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"Brokers Bank Perks to Lure Cash Accounts" Says Wall Street Journal. Saturday's Wall Street Journal writes about brokerages, including Fidelity, Schwab, and E*Trade, launching high-yielding checking accounts. "The new accounts differ from brokerage firms' current cash management programs, by adding higher interest rates and ATM-fee rebates. But do these perks outweigh the hassles of switching?" asks the piece. E*Trade's Max-Rate Checking pays 4.25%, Fidelity's mySmart Cash pays 3.5%, and Schwab's High Yield Investor Checking pays 4.25%. Schwab and Fidelity have no minimums (E*Trade has a $5,000); all offer ATM rebates, debit cards and unlimited checking. The WSJ adds, "[I]nvestors who are earning low rates of interest ... in their brokerage sweep accounts would be able to move that money to their higher-paying checking account. (Although they may have to take the extra step of transferring the money online or asking a representative to do it for them.)"
