Webull Launches Moneybull, Offering Interest on Idle Funds in Australia

<p>As part of
the growing trend of offering clients passive forms of capital accumulation,
the Australian branch of the popular trading platform Webull announced the
launch of Moneybull today (Monday). </p><p>Moneybull
is an inbuilt cash management tool that currently offers eligible Australian
users a yield of 5.4% on idle cash deposits in US dollars. Compared to competitive
offers from other trading companies and brokers, this appears to be one of the
higher interest rates offered.</p><p>Webull Launches High-Yield
Cash Management Tool in Australia</p><p>Moneybull
aims to provide an "ultra-competitive return" compared to cash
products from traditional brokers and banks. According to the official press
release, the new product is free of management fees and account opening
charges, and the minimum deposit is $1. Interest is paid out automatically each
month, and the auto-sweep function allows for its use to settle transactions
conducted on real markets.</p><p>Rob
Talevski, the CEO of Webull Securities Australia, said Moneybull allows the
company to offer a cash product that meets many high-<a href="https://www.financemagnates.com/terms/y/yield/">yield</a> accounts available
to consumers. He added that with struggling markets and the increasing
importance of portfolio yields, it is “the right thing to do to seek out and
pass on great cash returns, while allowing traders to use that collateral to
trade.”</p><p>The launch
of Moneybull came at a time when interest rates were high and investors were
looking for places to park their cash. More and more companies from the retail
trading and cryptocurrency sectors are taking advantage of this by offering
their clients interest on idle funds.</p><blockquote><p lang="en" dir="ltr">Moneybull is officially live! We’ve optimised our previous cash management product. Moneybull automatically sweeps any USD deposits into a regulated Money Market Fund, earning you a 5.3% return per annum. <a href="https://t.co/2hgKkb56XJ">pic.twitter.com/2hgKkb56XJ</a></p>— WebullAustralia (@WebullAU) <a href="https://twitter.com/WebullAU/status/1730567816699326591?ref_src=twsrc%5Etfw">December 1, 2023</a></blockquote><p>In the meantime, <a href="https://www.financemagnates.com/forex/webull-enhances-presence-in-mexico-with-flink-acquisition/" target="_blank" rel="follow">the company realized the acquisition</a> of shares in Flink and the Mexican brokerage Vifaru Casa de Bolsa, allowing it to expand its operations in the Latin American markets.</p><p>Trend Toward Passive
Investing</p><p>A month
ago, Finance Magnates <a href="https://www.financemagnates.com/forex/exclusive-xtb-to-offer-up-to-5-interest-on-idle-client-deposits/" target="_blank" rel="follow">exclusively reported that XTB</a>, a publicly traded Polish
FX/CFD broker, offered its clients up to 5% interest on idle deposits. </p><p>"We
are fully aware that our clients are looking for additional ways to put their
money to work while waiting for market opportunities to start investing
actively," Omar Arnaout, the CEO of XTB, commented.</p><p>Previously,
many other trading firms had presented similar offers. In April, for instance,
<a href="https://www.financemagnates.com/forex/after-strong-snb-hikes-swissquote-brings-back-interest-on-trading-accounts/" target="_blank" rel="follow">Swissquote announced</a> this in response to strong interest rate hikes in
Switzerland. In September, Amsterdam-based <a href="https://www.financemagnates.com/forex/news-nuggets-14-september-bmll-gains-new-investment-cqgs-trading-platform/" target="_blank" rel="follow">BUX introduced</a> a similar offer; in
the meantime, <a href="https://www.financemagnates.com/binary-options/robinhood-introduces-options-trading-for-cash-account-holders/" target="_blank" rel="follow">Robinhood has also introduced it</a>.</p>

This article was written by Damian Chmiel at www.financemagnates.com.