Meow Comparison
Last updated June 10, 2024
Mercury
Brex
JP Morgan
Checking Account
Yield
Up to 3.77%**
0.001%¹
0.00%
0.01%¹
FDIC Insurance Eligibility
See below
$5 million
$6 million
$250K
Costs
Zero transaction fees. Free to use.
Zero transaction fees. Free to use.
Zero transaction fees. Free to use.
Zero transaction fees. Free to use.
Meow Technologies is a financial technology company, not a bank or FDIC-insured depository institution. Banking services are provided by Grasshopper Bank, N.A. and Third Coast Bank SSB; Members FDIC. The FDIC's deposit insurance coverage only protects against the failure of an FDIC-insured bank.***
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 or DAGXX):
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