Margin rates at 14 brokers
Margin rates at US brokers split into two camps: firms that price off a low benchmark such as the fed funds rate (Interactive Brokers, Robinhood, Public, M1), charging roughly 4% to 6.5%, and firms that set their own "base rate" between 9.75% and 10.825% (Vanguard, E*TRADE, Schwab, Fidelity), charging 10% to 12.7% on smaller balances. Everyone else sits in between.
| Broker | $10K | $50K | $100K | $500K | $1M |
|---|---|---|---|---|---|
| Robinhood | 5.25% | 5.05% | 4.75% | 4.75% | 4.50% |
| Public | 5.15% | 5.15% | 5.00% | 4.75% | 4.50% |
| Interactive Brokers IBKR Pro | 5.38% | 5.38% | 5.38% | 4.98% | 4.93% |
| M1 | 5.90% | 5.90% | 5.90% | 5.90% | 5.90% |
| Interactive Brokers IBKR Lite | 6.38% | 6.38% | 6.38% | 6.38% | 6.38% |
| SoFi Invest | 9.75% | 9.00% | 8.50% | 7.00% | 6.00% |
| Webull | 8.74% | 8.74% | 8.74% | 8.74% | 8.74% |
| Ally Invest | 11.50% | 10.50% | 9.25% | 7.75% | 7.00% |
| tastytrade | 11.00% | 10.00% | 9.50% | 8.50% | 8.00% |
| Charles Schwab | 12.075% | 10.625% | 10.575% | call | call |
| Fidelity | 12.075% | 10.625% | 10.575% | call | call |
| Vanguard | 12.25% | 11.25% | 10.75% | call | call |
| Firstrade | 12.25% | 11.50% | 11.00% | 8.85% | 8.25% |
| E*TRADE from Morgan Stanley | 12.45% | 11.70% | 11.20% | call | call |
Every published tier
Interactive Brokers IBKR Pro
IBKR USD Reference Benchmark (BM): 3.88% (). Schedule date: not dated by the broker. IBKR Pro blends its tiers: on a $1,000,000 balance, the first $100,000 is charged at the first tier rate and the next $900,000 at the second. IBKR adds 1% on very large balances in the top tier unless arranged in advance. Charged in slices: each part of the balance at its own tier rate.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $100,000 | 5.380% | BM + 1.5% |
| $100,000 to $1,000,000 | 4.880% | BM + 1% |
| $1,000,000 to $50,000,000 | 4.630% | BM + 0.75% |
| $50,000,000 to $250,000,000 | 4.380% | BM + 0.5% |
| $250,000,000 and up | 4.380% | BM + 0.5% |
Interactive Brokers IBKR Lite
IBKR USD Reference Benchmark (BM): 3.88% (). Schedule date: not dated by the broker. IBKR Lite charges one rate, the benchmark plus 2.5%, at every balance. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 and up | 6.380% | BM + 2.5% |
Charles Schwab
Schwab base rate: 10.25%. Schedule date: September 18, 2026 (base rate last changed). Schwab charges no interest on balances under $100 and asks borrowers of $500,000 or more to call for a rate. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $100 to $24,999.99 | 12.075% | Base Rate + 1.825% |
| $25,000 to $49,999.99 | 11.575% | Base Rate + 1.325% |
| $50,000 to $99,999.99 | 10.625% | Base Rate + 0.375% |
| $100,000 to $249,999.99 | 10.575% | Base Rate + 0.325% |
| $250,000 to $499,999.99 | 10.325% | Base Rate + 0.075% |
Fidelity
Fidelity base margin rate: 10.825%. Schedule date: September 18, 2026 (base rate effective). Fidelity prints no rate for balances of $500,000 or more. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $24,999 | 12.075% | 1.250% above base rate |
| $25,000 to $49,999 | 11.575% | 0.750% above base rate |
| $50,000 to $99,999 | 10.625% | 0.200% below base rate |
| $100,000 to $249,999 | 10.575% | 0.250% below base rate |
| $250,000 to $499,999 | 10.325% | 0.500% below base rate |
Vanguard
Vanguard base rate: 9.75%. Schedule date: September 29, 2026 (schedule); base rate September 18, 2026. This is Vanguard's standard schedule, for clients with under $1 million in qualifying assets; larger clients get lower schedules. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $19,999 | 12.250% | Base rate + 2.50% |
| $20,000 to $49,999 | 11.750% | Base rate + 2.00% |
| $50,000 to $99,999 | 11.250% | Base rate + 1.50% |
| $100,000 to $249,999 | 10.750% | Base rate + 1.00% |
| $250,000 to $499,999 | 10.250% | Base rate + 0.50% |
E*TRADE from Morgan Stanley
E*TRADE (Morgan Stanley) base rate: 10.20%. Schedule date: September 21, 2026 (base rate effective). E*TRADE asks borrowers of $500,000 or more to call for a rate. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $9,999.99 | 12.700% | 2.50% above base rate |
| $10,000 to $24,999.99 | 12.450% | 2.25% above base rate |
| $25,000 to $49,999.99 | 12.200% | 2.00% above base rate |
| $50,000 to $99,999.99 | 11.700% | 1.50% above base rate |
| $100,000 to $249,999.99 | 11.200% | 1.00% above base rate |
| $250,000 to $499,999.99 | 10.700% | 0.50% above base rate |
Robinhood
Federal Funds Target Rate upper bound: 4.00%. Schedule date: September 17, 2026. Robinhood publishes one table for every customer. Robinhood Gold ($5 a month) adds the first $1,000 of margin interest-free. The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0 to $50,000 | 5.250% |
| $50,000 to $100,000 | 5.050% |
| $100,000 to $1,000,000 | 4.750% |
| $1,000,000 to $10,000,000 | 4.500% |
| $10,000,000 to $50,000,000 | 4.450% |
| $50,000,000 and up | 4.200% |
Webull
Schedule date: October 16, 2026. The rate shown is Webull Standard. Webull Premium members pay lower tiered rates. The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0 and up | 8.740% |
Public
Public 'Base rate' (= first-tier rate): 5.15%. Schedule date: not dated by the broker. Public does not date its rate table. Its base rate is its first-tier rate, 5.15%. The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0 to $50,000 | 5.150% |
| $50,001 to $100,000 | 5.000% |
| $100,001 to $1,000,000 | 4.750% |
| $1,000,000 to $10,000,000 | 4.500% |
| $10,000,000 to $50,000,000 | 4.450% |
| $50,000,000 and up | 4.200% |
SoFi Invest
Schedule date: October 1, 2026 (fee schedule). The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0 to $50,000 | 9.750% |
| $50,000 to $100,000 | 9.000% |
| $100,000 to $200,000 | 8.500% |
| $200,000 to $500,000 | 7.500% |
| $500,000 to $1,000,000 | 7.000% |
| $1,000,000 to $10,000,000 | 6.000% |
| $10,000,000 and up | 5.000% |
Firstrade
Firstrade base rate: 11.00%. Schedule date: September 16, 2026. Firstrade dated its schedule the day before the Federal Reserve's September 17, 2026 rate change. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $24,999 | 12.250% | + 1.25% |
| $25,000 to $49,999 | 12.000% | + 1.00% |
| $50,000 to $99,999 | 11.500% | + 0.50% |
| $100,000 to $249,999 | 11.000% | + 0.00% |
| $250,000 to $499,999 | 10.750% | - 0.25% |
| $500,000 to $999,999 | 8.850% | - 2.15% |
| $1,000,000 and up | 8.250% | - 2.75% |
tastytrade
tastytrade base rate: 10.00%. Schedule date: July 30, 2026 (schedule); base rate unchanged since January 1, 2025. The tier rate applies to the whole balance.
| Debit balance | Rate | How it is set |
|---|---|---|
| $0 to $24,999 | 11.000% | Base Rate + 1.00% |
| $25,000 to $49,999 | 10.500% | Base Rate + 0.50% |
| $50,000 to $99,999 | 10.000% | Base Rate |
| $100,000 to $249,999 | 9.500% | Base Rate - 0.50% |
| $250,000 to $499,999 | 9.000% | Base Rate - 1.00% |
| $500,000 to $999,999 | 8.500% | Base Rate - 1.50% |
| $1,000,000 and up | 8.000% | Base Rate - 2.00% |
M1
Schedule date: September 17, 2026. M1 charges one rate on every balance. The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0 and up | 5.900% |
Ally Invest
Ally Invest base rate: 5.75%. Schedule date: September 16, 2026. Ally lists its rates as of the day before the Federal Reserve's September 17, 2026 rate change. The tier rate applies to the whole balance.
| Debit balance | Rate |
|---|---|
| $0.01 to $9,999 | 11.500% |
| $10,000 to $24,999 | 11.500% |
| $25,000 to $49,999 | 11.250% |
| $50,000 to $99,999 | 10.500% |
| $100,000 to $249,999 | 9.250% |
| $250,000 to $499,999 | 8.250% |
| $500,000 to $999,999 | 7.750% |
| $1,000,000 and up | 7.000% |
Brokers left out of the comparison, and why
- Merrill Edge publishes no current margin rate; ask the broker. Merrill Edge rates page.
- J.P. Morgan Self-Directed Investing publishes its spreads over prime and SOFR, but not a dated rate. J.P. Morgan Self-Directed Investing rates page.
- moomoo shows its full rate table only in its app; its website lists only the rate for balances up to $25,000. moomoo rates page.
- WellsTrade prices margin by the household's total assets with Wells Fargo, not by loan size, so it does not fit this table. Its rates were prime-based, from 6.50% to 11.00%, with prime at 7.00% as of September 17, 2026. Wells Fargo WellsTrade rates page.
- TradeStation's rate page could not be read; check it directly. TradeStation rates page.
The benchmarks behind the rates
- Federal funds target range: 3.75-4.00% (). Source.
- Effective federal funds rate (EFFR): 3.88% (as of ). Source.
- SOFR: 3.90% (as of ). Source.
- Prime rate (as printed by Wells Fargo): 7.00% (as of 2026-09-17). Source.
- IBKR USD benchmark: 3.88% (as of ). Source.
Get an email when the Fed moves
Nearly every schedule on this page moves when the Fed changes its target: IBKR, Robinhood, M1 and SoFi price straight off it, and Schwab, Fidelity, Vanguard and E*TRADE dated new base rates within four days of the Fed's September 17 raise. Pick the move you care about.
All rates checked 2026-10-24 against each broker's own page, linked from its broker page. Brokers change rates without notice; your broker's disclosure governs.