NEW YORK, Nov. 12, 2019 /PRNewswire/ -- Today Flourish Cash announced the launch of Flourish Cash Institutional, enabling institutions, businesses, and nonprofit organizations to open Flourish Cash accounts.1
Institutional accounts currently receive 1.65% APY2 on cash balances, one of the highest rates in the market for a business cash account.3 Flourish Cash accounts carry no minimums, no account fees,4 and provide the benefit of unlimited transfers, so customers can always access their cash. Accounts can be opened entirely online, with no physical paperwork or wet signatures required for the application. Flourish Cash will continue to provide white glove service and to support all accounts via their New York-based client support representatives who are available by phone, email, or chat.
"If you have ever opened a bank account for a business, then you know how unique Flourish Cash Institutional is," said Yan Zhao, CEO of Flourish. "While there has been a lot of innovation in the personal cash space, businesses and their cash have gone largely unaddressed. We pride ourselves on delivering an incredibly simple and delightful user experience that allows our clients to get back to running their businesses. Individuals have loved our product, and we could not be more excited to bring that same level of innovation and focus to businesses and nonprofits, who can benefit tremendously from a competitive rate on their cash. Feedback from our initial users over the last month has been incredibly positive, and we're excited to roll this out to a broader audience."
Flourish Cash is currently available by invitation only through the financial advisors that Flourish partners with. If you are an advisor, an individual, or a business/nonprofit interested in learning more about the platform or how to get access, visit www.flourish.com or email [email protected].
About Flourish Cash Flourish Cash and Flourish Cash Institutional are services offered by Stone Ridge Securities LLC, a registered broker-dealer based in New York, NY. The Flourish platform aims to be an industry leader in building technology to empower financial advisors, improve financial lives and retirement outcomes, and deliver new and innovative investment options. Today, Flourish Cash is used by more than 150 wealth management firms representing more than $400 Billion in assets under management. Since launching at the beginning of 2019, the company has seen average month-over-month growth of cash balances in excess of 40%.
1 A Flourish Cash account is a brokerage account offered by Stone Ridge Securities LLC, a registered broker-dealer and FINRA member. Flourish Cash is not a bank account, but the cash balance in a Flourish Cash account is swept from the brokerage account to deposit account(s) at one or more third-party banks that have agreed to accept deposits from customers of Stone Ridge Securities LLC ("Program Banks").
2 The Annual Percentage Yield (APY) displayed here is effective as of 10/31/2019. This APY is variable and may change at any time. The rate of interest paid by each Program Bank to Flourish Cash customers may be lower than the rate that could be earned by a customer opening a deposit account directly with such bank. The current APY for Flourish Cash is available at www.flourish.com.