On my IB statement today, I noticed that the credit interest for my account was reduced by about 80% from the previous month. I know the Fed is trying to target a 0% interest rate, but I didn't think we were there yet. Is anybody else seeing this?
look at IB homepage, everything is there.... interests payed for USD EUR GBP... on different amounts... you can READ? so why disturb anyone with those stupid questions????
Thanks for the attitude jackass. The interest calculations still don't seem right to me. Maybe I am just in shock at how retarded this country is for crushing people who actually save money. Thanks again jackass!
I'm also surpsied at the low interested paid by IB. IB's interest rate use to be competitive with a local credit union. www.starone.org Now, the credit union pays 3.05% for my savings account and IB pays next to nothing.
IB doesn;t pay interest on the first $10k cash balance in your account. Any amount over $10k is paid at USD LIBOR (Overnight rate) less 0.5%.
Actually, the benchmark is fed funds, not libor. Used to be libor but they changed to fed funds quite a number of months ago. Fed funds is currently under 1/2%. OldTrader
I'd rather get 0% interest knowing the cash is in ultra safe instruments rather than not seeing my money again thanks to an "enhanced yield" money market fund blowing up.
Beautiful, isn't it? Yet another page out of the government's book of Unintended Consequences. Seniors, endowments, charities, etc. will all be hurting for income. Yet the government is trying to 'stimulate' spending. Classic.