Update 12/1/24: Extended to March 31, 2025
Update 7/8/24: Extended to Sept 30th November 30, 2024
Update 6/18/24: Deal is back and valid until Jul 31, 2024.
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.) 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.
Another warning about this brokerage: I wired $10k to moomoo and it’s been in limbo for three weeks (still don’t have the funds available). I’ve had to submit a finra complaint as there as been no help from customer service (submitted wire tracking to them). Whatever their bonus is, $300, 8%, it’s not worth the headache dealing with them.
Offer has been extended to March 31, 2025.
The interest rate has dropped. It’s now 7.6% = 4.6% +3.0% bonus
It is still 8.1% APY: 4.6% Base + 3.5% APY Booster, for new users.
Tony Q
Moomoo made a pleasantly surprising move.
Also, the promotion has been extended to 11/30/24
Chuck
I’ll update the expire
This 8.1% APY is now available via referral plus up to 15 shares of stocks for new members.
Terms: https://www.moomoo.com/us/support/topic4_448
With or without a referral, new members will get the 8.1% APY plus whatever other welcome bonus (e.g., free stocks) that are offered by Moomoo. Using a referral to sign up benefits the referrer only, the referred person does not gain anything extra beyond the welcome bonus for new members. It has been like this for a while. Wish they bring back the crazy referral promotion of $300 for both parties that they did last summer, lol.
Ah, thanks for the additional context. I hadn’t been paying attention until I saw the banner today.
I do not see the 3% rewards posted to me account though it shows “it’s in effect”. Does anyone know when that will reflect to my cash balance? Will it be in 90 days?
Mine posted last night (7/31). It really does not say it was added anywhere, but when I went into accounts – assets, the amount is higher than the $$ I put in and the interest from the 5.1%.
Did you open the account in July? Or in June? Not sure a full month is needed to have it shown
I opened June 22 but did not activate the 3% until July 2 since I was waiting for my $20k brokerage transfer to get there from fidelity. I did not want to ‘waste’ any of the 3% on the initial $1k bank transfer.
You can’t withdraw your fund for 60 days. I didn’t find any withdrawal policy. Tried to chat and they now say it’s actually 90 days.
Interesting sentence “MooMoo is not a bank. According to MooMoo’s Terms “However, these funds are eligible for FDIC insurance through the Program Banks subject to FDIC insurance coverage limits.”
I suggest that you read the following article “What Happens When Your Bank Isn’t Really A Bank and Your Money Disappears.” by Rob Copeland. I just found this article on Yahoo and looks like the FDIC found a way to wipe it’s hands.
The terms for the $1,000 deposit bonus don’t require the $1,000 to stay in the cash sweep, correct? Since the 8.1% APY is only on a maximum of $20k, then I suppose I can leave the $20k in the cash sweep during the 3 months and use the $1,000 to purchase something like SGOV
That’s what I am doing.
I think I will just leave the $1k in the cash sweep. From what I am reading it will still earn the 5.1%, but not the extra 3% booster.
This bonus looks like a good $450 worth of goodies. I also like Webull 15 fractional stocks($225) for a thirty day deposit of $25k. I’m doing the Swagbucks $40 CoinBase deal right now should pend tmrw bought $10 in Bitcoin and won $3 on the wheel lol.
I see promo period ends Sept 30th. Maybe it got extended?
https://www.moomoo.com/us/support/topic4_410?from_platform=4&platform_langArea=us