Charles Schwab Canada is launching a new service that allows clients to combine banking and cash access services with their investment accounts, to be known as SchwabOne.

The SchwabOne account offers chequing privileges, debit cards, Visa cards with a reward program, bill payment, online and telephone-based banking, and brokerage services including stocks, mutual funds, and margin trading.

It also includes unlimited Interac and Plus ABM transactions. Most Canadian financial institutions only allow their clients to use proprietary ABMs for free.

Banking products and services for the SchwabOne product are being supported by B2B Trust. “B2B Trust’s technology enables Schwab Canada’s clients to access a wealth of banking products and services,” said Henri-Paul Rousseau, president and CEO of B2B Trust. “To be able to develop and launch this type of sophisticated banking product in such a short time frame is testament to both the flexibility of B2B Trust’s technology platform and the strength of our relationship with Schwab Canada.”

“This comprehensive financial management tool has proven to be an extremely popular service in the United States and we aim to provide similar convenience for our clients throughout Canada. Our clients will immediately recognize the benefits, as an investment account with all the access benefits of banking is a comprehensive financial management tool,” said Paul Bates, president and CEO Charles Schwab Canada.