Our Insured Bank Deposit Sweep Program allows eligible IBKR clients to obtain up to $5,000,000 of FDIC insurance4 for an individual account and $10,000,000 of FDIC insurance4 for a joint account, in addition to existing $250,000 SIPC coverage4, for total coverage of $5,250,000 for individual accounts and $10,250,000 for joint accounts.
Clients continue earning the same competitive interest rates1 currently applied to cash held in IBKR accounts. IBKR sweeps each participating client's free credit balances daily to one or more banks, up to $246,500 per bank, allowing for the accrual of interest and keeping within the FDIC protected threshold. Individual account cash balances above $5,250,000 and joint account cash balances above $10,250,000 remain subject to safeguarding under the SEC's Customer Protection Rule 15c3-3, backed by the firm's equity capital, which is $17.5 billion2.
FDIC insurance limits apply to all your eligible deposits at a bank. The FDIC insurance limit for all ownership categories in the Insured Bank Deposit Sweep Program is $250,000 per program bank. This is why it is important that clients monitor the assets they have at all banks and opt out of banks on the IBKR Priority Bank List where clients have assets not known to IBKR, so that IBKR does not sweep otherwise eligible balances into that bank. If you have other deposits at one or more of our program banks, you may exclude any bank from holding your program balances so you do not exceed current FDIC limits. For more information about FDIC coverage and different FDIC-defined ownership categories, visit the FDIC website, FDIC website.
Please note: Any withdrawal of funds allocated to the Insured Bank Deposit Sweep Program is subject to an extra day of processing.