-
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?
-
1 Reply
-
Interest On Unvested Cash In Brokerage Accounts
updated 1 year, 8 months ago
2 Members
·
1
Reply
-
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.
Sponsor Ask Ghamidi
Please sponsor Ask Ghamidi so that we can continue to provide and improve this community platform.
In the last 1814 days, 8,638 registered users have posted 63,606 messages under 18,330 unique topics on Ask Ghamidi.
