Interest is calculated daily and charged or credited to the account midway through the following month. The minimum rate for credit is 0.00%. Interest accrues on overnight debit or credit balance, and is charged or credited to the account midway through the following month.
The following rates apply on overnight balances and are subject to change without notice.
Important notes about currency conversion and interest.
Except for RSP accounts, Questrade will not automatically exchange currencies. You must initiate all conversion proceedings. For example:
- If you buy U.S. securities and you do not have sufficient USD, you are borrowing the money from Questrade.
- You are charged interest on 100% of the amount you borrow.
- Interest rates begin to apply when the security trade settles, three days after the trade date for stocks (T + 3 business days), and one day after the trade date for options (T + 1 business day). For example:
- If you buy stock ABC on Monday, May 1st, the settlement date will be Thursday, May 4th (T + 3 business days).
- If you sell stock ABC on Wednesday, May 3rd, the sale will settle on Monday, May 8th (T + 3 business days).
Therefore, you will have been borrowing funds for four days: from Thursday, May 4th (the day your buy trade settled) to Monday, May 8th, (the day your sell trade settled).
If you want to convert your funds, log in to Questrade and enter your request.
Read about currency conversion in Questrade RSP accounts.
1 The minimum rate for credit is 0.00%. Questrade will never charge interest for carrying a balance.