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.
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
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.
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.
well, now its up in the air again, anyone with an acct <100k get any interest posted lately? that would settle it
Why keep excess cash at your brokerage account? Both GS and Barclays are offering 1.2% online savings accounts now.
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)