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Charles Schwab Launches 4.25 Percent APY Checking Account Offer. Charles Schwab today introduced a checking account paying 4.25% interest, one of the highest checking rates in the country. The move is certain to increase the company's $11 billion in bank deposits. The San Francisco Chronicle describes the new program in an article, "Interest in Schwab's checking", saying the offer isn't temporary, and that the account has no minimum, no monthly charge and no ATM fees. While the competitive yields won't apply to brokerage sweep accounts, they should allow the vigilant to obtain a competitive rate on transactional cash. The move follows the February launch of ING Direct's Electric Orange 4.0% checking.

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