Press release
Interactive Brokers Expected to Raise Interest Rates to USD 4.58% on Instantly Available Cash
Superior Rates and All-In-One Cash Management Benefits Clients GREENWICH, Conn.--(BUSINESS WIRE)-- Interactive Brokers (Nasdaq: IBKR), an automated global
About this update from Interactive Brokers Group, Inc.
[{"type":"text","content":"\nSuperior Rates and All-In-One Cash Management Benefits Clients\n\n\n GREENWICH, Conn.--(BUSINESS WIRE)--\nInteractive Brokers (Nasdaq: IBKR), an automated global electronic broker, today announced that clients are expected to earn up to USD 4.58% on instantly available cash balances over USD 10,000. Unlike brokerages that offer significantly lower rates, Interactive Brokers pays interest directly to client brokerage accounts eliminating the need for sweeps accounts, funds or programs and enabling cash to be instantly available. Plus, with Interactive Brokers’ straightforward Cash Management service, clients can use instantly available cash balances to trade and transact from one account.\n\n\n“IBKR’s Cash Management solution makes it easy for clients to earn and borrow at competitive rates while making everyday transactions like depositing funds, making purchases and paying bills from their brokerage account,” said Thomas Peterffy, Founder and Chairman of Interactive Brokers. “Our clients benefit from the simplicity of maintaining a single account to accomplish a wide variety of financial objectives including managing finances and investing for the future.”\n\n\nWhile interest rates available at most other brokerages are negligible, the market interest paid by Interactive Brokers, is calculated using the Fed Funds rate as the reference rate for USD minus 0.5%. When interest rates rise, clients of Interactive Brokers earn more. Interactive Brokers’ Cash Management is a simple way for investors to earn at superior rates and oversee their finances without multiple accounts and services.\n\n\nIBKR’s Cash Management solution includes the following features for US clients:\n\n\n\nEarn Interest & Borrow: Clients are expected to earn interest up to USD 4.58% on instantly available cash balances or to borrow at USD 5.58 – 6.58% from a single brokerage account\n\n\n\nPay Bills: Use Bill Pay to pay any company or individual in the United States via electronic check\n\n\n\nPurchase Everywhere: Use the IBKR Debit Mastercard® to make purchases or ATM withdrawals at millions of locations worldwide without late fees or foreign transaction charges\n\n\n\nTouchless Payment: Link the Debit Card with Apple Pay and Samsung Pay for contact-free purchases or with PayPal and Venmo\n\n\n\nConvenient Deposits: Use the mobile app to deposit checks anywh...