Interactive Brokers Group Inc., a Greenwich-headquartered automated global electronic broker, announced that it will begin to pay interest on cash balances to clients with less than $100,000 of net assets in their IBKR securities accounts starting on Jan. 1.
Currently, only client accounts with a net asset value (NAV) of either $100,000 or more in U.S. dollars or the equivalent value in other currencies receive credit interest on cash in their securities accounts. Accounts with NAV of less than $100,000 will begin to receive interest at rates proportional to the size of the account. This will apply to client accounts in all currencies.
“Most of our competitors pay little or no interest to clients on cash in their accounts, large or small,” said Thomas Peterffy, CEO at Interactive Brokers Group. “We pay some of the highest rates, if not the highest, in the industry. We are now extending this benefit to clients with smaller accounts.”
