getting a little confused with the calculation. lets pretend John day trades and has $200K cash in his IB account. at a 4.25% benchmark rate(1/3/08). to me it looks like John accrues per day: Tier Balance <10,000 interest = 0.00 10K-100K interest = 9.375 [90K x (4.25%-0.5%)/360] >100K interest = 11.11 [100K x (4.25%-0.25%)/360 thus $20.485/day http://individuals.interactivebroke...nterestMethods.php?ib_entity=llc#calculations http://individuals.interactivebrokers.com/en/accounts/fees/interest.php?ib_entity=llc can someone confirm on how this is calculated?
I tried your calculation using my last statement. Using the prior day's settled cash and your calculation, I was a bit off. I did it again using 365 days (instead of 360) and got within 1 cent.