facebookWhat is this accrual interest in my tiger broker account for my currency SGD? - Seedly

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Anonymous

04 Apr 2021

General Investing

What is this accrual interest in my tiger broker account for my currency SGD?

I find interest accruals in my tiger broker account for my currency SGD

Is this common in brokerage platform? I dont see this interest in my standard chartered trading account.

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Nicholas Beh

04 Apr 2021

Student Ambassador 2020/21 at Seedly

Interest accruals occur when you utilize the margin facility of your brokerage account. This applies to all brokerage platforms which offer margin.

You may want to check if your trade value had exceeded the amount deposited into your account. Another scenario I have heard where users accidentally accrue interest is when they withdraw their money before the currency has fully settled after 2 working days.

If you would like to prevent this from happening again, you should contact customer service to downgrade your account to a cash account. However this will remove the capability for you to short stocks and buy/sell options.

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