When does interest begin to accrue?

Available Forex pairs can be found on the IDEAL PRO exchange page. Find out more about trading spot currencies on the IBKR website from the Spot Currencies…

Interest on your Interactive Brokers (IBKR) account is handled as follows:

1. Calculation and Accrual:
   • Interest is calculated and accrued daily based on end-of-day settled cash balances for each currency in your account…

Standard settlement period for most currencies is 2 business days (Trade Date plus two business days: T+2), with some pairs such as USD.CAD settling the next business day (Trade Date plus one business days: T+1).

In order for a date to be a valid settlement date for a Forex transaction, the central banks for both currencies must be open for settlements. If either currency has a 'holiday' on the target settlement date, settlement is deferred until the next valid business day for both currencies. In addition, intervening holidays, that is a holiday between trade date and the standard 2 days later may or may not defer settlement, depending on which currencies are involved. Most currency transactions will not settle on a USD settlement holiday. This treatment is regardless of whether USD is part of the transaction directly, i.e. a EUR.JPY currency transaction will not settle on a USD settlement holiday but will be deferred to the next valid business day for all three currencies…

You will earn interest at IBKR's published rates based on your total settled cash balances, regardless of where your cash is held.  

Interest on Insured Bank Deposit Sweep Program balances will accrue daily from the day funds are deposited into a program bank through the business day preceding the date of withdrawal from that bank. Interest will be credited monthly. The specific program bank assigned to your account does not impact the interest rate you receive…