SBL Spread Index

Data sources. The Published Tier Index reads each self-directed lender's own current, publicly available rate schedule directly — currently Fidelity, Charles Schwab Bank, and Interactive Brokers. Each lender's tiers are matched against three fixed benchmark line sizes ($250K, $1M, $5M) so the published median never mixes a small line's spread with a large line's spread. E*Trade/Morgan Stanley Private Bank is a locked candidate for this index but is not yet included: its tier boundaries render client-side via JavaScript rather than appearing in static page markup, which this index's current collection method cannot read reliably. The Negotiated Estimate component draws from moderated, anonymous advisor submissions and only publishes a reading for a given cell once at least 10 approved submissions exist for it.

Collection schedule. Targeting weekly publication on Thursdays, following the same content-hash-gated pattern this site uses for its deposit-rate sources (a source is only re-parsed when its page content has actually changed). The automated weekly cron is built and has run its first snapshot, shown above; the three lenders' current figures were hand-verified against each lender's own page as part of building this index, not yet pulled by a fully unattended scraper checking for changes on its own schedule — that automation is the next step, not yet live. Treat the "week of" date above as accurate, and treat weekly re-verification as a near-term commitment rather than a running fact until this note is updated.

What "spread" means here. Every figure on this page is a spread over the lender's own stated benchmark rate (SOFR for Fidelity and Schwab; Interactive Brokers' own published Benchmark rate, which tracks SOFR closely but is not identical to it), not an all-in interest rate. To see a current all-in rate for a specific line size, use the Spread and Tier Comparison calculator.

Revision policy. A published week's reading is recomputed in place if a data-entry correction is identified; it is not silently altered. Methodology version 1.0 covers the launch design described here.

Known limitations. The Published Tier Index currently covers 3 of the wealth-lending market's many lenders, all in the self-directed channel, all against diversified-equity collateral — it does not yet cover wirehouse or private-bank channels (that is the Negotiated Estimate component's job, currently in dry-run), concentrated-stock or alternative-asset collateral tiers, or non-U.S. lenders. Sample sizes of 3 lenders per cell are small; a median across 3 points is more sensitive to a single lender's repricing than a median across 30 would be. Model this explicitly, don't read more precision into the index than 3 data points actually support.

Cite this. SwitchWize Research Desk, "SBL Spread Index," week of August 27, 2026, https://www.switchwize.com/wealth-lending/sbl-spread-index.