Charles Schwab Won’t Raise Rates on Bank Sweep Accounts, President Says

Charles Schwab won’t raise the rate it pays on its default low-yielding bank sweep accounts, President Rick Wurster said Wednesday at the company’s conference for independent financial advisors.

Schwab sweeps customers’ uninvested cash into accounts that pay just 0.45%, a point of consternation for some customers and financial advisors who have been moving billions of dollars of deposits to higher-yielding options such as money-market funds, which pay above 5%.

Wurster…