FUTU - 8.1% APY Cash Sweep For 3 Months? Yes And Up To 15 Free Stocks After A Qualified Deposit With Moomoo
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By Austin DeNoce, Benzinga
Moomoo , aninvestment and tradingplatform with over 20 million global users (Users of MoomooTechnologies Inc. and its affiliates as of 5/2023.), provides apowerful suite of tools and services designed for a professional-gradetrading experience. The platform is known for its low fees, includingzero-commission trading on U.S. stocks, ETFs and options, andhigh-level, real-time market data, which provides users with access toin-depth quotes, detailed financial metrics, customizable heat mapsand over 4,000 third-party analyst ratings.
Moomoo is currently offering a 5.1% annual percentage yield(APY)* on all uninvested cash for new and qualified users and willkick off these new-user promotions for 2024.
Get A Limited timeAPY Boost To Moomoo’s Cash Program: 8.1% APY (5.1% Base APY + 3%Extra Boost For 3 Months)
As mentioned, Moomoo’s Cash Sweep program , tailored for U.S. investors, offers animpressive 5.1% APY – which it reports is eleventimes the national average savings account rate . The companyshares that this compares favorably against competitors, such as TDAmeritrade, which offers 1%, and Robinhood Gold, which offers 5% butalso charges a $5 monthly fee.
Moomoo’s cash sweep program further stands outfor its lack of sign-up fees, account fees or deposit caps – makingit an attractive option for earning passive income on idle cash setaside for investing purposes.
The Cash Sweep program is also very flexible,allowing users to withdraw or invest funds at any time without lock-upperiods. This allows investors to quickly capitalize on marketopportunities if needed while earning a return that doesn'tcompromise their liquidity. Moomoo's partner banks also provideFDIC coverage for the funds in the Cash Sweep program up to $1 millionor $250,000 per bank (subject to FDIC coverage limits), adding anextra layer of security and peace of mind for investors.
Importantly, this program aligns withMoomoo's commitment to transparency, innovation and support of theinvestment community with all the tools and services necessary tosucceed in the long term.
New-User Promotions: Potentially Earn8.1% APY Using A 3-month APY Boost, Plus Up To 15 Free Stocks
For a limited time,Moomoo is offering a promotion for new users that encompasses multiple rewards , including a coupon offering to boost thebase APY even higher for three months on uninvested cash in its CashSweep Program and free stock incentives for qualified deposits.
Specifically, new userswho open an account enroll in the Cash Sweep and activate the APYbooster coupon. They will earn a 5.1% APY plus an additional 3% APYtemporary booster (a total of 8.1% APY) for three months inMoomoo's Cash Sweep Program.
Additionally, new users will receive up to 15 freestocks with a qualified deposit, potentially valued at up to $2,000each, as well as free Level 2 data with live pricing if they meetrequirements.
This8.1% APY promotion is valid from January 15, 2024, through February29, 2024, and is available exclusively to customers who have notopened a brokerage account with Moomoo before January 15, 2024, andwho opt into its Cash Sweep program.
The offer is restricted to U.S. residents with avalid Social Security number who are at least 18 years old, but anyonewho meets the eligibility requirements and is interested incapitalizing on the promotion can easily sign up on Moomoo's website .
Termsand conditions apply to all offers. The Free Stocks offer is onlyavailable to clients who have never made a deposit and the free stocksreceived will vary. For more info, visit moomoo.com/us/support/topic4_410 .
NavigatingOpportunities And Risks With Moomoo
While Moomoo offers a range of features andpromotions that may be appealing to both new and experiencedinvestors, it’s important to approach these opportunities with aclear understanding of the associated risks inherent to trading andinvesting to make informed decisions based on individual financialgoals and risk tolerance.
That said, Moomoo provides free education and a community tohelp set users up for potential success. Couple that with Moomoo'slow fees, comprehensive market information, user-friendly interfaceand latest promotions, and it proves to be an incredibly competitivechoice in the online trading platform market.
Clickhere to visit Moomoo’s website and take advantage of theoffer!
Featured photo courtesy of Moomoo.
This post contains sponsored content. Thiscontent is for informational purposes only and is not intended to beinvesting advice.
*Cash Sweep 5.1% APY is only for new and users that meet eitherqualifying deposit, transfer, or referral requirements. If conditionsare not met, the rate is 0.03%. Rate as of 11/9/23 and can change.Terms & conditions apply.
*8.1% APY breakdown: Base rate as of 01/11/24 fornew and qualified users is 5.1% APY, plus a 3% boost is available oncecoupon is activated. The actual APY may differ based on when the useractivates the coupon as the base rate may change, or if differentcoupons are stacked together. APY Booster Rate is effective for 3months on up to $20,000 in the Cash Sweep Program once coupon isactivated. All rates mentioned are variable and subject tochange.
TheMoomoo Financial Inc. (MFI) Cash Sweep Program is a feature of yourbrokerage account. Interest is earned on the uninvested cash sweptfrom your MFI brokerage account to program banks. Partner banks thenpay interest on your swept cash, minus any fees paid to MFI. The APYmight change at any time at the program banks’ or MoomooFinancial’s discretion.
Additionally, any fees Moomoo Financial receivesmay vary and is subject to change. Neither Moomoo Financial Inc. norany of its affiliates are banks. For more information on the cashsweep program, click here .
How FDIC coverage works: When the uninvested cash in yourbrokerage account is swept to deposit accounts at program banks, itbecomes eligible for FDIC insurance up to $1 million or $250,000 perprogram bank, inclusive of any other deposits you may already hold atthe bank in the same ownership capacity, which may impact how much iscovered. You are responsible for monitoring the total amount ofdeposits that you have with each Program Bank, in order to determinethe extent of FDIC deposit insurance coverage available to you. MFI isnot responsible for any insured or uninsured portion of the DepositAccounts or any other deposits at the program banks.
Please note that untilfunds are swept to a program bank, they are held in your brokerageaccount which is protected by SIPC. Once funds are swept, they are nolonger held in your brokerage account and are not protected by SIPC.However, these funds are eligible for FDIC insurance through theProgram Banks subject to FDIC insurance coverage limits.
Investing is risky.Moomoo is a financial information and trading app offered byMoomoo Technologies Inc. In the U.S., investment products and serviceson Moomoo are offered by Moomoo Financial Inc., MemberFINRA/SIPC.
Benzinga was commissioned for this article and is notaffiliated with the Moomoo app or its affiliated companies. Thisincludes Moomoo Technologies Inc. (MTI) provider of the app and MoomooFinancial Inc. (MFI). Member FINRA/SIPC, which offers securities inthe U.S.
$0commission trading is available only to U.S. residents trading in theU.S. markets through Moomoo Financial Inc. Other fees may apply. Formore information, visit moomoo.com/us/pricing .
Moomoo is an investment andtrading platform that empowers global investors with pro-grade,easy-to-use tools, data, and insights. We believe investing is atransformative and long-term journey. That's why moomoo empowersinvestors with the tools and data they need to help unlock theirfinancial potential today and in the future. Whether you're abeginner or a pro, moomoo is here to power your investment journey.With access to a wide range of both user-friendly and advancedfeatures, including real-time market data, technical analysis tools,and in-depth order book data moomoo users can potentially enhancetheir trading strategies to pursue their goals. Our mission is builton three core values: transparency, innovation, and community. Byusing these values to guide us, we deliver a comprehensive investmentexperience for individuals across all tradinglevels.
This post contains sponsored content. Thiscontent is for informational purposes only and not intended to beinvesting advice.
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