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Interest On Unvested Cash In Brokerage Accounts
Some stocks trading apps offer 5% APY on univested cash. Is it same as getting extra money on savings account in banks which Ghamidi sb advises to stay away from?
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1 Reply
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Interest On Unvested Cash In Brokerage Accounts
updated 1 year, 5 months ago
2 Members
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The reason to stay away from savings account interest is that the money given to the account holder is generally from the riba earned by the bank from loans given to other consumers. If this is also the case with brokerage accounts then the advice would remain the same. If, however, brokerages invest your money and offer you a certain percentage then there is no harm in it.
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