Mar. 19 at 10:12 AM
$IBKR $SPY
Account Protection:
$1 million in cash with IB vs. a single bank with FDIC.
Client securities at Interactive Brokers LLC are protected by the Securities Investor Protection Corporation ("SIPC") for a maximum coverage of
$500,000 (with a cash sublimit of
$250,000).
SIPC Insurance: IBKR carries an additional policy through Lloyd's of London that provides a cash sublimit of
$900,000 on top of the base SIPC coverage. Combined, these provide up to
$1.15 million in protection for cash, which would cover your entire
$1 million balance.
FDIC Sweep Program: If you are enrolled in IBKR's Insured Bank Deposit Sweep Program, your cash is swept into multiple FDIC-insured banks. This provides up to
$5 million (or
$10 million for joint accounts) in FDIC insurance.
Those that have more than
$250,000 in any single bank need to be careful. Protect your money. No one else will do it for you.
$JPM $BAC $RF
