Interest and Financing

Interest Schedule


Interactive Brokers calculates an internal funding rate based on a combination of internationally recognized reference rates on overnight deposits (ex: Fed funds, LIBOR), bank deposit rates, and real-time market rates from the world's largest and most liquid market, the interbank short-term currency swap market.

While central banks and major money-center banks set and publish reference rates for interest dependent investments, these rates often do not reflect the exact investment costs/opportunities seen in interbank and commercial transactions. IBKR's interest model starts with the reference rates and incorporates the dynamic market pricing to produce a midpoint or "benchmark".

IBKR adds a spread around the benchmark to determine deposit and borrowing rates applicable to client balances in each currency. Spreads are tiered such that larger balances receive more favorable interest treatment due to smaller spreads around the benchmark.


Reference Benchmark Rates

IBKR's benchmark for each currency is the reference rate around which our credit, debit, stock loan and other interest rate linked calculations are determined. IBKR uses a combination of internationally recognized reference rates (such as LIBOR, Fed Funds, etc), bank deposit rates, and dynamic interbank rates determined from foreign exchange and money markets to calculate an IBKR Reference Benchmark rate.

For more information about IBKR Reference Benchmark click here.

For information regarding the various external reference rates that contribute to the IBKR Reference Benchmark rate click here.


CurrencyDescription for Effective Date 20191210 Rate Effective Date
USD
Reference Benchmark USD
1.550%
20191210
USD
Reference Benchmark USD Libor
1.529%
20191210
AUD
Reference Benchmark AUD
0.664%
20191210
BRL
Reference Benchmark BRL
4.900%
20191210
CAD
Reference Benchmark CAD
1.548%
20191210
CHF
Reference Benchmark CHF
(0.867)%
20191210
CNH
Reference Benchmark CNH
2.678%
20191210
CZK
Reference Benchmark CZK
1.772%
20191210
DKK
Reference Benchmark DKK
(0.820)%
20191210
EUR
Reference Benchmark EUR
(0.622)%
20191210
GBP
Reference Benchmark GBP
0.573%
20191210
HKD
Reference Benchmark HKD
1.494%
20191210
HUF
Reference Benchmark HUF
(0.148)%
20191210
ILS
Reference Benchmark ILS
(0.305)%
20191210
INR
Reference Benchmark INR
9.500%
20191210
JPY
Reference Benchmark JPY
(0.299)%
20191210
KRW
Reference Benchmark KRW
1.250%
20191210
MXN
Reference Benchmark MXN
7.280%
20191210
NOK
Reference Benchmark NOK
1.406%
20191210
NZD
Reference Benchmark NZD
1.027%
20191210
PLN
Reference Benchmark PLN
1.610%
20191210
RUB
Reference Benchmark RUB
6.242%
20191210
SEK
Reference Benchmark SEK
(0.445)%
20191210
SGD
Reference Benchmark SGD
1.479%
20191210
TRY
Reference Benchmark TRY
11.884%
20191210
ZAR
Reference Benchmark ZAR
6.706%
20191210
Prior Period Benchmark Rates

IBKR accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month. For detailed examples on how we calculate interest, open the Interest Paid to You and Interest Rates Charged to You on Margin Loan Balances sections on this page.


Interest Paid on Idle Cash Balances

Client accounts are eligible to receive credit interest on long settled cash balances in their securities accounts.

Accounts with a Net Asset Value (NAV) of USD 100,000 (or equivalent) or more are paid interest at the full rate for which they are eligible. Accounts with NAV of less than USD 100,000 (or equivalent) receive interest at rates proportional to the size of the account. For example, an account with a NAV of USD 50,000 earns credit interest at a rate equal to one-half the rate paid by IBKR to accounts with a NAV of USD 100,000 or more.

Interest accrues and is payable on a daily basis. IBKR posts the interest payments on a monthly basis on the third business day of the following month.

IBKR uses a blended rate based on the tiers outlined in the table below. The tiers on which interest rates are based are subject to change without prior notification.

For balances held in CHF, DKK, EUR, JPY or SEK, IBKR currently applies an effective negative rate to long balances held. The negative rate applied to accounts holding these currencies is the same regardless of account size. For other currencies in which the benchmark rate plus the interest rate paid is less than zero, the interest paid is 0%.

Higher Interest Rates for Large Cash Balances

We pay interest to clients for credit balances, based upon rates available in the interbank deposit market. For those clients that hold large cash balances in multiple currencies, we offer the ability to take advantage of the Forex Swaps market to potentially earn higher rates. This program is not designed for and would not benefit any client who holds a single-currency long balance. The mechanics behind this program involve the buying of a currency for settlement one day out and the selling of the same currency two days out, the difference in value between the two settlement dates being the interest earned. We automatically keep rolling the swaps until you no longer meet the minimum balance criteria, or you instruct us to halt the program. You must have at least USD $10 million in cash, and US residents must be Eligible Contract Participants (ECP) to enroll in the program.

For more information please contact our swaps desk at FXSwaps@IBKR.com or refer to our Knowledge Base.


Interest Paid to You on Positive (Credit) Cash Balances View Examples



Cash Balance Net Asset Value
Pricing Plan:
IBKR Pro IBKR Lite Calculate Blended Rate


BM = Benchmark Rate
Currency Tier Rate Paid: IBKR Pro Rate Paid: IBKR Lite
USD 0 - 10,000 0% 0%
10,000.01 + 1.05% (BM - 0.5%) 0.05% (BM - 1.5%)
AUD 0 - 14,000 0% 0%
14,000.01 - 140,000 0.164% (BM - 0.5%) 0% (BM - 1.5%)
140,000.01 + 0.414% (BM - 0.25%) 0% (BM - 1.5%)
CAD 0 - 14,000 0% 0%
14,000.01 + 1.048% (BM - 0.5%) 0.048% (BM - 1.5%)
CHF 0 - 100,000 0% 0%
100,000.01 + -1.117% (BM - 0.25%) -2.117% (BM - 1.25%)
CNH All 0% 0%
CZK 0 - 2,500,000 0% 0%
2,500,000.01 + 1.522% (BM - 0.25%) 0.522% (BM - 1.25%)
DKK 0 - 700,000 0% 0%
700,000.01 + -1.07% (BM - 0.25%) -2.07% (BM - 1.25%)
EUR 0 - 100,000 0% 0%
100,000.01 + -0.872% (BM - 0.25%) -1.872% (BM - 1.25%)
GBP 0 - 8,000 0% 0%
8,000.01 + 0.073% (BM - 0.5%) 0% (BM - 1.5%)
HKD 0 - 78,000 0% 0%
78,000.01 + 0.744% (BM - 0.75%) 0% (BM - 1.75%)
HUF 0 - 2,800,000 0% 0%
2,800,000.01 + 0% (BM - 3%) 0% (BM - 4%)
ILS All 0% 0%
INR All 0% 0%
JPY 0 - 11,000,000 0% 0%
11,000,000.01 + -0.549% (BM - 0.25%) -1.549% (BM - 1.25%)
KRW 0 - 12,000,000 0% 0%
12,000,000.01 + 0% (BM - 1.5%) 0% (BM - 2.5%)
MXN 0 - 190,000 0% 0%
190,000.01 + 3.28% (BM - 4%) 2.28% (BM - 5%)
NOK 0 - 85,000 0% 0%
85,000.01 + 0% (BM - 2.5%) 0% (BM - 3.5%)
NZD 0 - 15,000 0% 0%
15,000.01 + 0% (BM - 2.5%) 0% (BM - 3.5%)
PLN 0 - 400,000 0% 0%
400,000.01 + 0% (BM - 2%) 0% (BM - 3%)
RUB 0 - 700,000 0% 0%
700,000.01 + 1.242% (BM - 5%) 0.242% (BM - 6%)
SEK 0 - 850,000 0% 0%
850,000.01 + -0.695% (BM - 0.25%) -1.695% (BM - 1.25%)
SGD 0 - 15,000 0% 0%
15,000.01 + 0.479% (BM - 1%) 0% (BM - 2%)
TRY 0 - 60,000 0% 0%
60,000.01 + 5% 4%
ZAR 0 - 150,000 0% 0%
150,000.01 + 5.706% (BM - 1%) 4.706% (BM - 2%)

Interest Charged on Margin Loans View Examples

When calculating rates, keep in mind that IBKR uses a blended rate based on the tiers below. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. When determining the quoted spread, IBKR will use the set benchmark rate or a benchmark rate of 0 for all benchmark rates less than 0.

IBKR accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.

The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates.


Balance
Pricing Plan:
IBKR Pro IBKR Lite Calculate Blended Rate

BM = Benchmark Rate

Currency Tier Rate Charged: IBKR Pro Rate Charged: IBKR Lite
USD 0 - 100,000 3.05% (BM + 1.5%) 4.05% (BM + 2.5%)
100,000.01 - 1,000,000 2.55% (BM + 1%) 4.05% (BM + 2.5%)
1,000,000.01 - 3,000,000 2.05% (BM + 0.5%) 4.05% (BM + 2.5%)
3,000,000.01 - 200,000,000 1.85% (BM + 0.3%) 4.05% (BM + 2.5%)
200,000,000.01 + 1.85% (BM + 0.3%) See note below 4.05% (BM + 2.5%)
AUD 0 - 140,000 2.164% (BM + 1.5%) 3.164% (BM + 2.5%)
140,000.01 - 1,400,000 1.664% (BM + 1%) 3.164% (BM + 2.5%)
1,400,000.01 - 140,000,000 1.164% (BM + 0.5%) 3.164% (BM + 2.5%)
140,000,000.01 + 1.164% (BM + 0.5%) See note below 3.164% (BM + 2.5%)
CAD 0 - 140,000 3.048% (BM + 1.5%) 4.048% (BM + 2.5%)
140,000.01 - 1,400,000 2.548% (BM + 1%) 4.048% (BM + 2.5%)
1,400,000.01 - 140,000,000 2.048% (BM + 0.5%) 4.048% (BM + 2.5%)
140,000,000.01 + 2.048% (BM + 0.5%) See note below 4.048% (BM + 2.5%)
CHF 0 - 100,000 1.5% (BM + 1.5%) 2.5% (BM + 2.5%)
100,000.01 - 1,000,000 1% (BM + 1%) 2.5% (BM + 2.5%)
1,000,000.01 - 200,000,000 0.5% (BM + 0.5%) 2.5% (BM + 2.5%)
200,000,000.01 + 0.5% (BM + 0.5%) See note below 2.5% (BM + 2.5%)
CNH 0 - 625,000 7.678% (BM + 5%) 8.678% (BM + 6%)
625,000.01 - 6,250,000 7.678% (BM + 5%) 8.678% (BM + 6%)
6,250,000.01 - 125,000,000 7.678% (BM + 5%) 8.678% (BM + 6%)
125,000,000.01 + 7.678% (BM + 5%) See note below 8.678% (BM + 6%)
CZK 0 - 400,000,000 4.772% (BM + 3%) 5.772% (BM + 4%)
400,000,000.01 + 4.772% (BM + 3%) See note below 5.772% (BM + 4%)
DKK 0 - 120,000,000 3% (BM + 3%) 4% (BM + 4%)
120,000,000.01 + 3% (BM + 3%) See note below 4% (BM + 4%)
EUR 0 - 100,000 1.5% (BM + 1.5%) 2.5% (BM + 2.5%)
100,000.01 - 1,000,000 1% (BM + 1%) 2.5% (BM + 2.5%)
1,000,000.01 - 150,000,000 0.5% (BM + 0.5%) 2.5% (BM + 2.5%)
150,000,000.01 + 0.5% (BM + 0.5%) See note below 2.5% (BM + 2.5%)
GBP 0 - 80,000 2.073% (BM + 1.5%) 3.073% (BM + 2.5%)
80,000.01 - 800,000 1.573% (BM + 1%) 3.073% (BM + 2.5%)
800,000.01 - 160,000,000 1.073% (BM + 0.5%) 3.073% (BM + 2.5%)
160,000,000.01 + 1.073% (BM + 0.5%) See note below 3.073% (BM + 2.5%)
HKD 0 - 780,000 3.994% (BM + 2.5%) 4.994% (BM + 3.5%)
780,000.01 - 7,800,000 3.494% (BM + 2%) 4.994% (BM + 3.5%)
7,800,000.01 - 780,000,000 2.994% (BM + 1.5%) 4.994% (BM + 3.5%)
780,000,000.01 + 2.994% (BM + 1.5%) See note below 4.994% (BM + 3.5%)
HUF 0 - 4,500,000,000 5% (BM + 5%) 6% (BM + 6%)
4,500,000,000.01 + 5% (BM + 5%) See note below 6% (BM + 6%)
ILS 0 - 80,000,000 5% (BM + 5%) 6% (BM + 6%)
80,000,000.01 + 5% (BM + 5%) See note below 6% (BM + 6%)
INR All 12.5% (BM + 3%) 13.5% (BM + 4%)
JPY 0 - 11,000,000 1.5% (BM + 1.5%) 2.5% (BM + 2.5%)
11,000,000.01 - 110,000,000 1% (BM + 1%) 2.5% (BM + 2.5%)
110,000,000.01 - 20,000,000,000 0.5% (BM + 0.5%) 2.5% (BM + 2.5%)
20,000,000,000.01 + 0.5% (BM + 0.5%) See note below 2.5% (BM + 2.5%)
KRW 0 - 120,000,000 3.25% (BM + 2%) 4.25% (BM + 3%)
120,000,000.01 - 1,200,000,000 2.75% (BM + 1.5%) 4.25% (BM + 3%)
1,200,000,000.01 - 24,000,000,000 2.25% (BM + 1%) 4.25% (BM + 3%)
24,000,000,000.01 + 2.25% (BM + 1%) See note below 4.25% (BM + 3%)
MXN 0 - 1,900,000 10.28% (BM + 3%) 11.28% (BM + 4%)
1,900,000.01 - 19,000,000 9.28% (BM + 2%) 11.28% (BM + 4%)
19,000,000.01 - 1,900,000,000 8.78% (BM + 1.5%) 11.28% (BM + 4%)
1,900,000,000.01 + 8.78% (BM + 1.5%) See note below 11.28% (BM + 4%)
NOK 0 - 850,000 2.906% (BM + 1.5%) 3.906% (BM + 2.5%)
850,000.01 - 8,500,000 2.406% (BM + 1%) 3.906% (BM + 2.5%)
8,500,000.01 - 850,000,000 1.906% (BM + 0.5%) 3.906% (BM + 2.5%)
850,000,000.01 + 1.906% (BM + 0.5%) See note below 3.906% (BM + 2.5%)
NZD 0 - 150,000 2.527% (BM + 1.5%) 3.527% (BM + 2.5%)
150,000.01 - 1,500,000 2.027% (BM + 1%) 3.527% (BM + 2.5%)
1,500,000.01 - 150,000,000 1.777% (BM + 0.75%) 3.527% (BM + 2.5%)
150,000,000.01 + 1.777% (BM + 0.75%) See note below 3.527% (BM + 2.5%)
PLN 0 - 70,000,000 4.61% (BM + 3%) 5.61% (BM + 4%)
70,000,000.01 + 5.61% (BM + 4%) See note below 5.61% (BM + 4%)
RUB 0 - 660,000,000 11.242% (BM + 5%) 12.242% (BM + 6%)
660,000,000.01 + 11.242% (BM + 5%) See note below 12.242% (BM + 6%)
SEK 0 - 850,000 1.5% (BM + 1.5%) 2.5% (BM + 2.5%)
850,000.01 - 8,500,000 1% (BM + 1%) 2.5% (BM + 2.5%)
8,500,000.01 - 850,000,000 0.5% (BM + 0.5%) 2.5% (BM + 2.5%)
850,000,000.01 + 0.5% (BM + 0.5%) See note below 2.5% (BM + 2.5%)
SGD 0 - 150,000 2.979% (BM + 1.5%) 3.979% (BM + 2.5%)
150,000.01 - 1,500,000 2.479% (BM + 1%) 3.979% (BM + 2.5%)
1,500,000.01 - 150,000,000 1.979% (BM + 0.5%) 3.979% (BM + 2.5%)
150,000,000.01 + 1.979% (BM + 0.5%) See note below 3.979% (BM + 2.5%)
TRY 0 - 60,000,000 16.884% (BM + 5%) 17.884% (BM + 6%)
60,000,000.01 + 16.884% (BM + 5%) See note below 17.884% (BM + 6%)
ZAR 0 - 1,500,000 8.206% (BM + 1.5%) 9.206% (BM + 2.5%)
1,500,000.01 - 15,000,000 7.706% (BM + 1%) 9.206% (BM + 2.5%)
15,000,000.01 - 1,500,000,000 7.456% (BM + 0.75%) 9.206% (BM + 2.5%)
1,500,000,000.01 + 7.456% (BM + 0.75%) See note below 9.206% (BM + 2.5%)

Note: May be subject to a 1% surcharge applied to the spread if financing is not pre-arranged.

Disclosures
  1. Accounts with a NAV of less than USD 100,000 (or equivalent) will be paid at a rate proportional to accounts with a NAV of USD 100,000 (or equivalent) or more. The proportion is determined by the ratio of the account's NAV to USD 100,000 (or equivalent). The negative rate applied to accounts holding these currencies is the same regardless of account size.