FUTU - Moomoo Introduces 5.1% APY Cash Sweep Program For U.S. Investors
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By Austin DeNoce,Benzinga
Moomoo , an investment and trading platform known for itsprofessional-grade tools and investor empowerment philosophy, hasrecently unveiled an upgrade to its CashSweep program . Aimed at U.S. investors, this program allowsusers to earn passive income on their idle cash with a 5.1% annualpercentage yield (APY)*.
Empowering Investors
Moomoo focuses onproviding tools and insights aimed at enhancing the capabilities ofinvestors. The platform offers a variety of professional yet accessible tools designed to beuseful for users ranging from beginners to more experienced investors.Moomoo seeks to positions itself as a platform that supports theconcept of investing as a long-term endeavor, emphasizing its rolethat users can engage effectively in investment activities like buyingand selling shares and performing various stock analyses.
Moomoo’s platform provides real-timemarket data, free Level 2 data for funded accounts, advanced technicalanalysis tools and free detailed order book data to help users defineand refine their trading strategies. With a mission driven by transparency, innovation and community , Moomoo aimsto provide a comprehensive investment experience for individuals atevery level of investing expertise.
High APY With No Fees toJoin
At the heartof Moomoo's Cash Sweep program is a competitive APY of up to 5.1%for new and qualified users. This rate is notably higher than what isoffered by traditional brokers, such as TD Ameritrade, which providesless than 1% APY as of the date of this article.
Moreover, unlike other platforms that mightattach various conditions or hidden user fees to their high-yieldofferings, Moomoo maintains a transparent and straightforward approachto its cash sweep program. The program is free to join, has no accountfees and has no cap on deposit amounts.
Flexibility And Ease ofUse
Flexibility is anothercornerstone of the Cash Sweep program. Investors have the freedom towithdraw or invest their funds at any time, meaning there are nolock-up periods for your money like with Certificate of Deposits(CDs), stablecoin staking platforms or the like. This ensuresinvestors can quickly respond to potential market opportunitieswithout affecting their brokerage account's purchasing power. Theprogram is designed for ease of use, with interest accruing daily andbeing paid monthly, requiring no manual transfers from theusers.
Security And Peace of Mind
Security is a paramount concern for anyinvestor. Recognizing this, Moomoo partners with banks that providecoverage for the swept funds in the Cash Sweep program, which isinsured by the Federal Deposit Insurance Corporation (FDIC) up to $1million, subject to FDIC coverage limitations.
Here’s how FDICcoverage works for cash sweep accounts and its limitations.
When the uninvested cashin an investor’s brokerage account is swept to deposit accounts atProgram Banks, it becomes eligible for FDIC insurance up to $1 millionor $250,000 per Program Bank, inclusive of any other deposits they mayalready hold at the bank in the same ownership capacity, which mayimpact how much is covered.
An investor is responsible for monitoring the totalamount of deposits they have with each Program Bank in order todetermine the extent of FDIC deposit insurance coverage available tothem. MFI is not responsible for any insured or uninsured portion ofthe Deposit Accounts or any other deposits at the programbanks.
Moomoo’s Cash Sweep Program
Moomoo's Cash Sweepprogram introduces an inventive approach for U.S. investors topotentially maximize returns on idle cash. With a 5.1% APY, thisprogram seems to stand out as a robust opportunity to generateinterest on idle cash. Beyond offering higher yields, this initiativealso embodies Moomoo's commitment to transparency, innovation andfostering a sense of community among its users, aligning with itsbroader mission to redefine the investing experience.
Moomoois an investment and trading platform that empowers global investorswith pro-grade, easy-to-use tools, data, and insights. We believeinvesting is a transformative and long-term journey. That's whymoomoo empowers investors with the tools and data they need to helpunlock their financial potential today and in the future. Whetheryou're a beginner or a pro, moomoo is here to power yourinvestment journey. With access to a wide range of both user-friendlyand advanced features, including real-time market data, technicalanalysis tools, and in-depth order book data moomoo users canpotentially enhance their trading strategies to pursue their goals.Our mission is built on three core values: transparency, innovation,and community. By using these values to guide us, we deliver acomprehensive investment experience for individuals across all tradinglevels.
This post contains sponsored content. Thiscontent is for informational purposes only and not intended to beinvesting advice.
*Cash Sweep 5.1% APY is only for new& users that meet either qualifying deposit, transfer, or referralrequirements. If conditions are not met, the rate is 0.03%. Rate as of11/9/23 and can change. Terms & conditions apply.
The Moomoo Financial Inc. (MFI) Cash Sweep Program is afeature of your brokerage account. Interest is earned on theuninvested cash swept from your MFI brokerage account to programbanks. Program banks then pay interest on your swept cash, minus anyfees paid to MFI. The APY might change at any time at the programbanks' or Moomoo Financial'sdiscretion.
Additionally, any fees Moomoo Financialreceives may vary and is subject to change. Neither Moomoo FinancialInc. nor any of its affiliates are banks. For more information on thecash sweep program, click here .
When theuninvested cash in your brokerage account is swept to deposit accountsat program banks, it becomes eligible for FDIC insurance up to $1million or $250,000 per program bank, inclusive of any other depositsyou may already hold at the bank in the same ownership capacity, whichmay impact how much is covered. You are responsible for monitoring thetotal amount of deposits that you have with each Program Bank, inorder to determine the extent of FDIC deposit insurance coverageavailable to you. MFI is not responsible for any insured or uninsuredportion of the Deposit Accounts or any other deposits at the programbanks.
Please note that until funds areswept to a program bank, they are held in your brokerage account whichis protected by SIPC. Once funds are swept, they are no longer held inyour brokerage account and are not protected by SIPC. However, thesefunds are eligible for FDIC insurance through the Program Bankssubject to FDIC insurance coverage limits.
Investing isrisky. Moomoo is a financial information and tradingapp offered by Moomoo Technologies Inc. In the U.S.,investment products and services on Moomoo are offered by MoomooFinancial Inc., Member FINRA/SIPC.
Benzinga wascommissioned for this article and is not affiliated with the Moomooapp or its affiliated companies. This includes Moomoo TechnologiesInc. (MTI) provider of the app and Moomoo Financial Inc. (MFI) MemberFINRA/SIPC, which offers securities in the U.S.
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