When did IB institute this 100k minimum to earn interest

[SoesWasBetter]

There is no 100K minimum on long cash. The 100K min is on interest from selling short.

Thats not what the docs say.

toonerdy, quoted it above.


Why are you saying no?

 

[comagnum]

Shorting has nothing to do with a cash sweep. You have to be in cash to earn interest.

 

[SoesWasBetter]

I guess folks dont know when their pocket is being picked.

Old news

100k min to earn interest is a disgrace. Petterfy needs to add a few more billion?

 

[i960]

I guess folks dont know when their pocket is being picked.

Old news

100k min to earn interest is a disgrace. Petterfy needs to add a few more billion?

It's 100k min for *short position generated cash*. The normal cash sitting around doing nothing gets interest on anything beyond 10k.

And yes I do agree it's lame there are any minimums period.

 

[SoesWasBetter]

If thats the case , the documentation stinks

I know there was never a 100k minimum , but the way thats written it looked like they had instituted something new.

Thats what happens when you get paranoid

 

[beefcaketrade]

From the language, its not about short or not short stock. It's about the NAV as it specifically states. NAV should be above $100K USD to qualify to earn interest on excess cash.

Noting that other brokers don't even pay interest on cash balances, no matter what you have. You'd have to buy money market funds manually.

 

[comagnum]

Fidelity is the only other retail broker I know of that also pays a cash sweep/interest - just a little bit lower than IB, without a minimal balance required.

 

[SoesWasBetter]

well, now its up in the air again,

anyone with an acct <100k get any interest posted lately? that would settle it

 

[truetype]

Why keep excess cash at your brokerage account? Both GS and Barclays are offering 1.2% online savings accounts now.

 

[mokwit]

Thanks....didn't know they paid interest!

They did once, then changed it I think for a time they did not, and have only just started again - I was surprised to see the interest accruing - seemed too good to be true so I checked with IB support to be sure it was a positive balance accruing not a debit (yeah u kinda get that way after a long time with IB)