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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.

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Politics

Labour will eliminate unauthorised sewage spillages in a decade, environment secretary says

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Labour will eliminate unauthorised sewage spillages in a decade, environment secretary says

Labour will eliminate unauthorised sewage spillages in 10 years, the environment secretary has told Sky News.

Steve Reed also pledged to halve sewage pollution from water companies by 2030 as he announced £104 billion of private investment to help the government do that.

But he told Sunday Morning with Trevor Phillips this “isn’t the end of our ambition”.

“Over a decade of national renewal, we’ll be able to eliminate unauthorised sewage spillages,” he said.

“But you have to have staging posts along the way, cutting it in half in five years is a dramatic improvement to the problem getting worse and worse and worse every single year.”

He said the water sector is “absolutely broken” and promised to rebuild it and reform it from “top to bottom”.

His earlier pledge to halve sewage pollution from water companies by 2030 is linked to 2024 levels.

The government said it is the first time ministers have set a clear target to reduce sewage pollution and is part of its efforts to respond to record sewage spills and rising water bills.

Ministers are also aiming to cut phosphorus – which causes harmful algae blooms – in half by 2028.

Environment Secretary Steve Reed. File pic: PA
Image:
Environment Secretary Steve Reed. File pic: PA

Mr Reed said families had watched rivers, coastlines and lakes “suffer from record levels of pollution”.

“My pledge to you: the government will halve sewage pollution from water companies by the end of the decade,” he added.

Addressing suggestions wealthier families would be charged more for their water, Mr Reed said there are already “social tariffs” and he does not think more needs to be done, as he pointed out there is help for those struggling to pay water bills.

Read more:
Why aquatic life is facing a double whammy as sewage overflows spill into rivers
Thames Water hit with largest-ever fine issued by regulator Ofwat

The announcement comes ahead of the publication of the Independent Water Commission’s landmark review into the sector on Monday morning.

The commission was established by the UK and Welsh governments as part of their joint response to failures in the industry, but ministers have already said they’ll stop short of nationalising water companies.

Mr Reed said he is eagerly awaiting the report’s publication and said he would wait to see what author Sir John Cunliffe says about Ofwat, the water regulator, following suggestions the government is considering scrapping it.

On Friday, the Environment Agency published data which showed serious pollution incidents caused by water firms increased by 60% in England last year, compared with 2023.

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Why sewage outflows are discharging into rivers

Meanwhile, the watchdog has received a record £189m to support hundreds of enforcement officers for inspections and prosecutions.

“One of the largest infrastructure projects in England’s history will clean up our rivers, lakes and seas for good,” Mr Reed said.

But the Conservatives have accused the Labour government of having so far “simply copied previous Conservative government policy”.

“Labour’s water plans must also include credible proposals to improve the water system’s resilience to droughts, without placing an additional burden on bill payers and taxpayers,” shadow environment secretary Victoria Atkins added.

The Rivers Trust says sewage and wastewater discharges have taken place over the weekend, amid thunderstorms in parts of the UK.

Discharges take place to prevent the system from becoming overwhelmed, with storm overflows used to release extra wastewater and rainwater into rivers and seas.

Water company Southern Water said storm releases are part of the way sewage and drainage systems across the world protect homes, schools and hospitals from flooding.

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Science

Indian Scientists Unravel the Mystery Behind Rare Aurora Over Ladakh

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Indian Scientists Unravel the Mystery Behind Rare Aurora Over Ladakh

In a village in Ladakh, there was experienced an eruption in the sky which turned the sky into red and green auroras on May 10, 2024. This has not been seen in the past 10 years. It got triggered by the fiery solar storm, called Coronal Mass Ejections (CMEs) which are magnetised and thrown from the Sun at a million km per hour distance. Such arruptions in masses, triggered by the filament eruptions and solar flames sped to millions of kilometer towards our planet. This kind of rare aura has been ignited from the fiery solar storm.

Indian Scientists Investigate

According to organiser, The indian scientists’ team, led by Dr. Wageesh Mishra, used the data from NASA, ESA and other ground facilities to find this auroral phenomenon at the Indian Astronomical Observatory, by applying the Flux Rope Internal State (FRIS) model in order to broaden the coronograph images. The evolving temperature, magnetic fields and structure of the Coronal Mass Ejections were mapped at the time of interplanetary journey. This is the first global study to chronicle CME thermal dynamics from the Sun to Earth, which is published in Astronomy & Astrophysics.

Unexpected Reheating of CMEs

In contrast to the expectations, the CMEs didn’t cool with their expansion. In fact, they heat up at their midway, absorbing heat and maintaining a constant temperature over time they impact Earth. This thermal restructuring is due to the collision of two CMEs, where the electrons release high temperatures and ions release mixed lower and higher temperatures predominantly.

Magnetic Collision Triggers Lights

Data from NASA’s Wind Spacecraft, when a solar storm reached Earth, shows that the plasma covered Earth in double flux ropes. These are twisted magnetic structures which can trigger potential geomagnetic disturbances. Such an entangled magnetic field brought auroras as far south. i.e. Ladakh, and produces a spectacular light show that was seen by the citizens of that place.

Global Impact and Research Breakthrough

This finding held significant implications for global space weather forecasting and India. Through the understanding of the interaction of CMEs’ thermal and magnetic changes, the scientists could better develop the early-warning systems for power grid issues, navigation outages and satellite disruptions.

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Politics

GENIUS Act blocks Big Tech, banks from dominating stablecoins: Circle exec

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GENIUS Act blocks Big Tech, banks from dominating stablecoins: Circle exec

GENIUS Act blocks Big Tech, banks from dominating stablecoins: Circle exec

Circle’s Dante Disparte says the GENIUS Act ensures tech giants and banks can’t dominate the stablecoin market without facing strict structural and regulatory hurdles.

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