Interactive Brokers eliminates $10 monthly maintenance fees :D

AdonisP91 wrote: ↑ They also eliminated the inactivity fees. What is still unclear to me is if the RRSP Quarterly fee is also gone. I opened a ticket and am waiting to hear back. IB is now very competitive amongst Canadian brokers. Their foreign exchange rates are incredible, making Norbert’s Gambit unnecessary, and their Margin rates are unmatched anywhere else. Their commissions are also very competitive and probably cheaper for most people when selecting the tiered pricing structure.

On top of if, you can control DRIP yourself from the account management page and don’t need to call in like with most other brokers, plus it works for all ETFs that allow it, whether US or Canadian.

angelus97 wrote: ↑ Yes, the RRSP fee is gone as discussed in the other thread.

AdonisP91 wrote: ↑ It’s still on their website though.
https://www.interactivebrokers.ca/en/index.php?f=11792

I’ll try to find the other thread.

angelus97 wrote: ↑ I don't know what page that is, but this is the current page:
https://www.interactivebrokers.ca/en/in ... 3406&p=rsp

Also, I was due for the fee on July 1 and it wasn't charged. It's gone.

Biscayne05 wrote: ↑ Now if they can only work on their user friendliness. I get it, it's one of those utlitarian designs, but as someone who looks at charts and spreadsheets all day, I want a dumb down version of anything outside work.

cash_717 wrote: ↑ This is great news. I've been meaning to switch From CIBC investors edge to interactive brokers. I currently have a TFSA, and want to transfer my positions/cash in kind so I don't get dinged with my contribution room. I beleive cibc charges $115 to transfer out, does anyone have a solution for this?

Also, based on this news, this would mean there are zero fees associated with having a TFSA trading account with IB? Except for Ofcourse the commissions fees on trades. Are there any other fees I should be aware of?

Thank you!

astroboy100 wrote: ↑ Also they launched their IB prepaid MasterCard! I just ordered one. No FX fee and their low margin rates on borrowing make this pretty good! $0.50 withdrawal free at an ATM (domestic or international) is low, and digital wallet support (android pay, apple pay, samsung)! It's via people's trust (seems like every fintech uses them!)

EDL67134234 wrote: ↑ Do they still not cover Transfer fees?

EDL67134234 wrote: ↑Also, how does their margin requirements work?

EDL67134234 wrote: ↑Can you use TFSA as a collateral like you can in Questrade?

SillyRabbit wrote: ↑ Interesting, how does this work? What is your borrow limit? Are the securities/cash in your account used as collateral?

astroboy100 wrote: ↑ It's tied to your cash balance for cash accounts and your cash/margin balance if you have a margin account... essentially just letting you spend directly from your account via a Mastercard. You can spend up to your margin limits with just their low interest rate charged.

SillyRabbit wrote: ↑ Ahh gotcha. But their interest is charged immediately vs a standard credit card having a grace period right? Or does it actually not charge you interest if you have cash to cover the amount you spent? Just trying to understand if the dips into margin immediately or not.

And as far as withdrawing cash on margin, it seems like just withdrawing it from the account is easier since the MC is limited to $1000 per day.

So like you said, it seems like the primary purpose of this card is to spend on margin at a retailer.

astroboy100 wrote: ↑ If you have as positive cash balance and spend within that then no interest, if margin is used I think interest is right away but at ~1.65% or whatever it is who cares. Lol Can use for no FX spending while traveling too.

For me the appeal is not having to care what the balance of my account is... If I have dividends that cover my spending one month great, if I spend more one month and use some margin it doesn't matter too much at that interest rate.

SillyRabbit wrote: ↑ So they pay off your balance with cash from your account automatically then? Is that done monthly? Or daily?