Moomoo, an investment and trading platform known for its professional-grade tools and investor empowerment philosophy, has recently unveiled an upgrade to its Cash Sweep program . Aimed at U.S. investors, this program allows users to earn passive income on their idle cash with a 5.1% annual percentage yield (APY)*.Empowering Investors
Moomoo focuses on providing tools and insights aimed at enhancing the capabilities of investors. The platform offers a variety of professional yet accessible tools designed to be useful for users ranging from beginners to more experienced investors. Moomoo seeks to positions itself as a platform that supports the concept of investing as a long-term endeavor, emphasizing its role that users can engage effectively in investment activities like buying and selling shares and performing various stock analyses.
Moomoos platform provides real-time market data, free Level 2 data for funded accounts, advanced technical analysis tools and free detailed order book data to help users define and refine their trading strategies. With a mission driven by transparency, innovation and community , Moomoo aims to provide a comprehensive investment experience for individuals at every level of investing expertise.High APY With No Fees to Join
At the heart of Moomoo's Cash Sweep program is a competitive APY of up to 5.1% for new and qualified users. In stark contrast, TD Ameritrade only provides less than 1% APY. Robinhood offers 5% but this is on the condition of Robinhood Gold subscription, which charge a $5 monthly fee. This is also 11 times of the national average saving account rate.
Moreover, unlike other platforms that might attach various conditions or hidden user fees to their high-yield offerings, Moomoo maintains a transparent and straightforward approach to its cash sweep program. The program is free to join, has no account fees and has no cap on deposit amounts.Flexibility And Ease of Use
Flexibility is another cornerstone of the Cash Sweep program. Investors have the freedom to withdraw or invest their funds at any time, meaning there are no lock-up periods for your money like with Certificate of Deposits (CDs), stablecoin staking platforms or the like. This ensures investors can quickly respond to potential market opportunities without affecting their brokerage account's purchasing power. The program is designed for ease of use, with interest accruing daily and being paid monthly, requiring no manual transfers from the users.Security And Peace of Mind
Security is a paramount concern for any investor. Recognizing this, Moomoo partners with banks that provide coverage for the swept funds in the Cash Sweep program, which is insured by the Federal Deposit Insurance Corporation (FDIC) up to $1 million, subject to FDIC coverage limitations.
Heres how FDIC coverage works for cash sweep accounts and its limitations.
When the uninvested cash in an investors 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 they may already hold at the bank in the same ownership capacity, which may impact how much is covered.
An investor is responsible for monitoring the total amount of deposits they have with each Program Bank in order to determine the extent of FDIC deposit insurance coverage available to them. MFI is not responsible for any insured or uninsured portion of the Deposit Accounts or any other deposits at the program banks.Moomoos Cash Sweep Program
Moomoo's Cash Sweep program introduces an inventive approach for U.S. investors to potentially maximize returns on idle cash. With a 5.1% APY, this program seems to stand out as a robust opportunity to generate interest on idle cash. Beyond offering higher yields, this initiative also embodies Moomoo's commitment to transparency, innovation and fostering a sense of community among its users, aligning with its broader mission to redefine the investing experience.
Featured photo courtesy of Moomoo.
This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice.
*Cash Sweep 5.1% APY is only for new & 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.
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. Program 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 Financial's 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 .
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.
Consumer rights group Which? is suing Apple for £3bn over the way it deploys the iCloud.
If the lawsuit succeeds, around 40 million Apple customers in the UK could be entitled to a payout.
The lawsuit claims Apple, which controls iOS operating systems, has breached UK competition law by giving its iCloud storage preferential treatment, effectively “trapping” customers with Apple devices into using it.
It also claims the company overcharged those customers by stifling competition.
The rights group alleges Apple encouraged users to sign up to iCloud for storage of photos, videos and other data while simultaneously making it difficult to use alternative providers.
Which? says Apple doesn’t allow customers to store or back-up all of their phone’s data with a third-party provider, arguing this violates competition law.
The consumer rights group says once iOS users have signed up to iCloud, they then have to pay for the service once their photos, notes, messages and other data go over the free 5GB limit.
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“By bringing this claim, Which? is showing big corporations like Apple that they cannot rip off UK consumers without facing repercussions,” said Which?’s chief executive Anabel Hoult.
“Taking this legal action means we can help consumers to get the redress that they are owed, deter similar behaviour in the future and create a better, more competitive market.”
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Apple ‘rejects’ claims and will defend itself
Apple “rejects” the idea its customers are tied to using iCloud and told Sky News it would “vigorously” defend itself.
“Apple believes in providing our customers with choices,” a spokesperson said.
“Our users are not required to use iCloud, and many rely on a wide range of third-party alternatives for data storage. In addition, we work hard to make data transfer as easy as possible – whether it’s to iCloud or another service.
“We reject any suggestion that our iCloud practices are anti-competitive and will vigorously defend against any legal claim otherwise.”
It also said nearly half of its customers don’t use iCloud and its pricing is inline with other cloud storage providers.
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How much could UK Apple customers receive if lawsuit succeeds?
The lawsuit will represent all UK Apple customers that have used iCloud services since 1 October 2015 – any that don’t want to be included will need to opt out.
However, if consumers live abroad but are otherwise eligible – for example because they lived in UK and used the iCloud but then moved away – they can also opt in.
The consumer rights group estimates that individual consumers could be owed an average of £70, depending on how long they have been paying for the services during that period.
Apple is facing a similar lawsuit in the US, where the US Department of Justice is accusing the company of locking down its iPhone ecosystem to build a monopoly.
Apple said the lawsuit is “wrong on the facts and the law” and that it will vigorously defend against it.
And in December last year, a judge declared Google’s Android app store a monopoly in a case brought by a private gaming company.
“Now that five companies control the whole of the internet economy, there’s a real need for people to fight back and to really put pressure on the government,” William Fitzgerald, from tech campaigning organisation The Worker Agency, told Sky News.
“That’s why we have governments; to hold corporations accountable, to actually enforce laws.”
As a famous orthopaedic surgeon, Dr Adnan Al-Bursh spent much of his career fixing broken limbs and broken bodies at Gaza’s Al-Shifa Hospital.
One of the best-trained doctors in the enclave, a photo showing him covered in blood in Al-Shifa’s operating theatre went viral in 2018.
When war broke out last October, he worked around the clock. Pictures stored on his mobile phone show him standing in a hole, swinging a blunt-edged shovel as the hospital descended into crisis.
It had run out of fuel, food and basic pain relief and there was no more space to store dead bodies. Dressed in hospital scrubs, Dr Al-Bursh and his colleagues dug mass graves as the sound of explosions rang out behind the hospital’s walls.
Soon after the outbreak of the conflict, the surgeon, along with his wife Yasmin, realised that their world had changed forever.
“Adnan was needed every time there was a war,” she recalled. “So, I told him, ‘get ready, there will be lots of operations, they will need your help’. He went to hospital to receive the injured and stayed for 24 hours. He did not stop.”
Dr Al-Bursh spent his days in the operating room and slept in the staff room at night.
He also kept a diary of sorts with his mobile phone, documenting the increasingly desperate scenes unfolding around him.
“Despite the pain, we are steadfast,” he said as he filmed the scene in a crowded operating theatre.
Israel said the foundations of Al-Shifa were laced with tunnels where Hamas operated a ‘command-and-control centre’, something Hamas denies.
As Israeli troops advanced towards the facility, Dr Al-Bursh captured the mood inside. Another video found on his mobile phone shows a colleague in the staffroom recalling a painful conversation with his wife.
“I remember that she only asked one thing of me, what do you think it was? That request was ‘just let me see you smile’.
“Smile. It’s the first thing I want to do after this war, if God saves us.”
By mid-November, Al-Shifa was under siege by Israeli troops.
A week later, patients, staff and some 50,000 displaced residents sheltering in the compound were ordered to evacuate.
Dr Al-Bursh captured the scene of long columns of people walking towards southern Gaza.
But the surgeon did not follow them. Instead, he went northeast to another facility – the Indonesian Hospital – still operating in northern Gaza. What he found on his arrival horrified him.
“I was shocked by the size of the catastrophe here,” he said in a video. “There are injured people who have been waiting for their operations for more than ten days. [Their] wounds were severely infected.”
On 20 November 2023, the Indonesian Hospital was surrounded by Israeli tanks and later that evening, projectiles were fired into the second floor. At least 12 people were killed.
Dr Al-Bursh survived with minor scrapes but the front entrance of the facility was torn apart. “The destruction is everywhere,” he said in another video.
A spokesman for the IDF denied that Israeli forces were responsible.
By early December 2023, Dr Al-Bursh had moved to a small hospital, also in the north, called Al-Awda.
A series of pictures, posted on the hospital’s social media page, show him examining patients with fatigue etched on his face.
These are the last known images taken of the surgeon.
The Israeli military surrounded the hospital on 5 December, and the staff were worried about what the soldiers would do.
Dr Al-Bursh worked at Al-Awda alongside a friend and colleague, Dr Mohammad Obeid.
Eventually, the hospital’s director told them that they would have to leave the building.
“[The director] told us that the [Israeli army] have full data of all males aged between 14 and 65 at Awda hospital,” Dr Obeid said, tearfully. “They told him that if all men do not come down… they will destroy the Awda Hospital with all the women and children in it.”
We put this allegation to the IDF but they did not respond.
The men filed out of the hospital and five, including Dr Al-Bursh, were taken away.
“A soldier came up to us and called out Dr Adnan’s name, who was sitting next to me… I felt he was in a very difficult situation. The occupation soldier took him and the treatment was very rough.”
In a brief statement, the Israel Defence Forces (IDF) confirmed to Sky News that Dr Al-Bursh was detained by its personnel. On 19 December 2023, it says the surgeon was taken to an Israeli military base called Sde Teiman, which has been used for processing detainees since the early part of the war.
Allegations of physical, mental and sexual abuse are rife. A former camp inmate, Dr Khalid Hamouda, believes many of the prisoners at Sde Teiman were medical professionals.
“In the camp where I was, there were about 100 prisoners. I think at least a quarter of them were involved in healthcare. Some of them were doctors, nurses and technicians.”
Dr Hamouda was put to work by the guards at the base as their helper or ‘shawish’, and remembers being told to fetch Dr Al-Bursh at the gate. When he collected him, his fellow doctor said he had been badly beaten and felt pain all over his body.
“He thought he may have broken ribs,” Dr Hamouda said. “He was unable to even go to the toilet alone.”
The IDF told Sky News that after Dr Al-Bursh was processed, he left Sde Teiman on 20 December and became the “responsibility” of the Israeli Prison Service.
In April, the surgeon was taken to an incarceration facility near Jerusalem called Ofer Prison.
He died shortly after his arrival. News of the surgeon’s death was announced in a statement from two Palestinian prisoner support associations at the beginning of May. The Israelis offered no explanation or cause of death.
Sky News has spoken to people who claim to have witnessed the moments before Dr Al-Bursh’s death.
A prisoner, who says he previously knew Dr Al-Bursh in Gaza, provided details in a deposition to lawyers from the Israeli human rights organisation HaMoked.
“In mid-April 2024, Dr Adnan Al-Bursh arrived at Section 23 in Ofer Prison. The prison guards brought Dr Adnan Al-Bursh into the section in a deplorable state. He had clearly been assaulted with injuries around his body. He was naked in the lower part of his body.
“The prison guards threw him in the middle of the yard and left him there. Dr Adnan Al-Bursh was unable to stand up. One of the prisoners helped him and accompanied him to one of the rooms. A few minutes later, prisoners were heard screaming from the room they went into, declaring Dr Adnan Al-Bursh (was dead).”
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While some people might suggest that Dr Adnan Al-Bursh was a terrorist, Daqqa said: “If you want to formally answer this question, he was not charged until now. And many of these detainees are not charged from Gaza.”
In a statement to Sky News, a spokesman for the Israel Prison Service said: “IPS is a law enforcement organisation that operates according to the provisions of the law and under the supervision of the state comptroller and many other official critiques.
“All prisoners are detained according to the law. All basic rights required are fully applied by professionally trained prison guards.
“We are not aware of the claims you described and as far as we know, no such events have occurred under IPS responsibility. Nonetheless, prisoners and detainees have the right to file a complaint that will be fully examined and addressed by official authorities.”
Sky News was told by colleagues and Dr Al-Bursh’s wife Yasmin that he was in good physical condition before his arrest.
“He was the light of my life and I lost him,” Yasmin said.
Dr Al-Bursh was prepared to risk his life to save others. This story is one of a countless number, now buried under the immovable weight of Gaza’s recent past.
But Dr Al-Bursh lived and lost his life in a manner that demands acknowledgement, his friends and family members say.
In the courtyard of a farmhouse now home to soldiers of the Ukrainian army’s 47th mechanised brigade, I’m introduced to a weary-looking unit by their commander Captain Oleksandr “Sasha” Shyrshyn.
We are about 10km from the border with Russia, and beyond it lies the Kursk region Ukraine invaded in the summer – and where this battalion is now fighting.
The 47th is a crack fighting assault unit.
They’ve been brought to this area from the fierce battles in the country’s eastern Donbas region to bolster Ukrainian forces already here.
Captain Shyrshyn explains that among the many shortages the military has to deal with, the lack of infantry is becoming a critical problem.
Sasha is just 30 years old, but he is worldly-wise. He used to run an organisation helping children in the country’s east before donning his uniform and going to war.
He is famous in Ukraine and is regarded as one of the country’s top field commanders, who isn’t afraid to express his views on the war and how it’s being waged.
His nom de guerre is ‘Genius’, a nickname given to him by his men.
‘Don’t worry, it’s not a minefield’
Sasha invited me to see one of the American Bradley fighting vehicles his unit uses.
We walk down a muddy lane before he says it’s best to go cross-country.
“We can go that way, don’t worry it’s not a minefield,” he jokes.
He leads us across a muddy field and into a forest where the vehicle is hidden from Russian surveillance drones that try to hunt both American vehicles and commanders.
Sasha shows me a picture of the house they had been staying in only days before – it was now completely destroyed after a missile strike.
Fortunately, neither he, nor any of his men, were there at the time.
“They target commanders,” he says with a smirk.
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It takes me a moment or two to realise we are only a few steps away from the Bradley, dug in and well hidden beneath the trees.
Sasha tells me the Bradley is the finest vehicle he has ever used.
A vehicle so good, he says, it’s keeping the Ukrainian army going in the face of Russia’s overwhelming numbers of soldiers.
He explains: “Almost all our work on the battlefield is cooperation infantry with the Bradley. So we use it for evacuations, for moving people from one place to another, as well as for fire-covering.
“This vehicle is very safe and has very good characteristics.”
Billions of dollars in military aid has been given to Ukraine by the United States, and this vehicle is one of the most valuable assets the US has provided.
Ukraine is running low on men to fight, and the weaponry it has is not enough, especially if it can’t fire long-range missiles into Russia itself – which it is currently not allowed to do.
Sasha says: “We have a lack of weapons, we have a lack of artillery, we have a lack of infantry, and as the world doesn’t care about justice, and they don’t want to finish the war by our win, they are afraid of Russia.
“I’m sorry but they’re scared, they’re scared, and it’s not the right way.”
Like pretty much everyone in Ukraine, Sasha is waiting to see what the US election result will mean for his country.
He is sceptical about a deal with Russia.
“Our enemy only understands the language of power. And you cannot finish the war in 24 hours, or during the year without hard decisions, without a fight, so it’s impossible. It’s just talking without results,” he tells me.
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These men expect the fierce battles inside Kursk to intensify in the coming days.
Indeed, alongside the main supply route into Kursk, workers are already building new defensive positions – unfurling miles of razor wire and digging bunkers for the Ukrainian army if it finds itself in retreat.
Sasha and his men are realistic about support fatigue from the outside world but will keep fighting to the last if they have to.
“I understand this is only our problem, it’s only our issue, and we have to fight this battle, like we have to defend ourselves, it’s our responsibility,” Sasha said.
But he points out everyone should realise just how critical this moment in time is.
“If we look at it widely, we have to understand that us losing will be not only our problem, but it will be for all the world.”
Stuart Ramsay reports from northeastern Ukraine with camera operator Toby Nash, and producers Dominique Van Heerden, Azad Safarov, and Nick Davenport.