Online brokerage app Webull is offering customers in Canada 4% interest on uninvested Canadian dollars and 3% on uninvested U.S. dollars, the company said in a release on Monday.
Webull launched in Canada in January after receiving regulatory approval in November 2023. The app offers trading of Canadian- and U.S.-listed equities, real-time quotes and educational tools.
Broker-dealers have been offering interest on uninvested cash in the U.S., but that’s still not prevalent in Canada, New York City–based Michael Constantino, CEO of Webull, told Investment Executive. “We want to offer a competitive rate to expand into Canada.”
In the U.S., Webull offers a 5% interest rate on uninvested U.S. dollars. In Canada the 4% rate for Canadian dollars was set to be competitive with the rates offered on cash accounts from online financial institutions like EQ Bank and Wealthsimple, Constantino said.
Webull’s interest rate is available for both cash and margin accounts, and there is no minimum account size to be eligible.
As an introducing broker in Canada, Webull uses CI Financial as a clearing firm, and deposits are insured by the Canadian Investor Protection Fund.
By the end of the year, Webull plans to offer TFSAs and RRSPs, Constantino said. In addition, the company is working on a desktop platform.
Financial analytics platform expands
New York–based financial analytics platform Koyfin now includes data coverage of Canadian mutual funds. Morningstar Inc. powers the new feature.
The Canadian mutual funds data on the Koyfin platform include total returns, management expense ratios, yield and portfolio characteristics, a release said. Financial advisors can chart mutual fund performance, create watchlists and design model portfolios that include Canadian mutual funds, it said.
The expansion adds to Koyfin’s existing data coverage of Canadian equities and ETFs since January 2021, as well as macroeconomic indicators.