The Offer
- Moomoo is offering 5.1% APY interest rate + bonus 3% during the first 3 months for new users who have never made a deposit before. Requires activation.
The Fine Print
- The promotional 8.1% APY rate (as of 01/11/24) is for new users who have never made a deposit before. The Base Rate is 5.1% APY, plus a 3% temporary boost is available once the coupon is activated. Actual APY earned may differ as the base rate may change. Moomoo is not a bank.
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APY Booster Rate is effective for 3 months on up to $20,000 in the Cash Sweep Program once coupon is activated.
Our Verdict
Could be a solid offer for someone with cash on hand. This basically maxes out at a .75% bonus. (3 months is .25% of a year @ 3% = .75%; assuming your money would have otherwise been earning 5.1% – see this post for Best Savings rates.) For example, if someone puts in $100k it can be like a $750 bonus, or $1,500 on $200k, etc, etc. The fine print does limit the 8.1% promo rate to $20,000, and the gain from this deal is limited.
Moomoo holds the funds at partner FDIC insured banks. We’ve written about Moomoo before for some of their other offers.
Chuck
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