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Old 02.05.2023, 19:57
rezak rezak is offline
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Re: Interactive brokers in Switzerland

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Hello,

Do you have more information about IBKR insured bank deposit sweep program review?

According to their email, the Insured Bank Deposit Sweep Program provides up to $2.5 million of Federal Deposit Insurance Corporation (FDIC) coverage on your account’s free cash balances. Combined with existing Securities Investor Protection Corporation (SIPC) coverage of the first $250,000 in your account, your available insurance will cover up to $2.75 million. Cash balances above $2.75 million remain subject to safeguarding under the SEC's Customer Protection Rule 15c3-3, backed by the firm’s equity capital.

Pros and Cons?
Genuine question, why are you (or planning to) keeping more than 250k$ in cash at your broker? To earn interest instead of using bonds or other money market funds?
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