Moomoo's Cash Sweep Program Offers A Highly Competitive 5.1% APY; Increases Cash Management Efficiency
PALO ALTO, Calif., Nov. 27, 2023 /PRNewswire/ -- The intuitive investment and trading platform moomoo has recently updated its Cash Sweep program in the US, with a compelling 5.1% annual percentage yield ("APY") for eligible clients [1], adding one more powerful tool to help boost the cash management efficiency of their securities accounts. The highly competitive 5.1% APY currently offers one of the highest yields for uninvested cash in the entire brokerage industry.
If you have excess funds in your US securities account and wish to avoid increased exposure to market volatility while you consider your next moves, moomoo's Cash Sweep could be an effective option for generating passive income. Nate Palmer, President of Moomoo Financial Inc. said, "With this cash management tool, you can be confident that your money is working for you."
The Cash Sweep program does not impact the purchasing power of brokerage accounts because the swept funds in the program bank accounts are still part of a customer's securities account. Thanks to trouble-free operation of the Cash Sweep, managing your funds on moomoo platforms is now incredibly convenient. If your securities account dips into negative balance, funds will be automatically redeemed from the bank for repayment. When cash starts to grow in excess in your securities account, it will be swept into the bank account to earn interest.
With just several taps on a screen, new moomoo clients can activate the Cash Sweep feature and earn interest on their uninvested cash. Existing moomoo clients can still gain the 5.1% APY rate through recent promotions, with additional terms and conditions applied [2]. The swept money at the program banks are insured by the Federal Deposit Insurance Corporation (FDIC), which means your money is secured up to a certain amount.
Notably, moomoo's Cash Sweep program has no cap on the interest-bearing principal and no minimum balance requirements for the accounts. Furthermore, no additional costs, such as service fees, will be incurred.
In the US, eligible moomoo users [3] are allowed to do $0 commission trading on US stocks, ETFs and options with no account minimums. Starting from November to February 2024, moomoo is also waiving exchange proprietary fees for index option trading on its platform, making index options trading [4] more cost-effective in terms of fees to active moomoo customers. The ending date is subject to change. For margin traders who are looking to borrow more funds for trading, moomoo offers margin rates as low as 6.8%, a highly competitive level in the industry.
[1] 5.1% APY eligibility: All new user brokerage accounts.
[2] Existing user brokerage accounts must refer a friend to deposit $100+ OR deposit $500 themselves to access the higher rate (If conditions are not met, rate is 0.03%). Terms and Conditions Apply. The Cash Sweep Program is a feature of the brokerage account. The APY rate is subject to change. Neither Moomoo Financial Inc. nor any of its affiliates are banks. Check here for more details - https://invest.us.moomoo.com/cashsweepoffer
[3] U.S. residents trading in U.S. securities may trade commission-free using the moomoo app through Moomoo Financial Inc. Other fees may apply. For more information, visit moomoo.com/us/pricing
[4] Options trading is risky and not appropriate for everyone. Read the Options Disclosure Document (j.us.moomoo.com/00xBBz) before trading. A copy of it can also be found on moomoo.com/us. Options are complex and you may quickly lose the entire investment.
Supporting docs for any claims will be furnished upon request.
Disclosure
Margin trading entails greater risk, including, but not limited to, risk of loss and incurrence of margin interest debt, and is not suitable for all investors. Please assess your financial circumstances and risk tolerance before trading on margin.We reserve the right to amend our margin interest rate from time to time in response to changes in prevailing interest rates and other factors. The Margin Rate is subject to change without notice. See https://www.moomoo.com/us for the most current margin rates.
About moomoo
Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. It provides users with the necessary information and technology to make more informed investment decisions. Investors have access to advanced charting tools, technical analytics, and in-depth data. Moomoo grows with its users, cultivating a community where investors share, learn, and grow together in one place. Moomoo provides free access to investment courses, educational materials, and interactive events that any investor, at any level, can gain from. Users can join forum discussions, trending topics, and seminars to better their investment knowledge and insights.
The moomoo app is offered by Moomoo Technologies Inc. ("MTI") a company that is based in Palo Alto, California. The app is used globally in countries including the U.S., Singapore, Australia, Japan, Malaysia and Canada. MTI is not a broker-dealer and does not provide investment advice or recommendations. In the U.S., securities products and services are offered by Moomoo Financial Inc. ("MFI"), an SEC-registered broker-dealer and member FINRA/SIPC. MTI and MFI are indirect, wholly-owned subsidiaries of Futu Holdings Limited (Nasdaq: FUTU). FUTU has won multiple awards internationally, such as Fortune's 100 Fastest Growing Companies in 2022. Moomoo is not just your investment platform. It is your investment journey.
For more information, please visit moomoo's official website at www.moomoo.com or feel free to email: [email protected].
SOURCE moomoo
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