Margin rates by broker: 5.15% to 12.45% on a $20,000 loan

The Federal Reserve raised its target range for the federal funds rate to 3.75%–4.00% on September 16, 2026. Two weeks later, the posted margin rate on a $20,000 loan ranges from 5.15% at Public to 12.45% at E*TRADE. Held for a year, that is $1,030 of interest against $2,490. The table shows four loan sizes; the calculator below takes yours.

• The lowest posted rates, all under 6% on $20,000, are at Public, Webull Premium, Robinhood, Interactive Brokers Pro and M1. All but Webull tie their rate to the fed funds target or a market benchmark.
• Brokers that price off their own base rate or the prime rate charge 11.50% to 12.45% on the same $20,000: Ally, Vanguard (Standard), TradeStation, J.P. Morgan, Schwab, Fidelity, Firstrade and E*TRADE. Most post much lower rates for large balances, such as Fidelity's 7.75% over $1 million and TradeStation's 4.25% from $2 million.
• Vanguard's lower schedules (7.00% and 6.00%) need $1 million or $5 million of qualifying assets at Vanguard.
• Several firms post no rate above $500,000 (Schwab, E*TRADE, Vanguard Standard) and ask you to call. Merrill Edge posts no rate at all.
• Next possible change: the Fed's next meeting ends October 28, 2026. We re-read every page after it.

Posted margin rates at four loan sizes

How each broker sets its rate

• Fed funds target plus a spread. Robinhood says its rate “is calculated by adding the Federal Funds Target Rate upper bound and an interest rate, which varies depending on your settled margin account balance”. Public's fee schedule says “As of September 17, 2026, the FFTR is 4.00%.” and lists FFTR + 1.15% up to $50,000. SoFi's help article describes “the upper bound of the Target Federal Funds Rate range plus an additional amount”. M1's rate “is subject to change if and when the Federal Reserve changes its target for the federal funds rate”.
• A market benchmark plus a spread, blended. Interactive Brokers adds 1.5%, 1% or 0.75% (IBKR Pro) or 2.5% (IBKR Lite) to its benchmark, which was 3.88% for U.S. dollars on September 29, 2026. Its page says “IBKR uses a blended rate based on the tiers below.”
• The broker's own base rate. Schwab (“Schwab's current base rate is 10.25%”, last changed 9/18/2026), Fidelity (10.825%, effective September 18, 2026), E*TRADE (10.20%, effective 09/21/2026), Vanguard (9.75%, changed September 18, 2026; its rate schedules changed again on September 29) and Firstrade (11%, as of September 16, 2026). Ally's “base rate of 5.75% is set at Ally Invest Securities' sole discretion” and its tiers add a percentage it does not publish. TradeStation does not state its base rate.
• Prime plus a spread. J.P. Morgan Self-Directed Investing lists prime + 4.75% up to $25,000, falling to prime + 2.50% up to $3 million, and SOFR plus a spread above that. Its page does not state the resulting rate.
• No formula. moomoo's fee schedule lists 6.8% a year for long U.S. stock positions; Webull's pricing page says “The margin rate is set at our discretion and is subject to change without notice.”

Details that change what you pay

• Robinhood applies one rate to the whole balance: “The following interest rates are applied to your full margin balance depending on how much you borrow”. For Gold members, “the first $1,000 of margin investing is included with your subscription.” At 5.25%, an interest-free $1,000 is worth $52.50 a year; Gold costs $5 a month or $50 a year, so the saving roughly pays for the subscription and no more. The table and calculator use Robinhood's standard rates.
• Interactive Brokers does the opposite: the first $100,000 is charged at the first tier's rate and only the rest at the lower rate, so its $300,000 rate is a blend.
• Vanguard's lower schedules need assets at Vanguard. Preferred (7.00% up to $499,999) needs $1 million to $4,999,999 of qualifying assets; Premier (6.00% up to $999,999) needs $5 million or more.
• Fidelity and Firstrade publish rates above $500,000 (8.00% and 8.85%); Schwab and E*TRADE ask you to call. Fidelity adds: “7.75% rate available for debit balances over $1,000,000.”
• Webull's pricing page shows no date. Its Margin tab, read September 30, 2026, shows the same rates as the table on its margin page that says “*Margin rates shown are as of March 31, 2026 and are subject to change.”
• Schwab: “No interest charged for margin balances below $100 on Standard Rates.”
• M1 promotion: M1 advertises a “Promotional rate: 4.24%” for 12 months for eligible accounts that opt in before December 31, 2026; its standard rate is 5.90%.

Every tier, broker by broker

Charles Schwab

Schwab base rate 10.25%, last changed 9/18/2026, plus or minus a spread. As of: 9/18/2026 (base rate last changed). Source: Charles Schwab.

• Below $100 (no interest): 0.00%
• $100-$24,999.99: 12.075%
• $25,000-$49,999.99: 11.575%
• $50,000-$99,999.99: 10.625%
• $100,000-$249,999.99: 10.575%
• $250,000-$499,999.99: 10.325%
• $500,000 and above (call): call

Fidelity

Fidelity base margin rate 10.825%, effective since September 18, 2026, plus or minus a spread. As of: September 18, 2026 (base rate effective). Source: Fidelity.

• $0-$24,999: 12.075%
• $25,000-$49,999: 11.575%
• $50,000-$99,999: 10.625%
• $100,000-$249,999: 10.575%
• $250,000-$499,999: 10.325%
• $500,000-$999,999: 8.00%
• $1M+: 7.75%

E*TRADE

E*TRADE base rate 10.20%, effective 09/21/2026, plus a spread. As of: 09/21/2026 (base rate effective). Source: E*TRADE.

• Less than $10,000: 12.70%
• $10,000 to $24,999.99: 12.45%
• $25,000 to $49,999.99: 12.20%
• $50,000 to $99,999.99: 11.70%
• $100,000 to $249,999.99: 11.20%
• $250,000 to $499,999.99: 10.70%
• $500,000 and above (call): call

Vanguard (Standard)

Vanguard base rate 9.75%, last changed September 18, 2026, plus or minus a spread. As of: September 29, 2026 (rate schedules last changed). Source: Vanguard.

• Up to $19,999: 12.25%
• $20,000-$49,999: 11.75%
• $50,000-$99,999: 11.25%
• $100,000-$249,999: 10.75%
• $250,000-$499,999: 10.25%
• $500,000 and above (call): call

Vanguard (Preferred, $1 million to $4,999,999 of qualifying assets)

Base rate minus 2.75%. As of: September 29, 2026 (rate schedules last changed). Source: Vanguard.

• Up to $499,999: 7.00%
• $500,000 and above (call): call

Vanguard (Premier, $5 million or more of qualifying assets)

Base rate minus 3.75%. As of: September 29, 2026 (rate schedules last changed). Source: Vanguard.

• Up to $999,999: 6.00%
• $1,000,000 and above (call): call

Firstrade

Firstrade base rate 11%, as of September 16, 2026, plus or minus a spread. As of: September 16, 2026 (base rate). Source: Firstrade.

• $0-$24,999: 12.25%
• $25,000-$49,999: 12.00%
• $50,000-$99,999: 11.50%
• $100,000-$249,999: 11.00%
• $250,000-$499,999: 10.75%
• $500,000-$999,999: 8.85%
• $1,000,000+: 8.25%

Ally Invest

Ally base rate 5.75% plus a standard percentage per tier (spreads not published). As of: 9/16/2026 (rate information accurate as of). Source: Ally Invest.

• $0.01-$9,999: 11.50%
• $10,000-$24,999: 11.50%
• $25,000-$49,999: 11.25%
• $50,000-$99,999: 10.50%
• $100,000-$249,999: 9.25%
• $250,000-$499,999: 8.25%
• $500,000-$999,999: 7.75%
• $1,000,000+: 7.00%

TradeStation

Base rate set at TradeStation's discretion (not stated), varying with the size of the debit balance. As of: No date shown. Source: TradeStation.

• Less than $50,000: 11.75%
• $50,000-$499,999: 10.75%
• $500,000-$1,999,999: 6.25%
• $2,000,000+: 4.25%

J.P. Morgan Self-Directed Investing

Prime rate plus a spread up to $3 million; SOFR plus a spread above. The page gives the formula, not the rate. As of: No date shown; prime rate 7.00% effective 9/17/2026 (JPMorganChase). Source: J.P. Morgan Self-Directed Investing.

• $0 to $25,000: prime + 4.75% = 11.75% with prime at 7.00%
• $25,001 to $50,000: prime + 4.50% = 11.50% with prime at 7.00%
• $50,001 to $100,000: prime + 4.00% = 11.00% with prime at 7.00%
• $100,001 to $500,000: prime + 3.75% = 10.75% with prime at 7.00%
• $500,001 to $1,000,000: prime + 3.00% = 10.00% with prime at 7.00%
• $1,000,001 to $3,000,000: prime + 2.50% = 9.50% with prime at 7.00%
• $3,000,001 and above (SOFR + 2.35% or 1.85%): call

Interactive Brokers (IBKR Pro)

IBKR benchmark (USD 3.88%, updated 9/29/2026) plus 1.5%, 1% or 0.75%, blended across tiers. As of: No date on the rate page; benchmark updated 9/29/2026. Source: Interactive Brokers.

• 0 to 100,000: 5.38% on the part of the balance in this tier
• 100,000 to 1,000,000: 4.88% on the part of the balance in this tier
• 1,000,000 to 50,000,000: 4.63% on the part of the balance in this tier

Interactive Brokers (IBKR Lite)

IBKR benchmark (USD 3.88%, updated 9/29/2026) plus 2.5%. As of: No date on the rate page; benchmark updated 9/29/2026. Source: Interactive Brokers.

• All balances: 6.38%

Robinhood

Federal funds target rate upper bound (4.00%) plus a spread that varies by balance; applied to the full balance. As of: September 17, 2026. Source: Robinhood.

• Up to $50,000: 5.25%
• $50,000 up to $100,000: 5.05%
• $100,000 up to $1 million: 4.75%
• $1 million up to $10 million: 4.50%

Public

Federal funds target rate upper bound (4.00% as of September 17, 2026) plus 1.15% to 0.50%. As of: September 23, 2026 (fee schedule last updated). Source: Public.

• Up to $50,000: 5.15%
• Over $50,000 up to $100,000: 5.00%
• Over $100,000 up to $1 million: 4.75%
• Over $1 million up to $10 million: 4.50%

Webull (Premium)

Set at Webull's discretion (no formula published). As of: No date on the pricing page; the same table on its margin page is dated March 31, 2026. Source: Webull.

• X ≤ 25K: 5.20%
• 25K < X ≤ 100K: 5.00%
• 100K < X ≤ 500K: 4.45%
• 500K < X ≤ 1M: 4.40%
• 1M < X ≤ 10M: 4.20%

Webull (Standard)

Set at Webull's discretion (no formula published). As of: No date on the pricing page; the same table on its margin page is dated March 31, 2026. Source: Webull.

• All balances: 8.74%

SoFi Invest

Upper bound of the federal funds target range plus 5.75% to 1%. As of: No date shown. Source: SoFi Invest.

• $0-$50K: 9.75%
• $50K-$100K: 9.00%
• $100K-$200K: 8.50%
• $200K-$500K: 7.50%
• $500K-$1M: 7.00%
• $1M-$10M: 6.00%

moomoo

One rate for long U.S. stock positions; no formula published. As of: Fee schedule updated October 1, 2026 (EST). Source: moomoo.

• All balances (long U.S. stocks): 6.80%

M1

One rate; changes when the Federal Reserve changes its federal funds target. As of: No date in the help article. Source: M1.

• All balances: 5.90%

Before you borrow

A margin loan is secured by the securities in your account. If they fall in value, the broker can demand more money or sell them. Public's margin page puts it this way: “Public Investing may sell some or all of your securities, without prior approval or notice.” For what your idle cash earns at the same brokers, see our cash sweep rates.

Rechecks and changes

We re-read every page after each Federal Reserve meeting: next after October 28, 2026 and December 9, 2026.

• September 30, 2026. First published.

Test cases

The calculator's code was checked against a separate reference calculation at 37 balances for every broker, including each tier boundary. You can rerun that comparison in your browser.

Run the self-test

Sources

• Charles Schwab, Margin rates and requirements
• Fidelity, Commissions, margin rates and fees
• E*TRADE, Pricing and rates
• Vanguard, Margin
• Firstrade, Margin rates
• Ally Invest, Margin account
• TradeStation, Margin rates
• J.P. Morgan Self-Directed Investing, Margin trading
• JPMorganChase, Historical prime rate
• Interactive Brokers, Margin rates
• Interactive Brokers, Benchmark rates
• Robinhood, Margin rates
• Robinhood, Gold overview
• Public, Margin
• Public, Fee schedule
• Webull, Pricing (Margin tab)
• Webull, Margin trading
• SoFi Invest, Margin trading
• SoFi, What are tiered margin rates
• moomoo, Fee schedule for U.S. residents
• M1, What are the M1 Margin Loan interest rates?
• M1, Margin promotion
• Merrill Edge, Margin trading
• Federal Reserve, FOMC statement, September 16, 2026
• Federal Reserve, FOMC meeting calendars

Dollars Ahead is not affiliated with any broker on this page and earns nothing from it. Rates change without notice; the broker's own page and your account agreement are the final word. This page is not financial advice.