Meow and the market

Treasury Comparison

How the Meow offerings compare to the market

Mercury

Brex

JP Morgan

Checking Account

Yield

Up to 5.02%**

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-depository insured institution. Banking services are provided by FirstBank, a Tennessee corporation, and by Grasshopper Bank, N.A. and Third Coast Bank SSB; Members FDIC. Sweep programs allocate deposits across a network of FDIC-insured banks and are offered through Meows partner banks, FirstBank, a Tennessee corporation, for up to $125 million, Grasshopper Bank, N.A. for up to $125 million, and Third Coast Bank SSB for up to $50 million.* 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):

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 fromMercury 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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