By Austin DeNoce, Benzinga
Moomoo, an investment and trading platform with over 20 million global users (Users of Moomoo Technologies Inc. and its affiliates as of 5/2023.), provides a powerful suite of tools and services designed for a professional-grade trading experience. The platform is known for its low fees, including zero-commission trading on U.S. stocks, ETFs and options, and high-level, real-time market data, which provides users with access to in-depth quotes, detailed financial metrics, customizable heat maps and 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 will kick off these new-user promotions for 2024.
Get A Limited time APY Boost To Moomoos Cash Program: 8.1% APY (5.1% Base APY + 3% Extra Boost For 3 Months)
As mentioned, Moomoos Cash Sweep program, tailored for U.S. investors, offers an impressive 5.1% APY which it reports is eleven times the national average savings account rate. The company shares that this compares favorably against competitors, such as TD Ameritrade, which offers 1%, and Robinhood Gold, which offers 5% but also charges a $5 monthly fee.
Moomoos cash sweep program further stands out for its lack of sign-up fees, account fees or deposit caps making it an attractive option for earning passive income on idle cash set aside for investing purposes.
The Cash Sweep program is also very flexible, allowing users to withdraw or invest funds at any time without lock-up periods. This allows investors to quickly capitalize on market opportunities if needed while earning a return that doesn't compromise their liquidity. Moomoo's partner banks also provide FDIC coverage for the funds in the Cash Sweep program up to $1 million or $250,000 per bank (subject to FDIC coverage limits), adding an extra layer of security and peace of mind for investors.
Importantly, this program aligns with Moomoo's commitment to transparency, innovation and support of the investment community with all the tools and services necessary to succeed in the long term.
New-User Promotions: Potentially Earn 8.1% 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 the base APY even higher for three months on uninvested cash in its Cash Sweep Program and free stock incentives for qualified deposits.
Specifically, new users who open an account enroll in the Cash Sweep and activate the APY booster coupon. They will earn a 5.1% APY plus an additional 3% APY temporary booster (a total of 8.1% APY) for three months in Moomoo's Cash Sweep Program.
Additionally, new users will receive up to 15 free stocks with a qualified deposit, potentially valued at up to $2,000 each, as well as free Level 2 data with live pricing if they meet requirements.
This 8.1% APY promotion is valid from January 15, 2024, through February 29, 2024, and is available exclusively to customers who have not opened a brokerage account with Moomoo before January 15, 2024, and who opt into its Cash Sweep program.
The offer is restricted to U.S. residents with a valid Social Security number who are at least 18 years old, but anyone who meets the eligibility requirements and is interested in capitalizing on the promotion can easily sign up on Moomoo's website.
Terms and conditions apply to all offers. The Free Stocks offer is only available to clients who have never made a deposit and the free stocks received will vary. For more info, visit moomoo.com/us/support/topic4_410.
Navigating Opportunities And Risks With Moomoo
While Moomoo offers a range of features and promotions that may be appealing to both new and experienced investors, its important to approach these opportunities with a clear understanding of the associated risks inherent to trading and investing to make informed decisions based on individual financial goals and risk tolerance.
That said, Moomoo provides free education and a community to help set users up for potential success. Couple that with Moomoo's low fees, comprehensive market information, user-friendly interface and latest promotions, and it proves to be an incredibly competitive choice in the online trading platform market.
Featured photo courtesy of Moomoo.
This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.
*Cash Sweep 5.1% APY is only for new and users that meet either qualifying deposit, transfer, or referral requirements. If conditions are 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 for new and qualified users is 5.1% APY, plus a 3% boost is available once coupon is activated. The actual APY may differ based on when the user activates the coupon as the base rate may change, or if different coupons are stacked together. APY Booster Rate is effective for 3 months on up to $20,000 in the Cash Sweep Program once coupon is activated. All rates mentioned are variable and subject to change.
The Moomoo Financial Inc. (MFI) Cash Sweep Program is a feature of your brokerage account. Interest is earned on the uninvested cash swept from your MFI brokerage account to program banks. Partner banks then pay interest on your swept cash, minus any fees paid to MFI. The APY might change at any time at the program banks or Moomoo Financials discretion.
Additionally, any fees Moomoo Financial receives may vary and is subject to change. Neither Moomoo Financial Inc. nor any of its affiliates are banks. For more information on the cash sweep program, click here.
How FDIC coverage works: When the uninvested cash in your brokerage account is swept to deposit accounts at program banks, it becomes eligible for FDIC insurance up to $1 million or $250,000 per program bank, inclusive of any other deposits you may already hold at the bank in the same ownership capacity, which may impact how much is covered. You are responsible for monitoring the total amount of deposits that you have with each Program Bank, in order to determine the extent of FDIC deposit insurance coverage available to you. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.
Please note that until funds are swept to a program bank, they are held in your brokerage account which is protected by SIPC. Once funds are swept, they are no longer held in your brokerage account and are not protected by SIPC. However, these funds are eligible for FDIC insurance through the Program Banks subject to FDIC insurance coverage limits.
Investing is risky. Moomoo is a financial information and trading app offered by Moomoo Technologies Inc. In the U.S., investment products and services on Moomoo are offered by Moomoo Financial Inc., Member FINRA/SIPC.
Benzinga was commissioned for this article and is not affiliated with the Moomoo app or its affiliated companies. This includes Moomoo Technologies Inc. (MTI) provider of the app and Moomoo Financial Inc. (MFI). Member FINRA/SIPC, which offers securities in the U.S.
$0 commission trading is available only to U.S. residents trading in the U.S. markets through Moomoo Financial Inc. Other fees may apply. For more information, visit moomoo.com/us/pricing.
Moomoo is an investment and trading platform that empowers global investors with pro-grade, easy-to-use tools, data, and insights. We believe investing is a transformative and long-term journey. That's why moomoo empowers investors with the tools and data they need to help unlock their financial potential today and in the future. Whether you're a beginner or a pro, moomoo is here to power your investment journey. With access to a wide range of both user-friendly and advanced features, including real-time market data, technical analysis tools, and in-depth order book data moomoo users can potentially 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 a comprehensive investment experience for individuals across all trading levels.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
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