How are the banks determined for the Insured Bank Deposit Sweep Program?

You may not change the order of the banks on the bank priority list. However, you may at any time designate a bank as ineligible to receive your funds. This will result in funds skipping this bank or, if already there, IBKR withdrawing those funds and designating the bank as ineligible to receive future deposits…

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…

The cash withdrawal process will remain the same for those who participate in the Insured Bank Deposit Sweep Program. Withdrawal requests from the Deposit Accounts are processed for next day value, i.e., they are subject to a one-day delay.

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Free credit balances above $250,000 will be swept to one or more banks in the Insured Bank Deposit Sweep Program. Free credit is generally defined as USD cash in your IBKR account in excess of margin requirements and short stock value, within the minimum and maximum balance criteria for the Program…