 |
SYDNEY, Dec. 8, 2023 /PRNewswire/ -- Webull Securities (Australia) Pty Ltd ('Webull Australia'), a subsidiary of Webull Corporation, the popular trading platform, has today launched Moneybull in Australia, an inbuilt cash management tool that currently allows eligible Australian users to earn a 5.4% yield on uninvested cash, with no sign-up costs, no management fees, and a minimum deposit of US$1.00.
Moneybull aims to empower users to earn an ultra-competitive return on US dollar deposits using a USD money market trust fund matching, and even outperforming, many popular cash products offered by traditional brokers and banks[1]. Returns will be accrued daily and paid out automatically each month.
The tool also features an auto-sweep function, meaning users retain their purchasing power within the platform, and trades can be settled directly from fund proceeds, without the need for manual intervention.
The auto-sweep feature can also automatically channel idle cash into the money market fund, helping to boost overall returns and grow current holdings.
Rob Talevski, CEO of Webull Securities Australia said, "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."
Eligible clients will be able to activate Moneybull directly via the app (Markets Page > Moneybull Tab > and simply click "activate"). To find out more, visit the website https://www.webull.com.au/moneybull
ENDS
About Webull:
Webull is a leading digital investment platform built on next generation global infrastructure. The Webull Group is headquartered in St. Petersburg, Florida and backed by private equity investors located in the United States, Europe and Asia. Webull serves tens of millions of users from over 180 countries, providing retail investors with 24/7access to global financial markets. Users can put investment strategies to work by trading global stocks, ETFs, options and fractional shares, through Webull's trading platform, which is currently available in the United States, the United Kingdom, Hong Kong, Singapore, Indonesia, Japan, South Africa, and Australia. Webull also offers investment education services, with lessons covering a wide range of topics.
[1] https://www.money.com.au/high-interest-savings-accounts
