Does Ameritrade give Interest on Balance?

Discussion in 'Retail Brokers' started by Sanjuro, Jun 2, 2004.

  1. Sanjuro

    Sanjuro

    Does Ameritrade give Interest on Balance?

    I search their entire site and couldn't find this information.
    I know FreeTrade does not give interest on unused Balance.
    I know Datek gave interest before it got bought by Ameritrade.

    Does anyone know the answer?
    And where on it's web site it shows this?

    Thanks!
     
  2. From Ameritrade's Website (Site Map & Getting Started/FAQ):

    Interest on Cash Balances

    As a benefit to our clients, Ameritrade pays interest on credit balances over $25,000 in your account.

    Simple interest is calculated on the entire daily balance and is credited to your account monthly.

    We pay interest daily on all free credit balances of $25,000 or more that are being held for future investment. (Wisconsin residents cannot earn interest.)
     
  3. Sanjuro

    Sanjuro

    Thank you.

    I called them and found out you get 0.1% over 25k.
     
  4. Catoosa

    Catoosa

    I established a "Reserve Fund" at AT into which my cash sweeps into each night on which I earn a return on the balance. This does not require a balance of as much as $25000 to earn a return. However, the returns earned in our current low interest environment are almost nothing and are not worth the trouble of setting up the Reserve Fund at this time.