Leaving money in IB

Discussion in 'Retail Brokers' started by Bluegar3, Mar 1, 2007.

  1. I have a chunk-a-change that I need to leave somewhere that is liquid where I could wire it out the next day.

    I was thinking about leaving it in IB. Would that be okay? I don't trade there anymore however I still have an account there with some money in there. Do you think that they would mind if I leave money there. Afterall IB really has one of the best interest rates.

    Bluegar
     
  2. do they have any account inactive fees
     
  3. i have mid 6 figures there and i trust them as much as any bank. they're huge and insured. you're right there rates over 5%
     
  4. If you turn off all of your market data subscriptions I don't think you'll get charged the $10/mo. for not generating minimum commissions.
     
  5. Tums

    Tums

    you don't get interest on the first $10k.
     
  6. There's mandatory activity fee -$120/year [$10/month] and no interest on the first $10k in IB account [~ $500/year].
    If you keep your funds in several currencies at IB, it will not pay interest on the first $10k for each currency, which adds up pretty quickly, thus it's better to keep the funds in one currency.
    Most other brokers charge for wiring out funds.
     
  7. There's no activity fee if you're active. :)
     
  8. Why don't you just put for money into T-Bills? You can open an account online with the US Treasury. No state taxes on T-Bills. They direct deposit right into your bank account when the bills mature, and debit your bank account when you buy T-Bills. No activity fees. All your money working. Here's a link:

    http://www.treasurydirect.gov/indiv/products/products.htm

    You can read the info at the site, but latest auction of 13 week bills paid about 5.1%.

    OldTrader
     
  9. Thanks for the link, Can foreign residents invest money there?I am in UK and would like to put some money away, I will have the risk of currency fluctuations GBP/USD
     
  10. GTC

    GTC

    According to IB CSR, there is no minimum activity fee if there was no non-free data subscription to start with for the whole month. However, it would be very impractical and quite clumsy to try to trade with different order types. Without the data, it would be like trading blindfolded.
     
    #10     Mar 1, 2007