Users of leading trading platform can now earn 4.1% APY interest on uninvested cash.
NEW YORK, April 11, 2023 /PRNewswire/ -- Webull, a leading commission-free trading platform, today announced the launch of Cash Management, their latest offering which allows eligible users to earn 4.1% APY interest on their uninvested cash. Interest will be accrued daily and paid out automatically each month. Users will be able to easily track earned interest directly via the in-app dashboard.
Markets have been volatile over the past year, and interest rate hikes and inflation are continuing to negatively impact individuals. Webull is giving back to its customers by providing a competitive rate to earn money on uninvested cash at no additional cost.
"We've seen a massive shift in retail investor behavior due to economic circumstances including inflation, continued interest rate hikes and market volatility," said Anthony Denier, CEO of Webull. "The first generation of retail investing was commission free trading, and we believe that the next chapter includes giving customers competitive rates to earn money on their uninvested cash. We are constantly innovating our offerings to meet the needs of our customers and look forward to bringing this product to the market."
Webull Cash Management will be accessible to all users who have cash accounts on the platform, excluding IRA accounts and New York residents who have signed up for crypto trading. There will be no minimum account balance required to use this product, nor will there be additional fees or a cap on how much users can earn or invest. Cash Management accounts are covered by SIPC, providing protection up to $500,000, including a $250,000 limit for cash.
For more information on Webull and its offerings, please visit www.webull.com.
About Webull Financial
Webull Financial LLC is a broker-dealer registered with the Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). The headquarters of Webull Financial LLC is located at 44 Wall Street, New York, NY, USA.
SOURCE Webull Financial LLC
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