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: pr@us.moomoo.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/moomoos-cash-sweep-program-offers-a-highly-competitive-5-1-apy-increases-cash-management-efficiency-301997724.html
SOURCE moomoo
