the features and benefits of a fully-featured high-yield checking account and a full-service brokerage account, both free of any monthly service fees or minimum balance or deposit requirements.

"This is one of the most compelling packages of banking and brokerage services in the market today, with no catches," said Schwab President and COO Walt Bettinger. "People are tired of making trade offs between banking and brokerage accounts, and want a complete value combination in one place."

Important Disclosures Brokerage Products: Not FDIC Insured * No Bank Guarantee * May Lose Value

Brokerage products and services provided by Charles Schwab & Co., Inc. (member SIPC, http://www.sipc.org/). Deposit and lending products and services provided by Schwab Bank (member FDIC and an Equal Housing Lender).

Charles Schwab & Co., Inc. and Charles Schwab Bank, N.A. are separate but affiliated companies and wholly owned subsidiaries of The Charles Schwab Corporation.

(1) The Annual Percentage Yield (APY) is effective as of 4/25/07. This rate is variable and may change without notice. The APY on the Schwab Bank Investor Checking applies with a minimum balance of $0.01. The current APY on Investor Checking for an account with $1.00 is more than eight times higher than the national average APY of banks and thrifts (excludes credit unions), based upon a survey by Informa Research Services, Inc., Calabasas, CA, (http://www.informars.com/), as of 4/10/2007. 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.

About Charles Schwab

The Charles Schwab Corporation is a leading provider of financial services, with more than 300 offices and 6.8 million client brokerage accounts, 1.1 million corporate retirement plan participants, 151,000 banking accounts, and $1.3 trillion in client assets. Through its operating subsidiaries, the company provides a full range of securities brokerage, banking, money management and financial advisory services to individual investors and independent investment advisors. Its broker-dealer subsidiary, Charles Schwab & Co., Inc. and affiliates offer a complete range of investment services and products including an extensive selection of mutual funds; financial planning and investment advice; retirement plan and equity compensation plan services; referrals to independent fee-based investment advisors; and custodial, operational and trading support for independent, fee-based investment advisors through its Schwab Institutional division. Charles Schwab Bank, N.A. provides banking and mortgage services and products. More information is available at http://www.schwab.com/. (0407-5900)

CONTACT: Matt Hurwitz of Charles Schwab, +1-415-636-3700

Web site: http://www.schwab.com/