If you have cash sitting in your brokerage account that you haven’t invested, you could be missing out on earning interest or dividends. With rising interest rates, this lost opportunity can be costly.
Online retail brokerage Tickmill has introduced a new interest rate offering that allows clients to earn up to 3.5% interest per year on their unused funds. The best part is that your money stays available for trading whenever a good opportunity comes along.
Per its press release, this initiative is part of the London-based broker’s effort to provide additional value to its clients and enhance their overall experience.
Tickmill clients can now earn interest on USD, EUR, and GBP wallets, provided they meet specific eligibility criteria. The offering features attractive interest rates, daily interest accrual, and prompt monthly payments, making it an appealing option for those looking to maximize the potential of their idle capital. This new service can serve as an alternative to traditional fund management methods, offering investors a way to diversify their portfolios.
Derek Wilks, Tickmill’s Group Chief Financial Officer, explained the motivation behind this initiative: “We are always looking for ways to add value to our clients’ experiences and reciprocate their loyalty and trust. We look forward to seeing our clients benefit from this new offering and will continue to support them in any way we can. We encourage all investors to explore and take advantage of this unique opportunity.”
Tickmill aims to integrate trading and smart fund management, providing clients with a comprehensive suite of services. This includes premium products, advanced trading tools, and customer service, allowing traders to optimize their capital efficiency.
Tickmill isn’t the only broker offering cash sweep programs, which let your uninvested cash earn interest or dividends. Interactive Brokers also offers attractive interest rates on idle capital. However, there’s a catch. The broker only pays interest on your entire uninvested cash balance if it’s over $10,000.
