Treasury Comparison

How the Meow offerings compare to the market

Mercury
Brex
JP Morgan
Checking Account
Yield
4.55%*
0.001%¹
0.00%
0.01%¹
FDIC Insurance Eligibility
$125 million*
$5 million
$6 million
$250K
Fees
None
None
None
None
Treasury
Offerings
Individual U.S. Treasury Bills
Morgan Stanley Ultra-Short Income: Commercial paper, repos, corporate notes and certificates of deposits Vanguard Treasury: 99.5% U.S. Treasuries
Dreyfus Government Cash Management Fund (DGVXX): Includes U.S. Treasuries, repos, and U.S. Government Agency Debt
JP Morgan Prime Money Market Fund: Includes commercial paper, repos, U.S. Government Agency Debt
Annualized Fees
0.12%
0.49%¹
0.46%¹
0.50%¹
Custodian
Bank of New York Mellon Pershing* ($2 trillion)
Apex ($80 billion)
Bank of New York Mellon Pershing ($2 trillion)
JP Morgan ($2.6 trillion)
Purchased Securities
U.S. Treasury Bills are securities issued by the U.S. Department of Treasury Backed by the “full faith and credit” of the U.S. Government
Morgan Stanley Fund Commercial paper = short-term corporate debt; Corporate notes = longer term corporate debt Repos = short-term loans usually backed by U.S. government securities Certificates of Deposits = fixed term time deposit provided by banks / credit unions Vanguard Treasury Fund 99.5% U.S. Treasury Bills
Repos = short-term loans usually backed by U.S. government securities U.S. Government Agency Debt = includes orgs like Fannie Mae and Freddie Mac U.S. Treasury Bills
Repos = short-term loans usually backed by U.S. government securities U.S. Government Agency Debt = includes orgs like Fannie Mae and Freddie Mac U.S. Treasury Bills
Liquidity
1-2 business days
2-5 business days
1-2 business days
1-2 business days
Assumes $5 million balance for treasury product ¹ Checking Account yield sources: Mercury Savings, JP Morgan ¹ Mercury annualized Fees based on 7-day Current Yield Subsidized of 5.05% for the Morgan Stanley Ultra-Short Income Portfolio as of 4/28/23. Calculated using differential of net Yield for Morgan Stanley from Mercury website is 4.56% as of 4/24/23 for $5M balances; Net Yield for Vanguard based on same differential in fee tiers as Morgan Stanley for $5M balances ¹ Annualized Fees for Brex per the Dreyfus Prospectus expense ratio ¹ Annualized fees per the JP Morgan Prime Money Market Fund prospectus
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*Disclaimer: Your account is offered to you by Meow Technologies, Inc. (“Meow”). Meow is a financial technology company, not a depository, bank or credit union, and your account at Meow is not, itself, an FDIC-insured product.
Brokerage services provided by BNY Mellon Pershing, Member SIPC through a clearing and custody partnership with Helium Advisors. Meow is not an investment adviser; however we’ve partnered with Helium Advisors LLC (“Helium”), an SEC-registered investment adviser, to bring you certain investing features. All investment advisory services are provided by Helium. We are not affiliated with Helium however we receive compensation as a percentage of assets managed by Helium for promoting Helium’s investment advisory services. Our partnership with Helium gives us an incentive to refer you to Helium instead of another investment adviser that is not a partner of ours. This conflict of interest affects our ability to provide you with unbiased, objective information about the services of Helium. This could mean that the services of another investment adviser with whom we are not partnered may be more appropriate for you than those of Helium. Investing involves risk, including the possible loss of principal, and there is no assurance that the investment will provide positive performance over any period of time. Helium accounts are not bank guaranteed or FDIC insured. ~5% is sourced from treasurydirect.gov May 2023 12-week U.S. Treasury Bill auction.

Meow currently partners with two banking providers. Banking services are provided by Third Coast Bank SSB; Member FDIC and Grasshopper Bank, N.A; Member FDIC.

By opening a Maximum Checking account through Meow and if you choose to receive banking services provided by Grasshopper Bank, N.A,  you deposit your funds into a deposit account at Grasshopper Bank, N.A. which sweeps those funds into deposit accounts across a network of FDIC-insured banks, for up to the current SMDIA of $250,000 per eligible depositor, per destination institution, for each ownership capacity or category, subject to applicable terms and conditions Grasshopper's ICS Deposit Placement Agreement. Grasshopper Bank, N.A. uses a third-party vendor and agent to help administer this sweep process. Visit https://www.intrafi.com/network-banks/ for a list of the banks and savings associations with which we/Grasshopper, N.A. have a business relationship for the placement of deposits at destination institutions, and into which your deposits may be placed (subject to applicable terms with you, and any opt-outs by Grasshopper, N.A. or you). The current limit for access to FDIC insurance on your funds through your Maximum Checking account powered by Grasshopper is $125 million, subject to change at any time by Meow. Terms and restrictions apply. Subject to applicable rate sheet. Interest rates and yields are effective as per the date on the rate sheet and are subject to change without notice. See applicable rate sheets. See our Account Agreements and other applicable terms. FDIC insurance is available to bank depositors up to $250,000 per eligible depositor, per FDIC-insured bank, per ownership capacity or category. 

If you choose to open a Maximum Checking account powered by Third Coast Bank SSB, you deposit your funds into a deposit account at Third Coast Bank SSB, which sweeps those funds into deposit accounts across a network of Federal Deposit Insurance Corporation (“FDIC”)-insured banks, for up to the current standard maximum deposit insurance amount (“SMDIA”) of $250,000 per eligible depositor, per receiving bank, for each ownership capacity or category, including any other balances you may hold at that receiving bank directly or indirectly through other intermediaries, including broker-dealers. Third Coast Bank SSB uses a third-party vendor and agent to help administer this sweep process. Visit https://www.reichandtang.com/about/bank-lists/ for a list of the banks and savings associations with which we/Third Coast Bank SSB have a business relationship for the placement of deposits at receiving banks, and into which your deposits may be placed (subject to the Account Agreements with you, and any opt-outs by Third Coast Bank or you). The current limit for access to FDIC insurance on your funds through your Maximum Checking account powered by Third Coast Bank is $50 Million, subject to change at any time by Meow.

FDIC insurance coverage is only available to protect you against the failure of an FDIC-insured bank that holds your deposits (and does not protect you against the failure of Meow or other third party). Terms and restrictions apply. See our Account Agreements. FDIC insurance is available to bank depositors up to $250,000 per eligible depositor, per FDIC-insured bank, per ownership capacity or category. Your account with Meow and all services provided to you are subject to the Meow Terms of Service (“Account Agreements”) and other applicable terms and no other representations or warranties, express or implied, are provided to you except as expressly set forth in those written Account Agreements. If you have any questions regarding your account, please contact team@meow.co.

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