How is interest calculated on my cash balance deposited into the Insured Bank Deposit Sweep Program?

In determining the portion of a client's cash balance eligible to be carried in the Insured Bank Deposit Sweep Program, the following balances are excluded:

• Unsettled cash balances;
• The first $250,000 of settled cash maintained in the securities segment of the account (insured by SIPC);…

Lending income received through the Stock Yield Enhancement Program are calculated and accrued daily similar to interest on credit cash balances.  Interest will post to your cash balance on the third business day of the month for the previous month. …

If you opt out of a bank holding funds, the bank’s balance and accrued interest will automatically sweep to the next bank on the list. The deposit balance at this next bank will add on your principal balance plus accrued interest (from the opt-out bank) and interest accrual will start over. If your overall balance in the program is at the $5,000,000 ($10,000,000 for joint accounts) program limit, the balance from the opt-out bank would return to IBKR and would be safeguarded under the SEC’s Customer Protection Rule 15c3-3…

Important Considerations

You must monitor the total amount of cash on deposit with each program bank. This total includes your Insured Bank Deposit Sweep Program balances and any other FDIC-eligible deposits you may hold at the same program bank in the same ownership category…