Update 10/6/24: This targeted offer is back with 4.25% (base) + 3.0% bonus for 180 days when you deposit $50k-$99,999 (ht B2)
Contents
The Offer
Direct Link to offer (keep in mind this might be a targeted offer)
- Deposit new funds into your WeBull cash account between 7/10/24 – 8/9/24 and receive a bonus 3% APY for 180 days.
You need a new deposit of more than $50,000 to get the 3% bonus. Deposits of between $25,000 and $50,000 will get a 2.5% bonus.
Our Verdict
The regular interest rate on WeBull Cash Account is currently 5% APY; with this boost it’ll be 8% APY. The boost is only for new funds added to your WeBull Cash Account. I’m not sure if this offer is targeted or was sent out to all WeBull Cash Account users. Whoever is eligible for this offer will find it very interesting for parking their cash when comparing it to other high yield savings accounts. Let us know if I’m missing any of the details here.
Updates:
- Readers note that you’ll want to transfer in the funds as close as possible to August 9th since the bonus 3% boost only begins on August 16th.
- Readers note that this should be able to stack with the 2% ACAT transfer bonus by ACATing in $50k+ before the end of July, leaving the cash there for like 6.5 months, and then you can invest the money or just leave it in cash, if you’d like, until the 2 years are up.
Hat tip to readers Robert and JD and Nathan
Has anybody received the bonus interest yet? Could you please post the rate if you do
Base rate down to 4%, unfortunately.
damn so we’re losing 1% now? so with the bonus we’re getting 7% instead of 8%?
That’s correct. 7% is still better than every rate out there that I know of besides OP.
Anyone else seeing a “2% apy booster + 2% match”? I can’t make heads or tails of it. I currently have the 3% apy booster, and thought I read somewhere that getting a new booster will cancel any existing, so probably not worth it for me.
Yes, I got an email for that offer the other day. I was annoyed that it told me that I needed to open the app to view the details so I haven’t gotten around to doing that yet.
I can’t seem to understand the details either.
What happens if I withdraw some funds at any point?
A rep confirmed that activating a booster automatically removes the previous one in place.
I’m trying to figure out if the match bonus is worth it.
E.g.
If I deposit 50k (match bonus of 2k), what happens if and when I withdraw some funds in 6 months from now? Will they adjust it retroactively that my initial bonus is not meant to be 2k or it’s only that prorated part of the bonus is being adjusted?
Any understanding from the TC?
Bonus is paid out in 24 payments over two years if you maintain the full deposit. UGH. Pretty sneaky Webull. I can’t believe I missed that.
Here’s my guess. So you deposit $50K and get a 3% bonus. However, that’s split up over 24 months. So you receive a 0.125% bonus ($62.50) each month for 24 months that you maintain the $50K. If you sign up for ANOTHER offer later, you stop receiving the $62.50 and now receive whatever the new offer is (so they don’t stack). If you transfer out in six months, you stop receiving the $62.50 (and they HOPEFULLY don’t claw back the three hundred bucks that you received).
Now base 4.25% + bonus of 2% (up to $100k). Still seems worth it, no?
Might be a dumb question but does all the deposit need to happen before the promotion is over or can I deposit 15k this month and 10k next month and still get the 2%
Terms state deposits must happen before the end of the promotion.
I’m about to max out this promo $100k each for P1 and P2. How confident are we in the FDIC insurance for this account again?
I just did a search and I think that you’ll be happy with the results.
I pulled the following 2 quotes from the article below:
#1: “Cash Management is a program exclusive to Webull Omnibus accounts. Cash in the Webull Cash Management program is FDIC insured up to $1.5 million through our partner banks.”
#2: “Webull Financial is a member of SIPC, which protects securities customers of its members up to $500,000 (up to $250,000 for cash claims).”
https://www.webull.com/help/faq/11026-SIPC-and-FDIC-Insurance
Ok thanks!
Webull statement says cash held at partner banks isn’t SPIC insured. If webull fails but not the banks will it be a situation like Synapse?
I think that is the risk.
Btw, I didn’t realize until today that not everyone who lost money in the synapse fiasco has been made whole yet (well I mean large sums >$100,000)
https://u1sweb.webullfinance.com/agreement/27d843af66c3456aac83553d9d8a779d.pdf
“ Webull has engaged the Bank Sweep Feature Administrator to facilitate administration of the Bank Sweep Feature and Webull may, in its sole discretion, rely on the Bank Sweep Feature Administrator to perform any of its obligations in connection with the administration of the Bank Sweep Feature, including without limitation opening Bank Sweep Accounts on behalf of Webull at the Participating Banks, allocating participating clients’ Free Credit Balances among Bank Sweep Accounts, and to initiating deposits to, withdrawals from, and transfers among Bank Sweep Accounts. The Bank Sweep Feature Administrator will not have the authority to direct the withdrawal or transfer of any portion of any client’s Free Credit Balance outside of the Bank Sweep Feature.
Initially, the Bank Sweep Feature Administrator will be InterLINK Insured Sweep LLC (“InterLINK”). Webull may terminate its engagement with InterLINK or replace InterLINK as Bank Sweep Feature Administrator with another third party at any time in its sole discretion without notice to you. ”
Seems that Interlink Insured Sweep LLC would be the analogue of Synapse.
https://www.interlinksweep.com/
Is there a public link for this offer? or any action that can trigger becoming targeted for this offer?
I received this +3% offer today. I see the rate is valid for 180 days but how long do the funds have to remain with Webull? Can I transfer the money out after 180 days?
You can transfer the money out before or after 180 days. That just means that you can get the bonus for up to 180 days.
Can the money in a cash account be used for buying securities or ETFs?
Yes, but you will only receive the interest on the cash amount.
If I deposit around 105k, I’ll get 7.25% for100k and 4.25% for the remaining 5k ?
Yes because the Bonus APY coupon that you need to activate tells you the maximum they will give you on the 3% bonus APY on up to $99999.99. You get that Bonus APY coupon several days after the promo is over.
Okay thank you. So when does the funds needs to be deposited to start getting the additional 3%? Like from today, do I have about 10 days? Since the bonus APY coupon will be available after 7 days or so?
Can you provide a link to the new offer? If I see that, I can better answer your questions.