Webull Australia offers 5.4% yield on uninvested cash
“US dollar money market funds are heavily regulated, meaning client funds are managed in a safe, reliable and trusted environment, which is of critical importance to us, and continues to remain top-of-mind for our clients.”
Webull Securities Australia, a subsidiary of Webull Corporation, has launched Moneybull in Australia.
This new cash management tool offers Australian users a 5.4% yield on uninvested cash. Notably, Moneybull requires no sign-up costs, no management fees, and accepts a minimum deposit of just US$1.00.
Moneybull is designed to provide competitive returns on US dollar deposits through a USD money market trust fund. This offering is set to match or surpass the returns of many existing cash products from traditional brokers and banks. The returns from Moneybull are accrued daily and paid out monthly.
“A broker-integrated cash product with superior yields”
A unique feature of Moneybull is its auto-sweep function. This feature maintains the users’ purchasing power on the Webull platform. It allows for seamless settlement of trades using funds from the money market, eliminating the need for manual transfers. Additionally, this auto-sweep function can automatically invest idle cash into the money market fund, enhancing overall returns and asset growth.
Rob Talevski, CEO of Webull Securities Australia, highlighted the significance of Moneybull. “Webull Australia’s new Moneybull offering is a game changer in terms of creating a broker-integrated cash product that meets or even beats many of the traditional high-yield cash accounts currently available to the Australian consumer.
“This is especially relevant right now, as markets struggle to find upward momentum and portfolio yields become more important. In the current higher-interest-rate environment, we felt it was the right thing to do to seek out and pass on great cash returns, while allowing traders to use that collateral to trade. This is the result we’ve managed to achieve with our new Moneybull offering.
“Finally, US dollar money market funds are heavily regulated, meaning client funds are managed in a safe, reliable and trusted environment, which is of critical importance to us, and continues to remain top-of-mind for our clients.”
