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Best Cash Management Accounts in Singapore 2023 Edition

Best Cash Management Accounts in Singapore 2023 Edition

profileJoel Koh

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With traditional bank savings accounts offering a paltry base interest of 0.05% p.a. and having multiple hoops to attain higher interest,

You might be looking for somewhere else to park your emergency fund or save up for a short-term financial goal.

Enter cash management accounts that offer stable, low-risk returns with high liquidity.

Source: Giphy

BUT, just like regular investments, these financial products are not capital-guaranteed by the Singapore Deposit Insurance Corporation (SDIC), and there is still a risk of losing your money.

Intrigued?

Here are some of the best cash management accounts for you to consider!

Disclaimer: We are not sponsored by any of these companies to write this article, even if we have promo codes included. Check out our Seedly Code of Ethics for more information. Information is accurate as of 31 Oct 2023. The information provided by Seedly serves as an educational piece and is not intended to be personalised investment advice. ​Readers should always do their own due diligence and consider their financial goals before investing in any investment product. We are only covering SGD cash management accounts.


TL;DR: Best Cash Management Accounts in Singapore (Oct 2023): Stashaway vs Endowus vs Syfe and More

AccountNet Yield p.a. (Non-Guaranteed)Minimum Initial DepositFunding SourcesWithdrawal Time (To Bank)
Chocolate Finance
Currently not accepting new sign ups
4.50% on first $20k (guaranteed by Chocolate Finance)

Target rate: 3.5% p.a.
No deposit requirementsCashInstant via FAST
Endowus Cash Smart Secure3.60% – 3.80%*S$1,000Cash | SRS2 - 4 business days (Cash)
3 - 5 business days (SRS)
Endowus Cash Smart Enhanced4.40% to 4.70%*
Endowus Cash Smart Ultra4.70% – 4.90%*
FSMOne Auto-Sweep~3.203%S$50CashT + 1 business days
moomoo Cash Plus (SGD)

Apply Now
~3.73% (Last 7-Day yield as of 30 August 2023)

Promo till 31 Oct: 5.80% annualised yield, only valid for 30 days
S$0.01Cash1 - 4 business days
(T+0 - T+1 to moomoo app + 1 -3 days from moomoo app to bank account)
Phillip Smart Park (SGD)~3.0895% (Return 7 Day Annualised)S$100 Cash | SRS1 business day
StashAway Simple3.60%No deposit requirementsCash | SRS2 - 3 business days
(Cash)
3 - 4 business days
(SRS)
StashAway Simple Plus4.90%*
Syfe Cash+3.70%No deposit requirementsCashQuick same-day withdrawal of 90% of portfolio value up to $10k

1 - 2 business days otherwise
Tiger Brokers Tiger Vault (SGD)

Apply Now
~3.63% - 3.83% (7-Day Annualised Yield as of Sep 2023)S$1Cash2 - 3 business days
Lion-MariBank SavePlus4.02%S$1CashQuick instant withdrawal of up to S$10K daily

*projected net yields

All yields are net after accounting for any fees.

In general, if you’re:

  • In possession of brokerage accounts with them, consider: FSMOne Auto-Sweep Account, moomoo Cash Plus, Phillip SMART Park, Syfe Cash+, Tiger Cash Plus
  • Investing with Supplementary Retirement Scheme (SRS), consider: StashAway Simple, Endowus Cash Smart, Phillip SMART Park
  • If you are looking for same-day liquidity, consider: Chocolate Finance, Syfe Cash+ & Lion-MariBank SavePlus
  • Seeking higher returns but with higher risks, consider: Endowus Cash Smart (Enhanced and Ultra), StashAway Simple Plus.

We will be comparing these cash management services based on the following criteria:

  • Interest rate (or yields)
  • Minimum Initial Deposit
  • Fees
  • Liquidity
  • Underlying Funds
  • Risk (% drawdowns where available).

Click to Teleport: 


What Is the Difference Between a Cash Management Account and a Savings Account?

Cash management solutions are typically provided by brokerages and robo-advisors,

And while they share similar features, these accounts are not designed to be used as everyday savings accounts. An important thing to note is that cash management accounts are investment products, which means that your capital is not guaranteed by the Singapore Deposit Insurance Corporation (SDIC).

Moreover, interest rates are not guaranteed and will fluctuate over time (unless the company behind it is running a promotion).

How Safe Are Cash Management Accounts: Underlying Funds Risk Profile Comparison

Before we start, you need to know more about the difference in the risk of these funds’ cash management products β€” from cash funds and money market funds (MMF) to short-duration bond funds.

In essence, Cash Management Accounts are like tools to help you access these funds that are not easily available to the general public.

Cash Fund (Safest)

Cash funds are the safest asset class among these three funds in the fund space. The fund generally invests in a diversified portfolio of safe institutional bank fixed deposits and treasury bills for this asset class and has the lowest downside risk compared to the other two funds.

For example, the Fullerton SGD Cash Fund is a cash fund that invests in safe income instruments like Singapore Dollar (SGD) Deposits with Singapore-registered banks and Singapore Government Treasury Bills.

These deposits have varying terms of maturity, not more than 366 working days.

Fun fact: the Fullerton Cash Fund had never seen a day of negative returns since inception.

Money Market Fund (Less Safe): Singapore Money Market Fund and More

MMFs are slightly riskier than cash funds. Although MMFs also invest in safe institutional bank fixed deposits and treasury bills like cash funds, MMFs also invest in high-quality investment-grade and very short-term government and corporate debt instruments.

On average, these debt instruments are set to expire in about one year or less, which makes them quite a low risk.

For example, the LionGlobal SGD Enhanced Liquidity Fund is an MMF that invests in high-quality, broadly diversified debt instruments with no target industry or sector.

Similarly, the Lion Global SGD MMF  is an MMF that invests in short-term money market instruments and debt securities like government and corporate bonds, commercial bills, and deposits with financial institutions.

There is also the Phillip Money Market Fund for SGD and Phillip US Dollar Money Market Fund A for USD.

The Fund will invest primarily in short-term, high-quality money market instruments and debt securities. Such investments may include government and corporate bonds, commercial bills, and deposits with financial institutions.

The difference between the funds is geography.

The Philip Money Market Fund for SGD invests in Singapore-based investment products, while the Phillip US Dollar Money Market Fund A invests in US-based investment products.

Short-Term Bond Fund (Least Safe)

Last but not least, we have short-term bond funds, which are riskier than MMFs but largely invest in the same instruments as MMFs.

However, where they differ is the short-term debt instruments these funds invest in. On average, these debt instruments are set to expire in about two years or less.

This makes these funds riskier than MMFs as the longer duration introduces uncertainty, as events like rising interest rates will affect bond prices negatively.

For example, we have the:

  • Dimensional Global Short-Term Investment Grade Fixed Income Fund (SGD): The Fund seeks to maximise total returns over by investing in fixed or floating investment grade debt obligations instruments issued or guaranteed mainly by corporates and government-related agencies in developed countries.
  • UOB AM United SGD Fund: Invests in global high-quality investment-grade bonds that aim to beat Singapore dollar deposits.
  • LionGlobal Short Duration Fund: Invests in an actively managed portfolio of Singapore and international bonds, high-quality interest rate securities, and other related securities.
  • Fullerton Short-Term Interest Rate Fund: Invests in fixed-income securities and money market instruments with no specific industry or sectoral emphasis.
  • Nikko Shenton Income Fund: Aims to provide regular income distributions while seeking to achieve returns in excess of 4% per annum over the medium to long term.
  • PIMCO Low Duration Income Fund: Seeks to achieve attractive income by actively managing and tapping into multiple areas of the global bond market while maintaining relatively low-interest rate exposure with a secondary goal of capital appreciation.

For context, here are the underlying funds for these cash management accounts:

Underlying FundsAsset ClassChocolate FinanceEndowus Cash Smart SecureEndowus Cash Smart EnhancedEndowus Cash Smart UltraFSMOne Auto-Sweep AccountGrab Earn+MoneyOwl moomoo Cash Plus (SGD)Philip SMART Park (SGD)StashAway SimpleStashAway Simple PlusSyfe Cash+Tiger Vault (SGD)
Cash Account
Cashβ€”β€”β€”β€”15%β€”β€”β€”β€”β€”β€”β€”β€”
Fullerton SGD Cash Fund Cash Fund5%50%β€”β€”35%β€”100%100%β€”β€”β€”β€”Varies
LionGlobal SGD Enhanced Liquidity Fund SGDMoney Market Fundβ€”50%50%27.5%25%β€”β€”β€”β€”70%20%70%Varies
Phillip Money Market FundMoney Market Fundβ€”β€”β€”β€”β€”β€”β€”β€”100%β€”β€”β€”β€”
Phillip US Dollar Money Market FundMoney Market Fundβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
LionGlobal SGD Money Market FundMoney Market Fundβ€”β€”β€”β€”β€”β€”β€”β€”β€”30%β€”30%Varies
United SGD Money Market FundMoney Market Fundβ€”β€”β€”β€”25%β€”β€”β€”β€”β€”β€”β€”β€”
Dimensional Global Short-Term Investment Grade Fixed Income Fund (SGD)
Short-Term Bond Fund60%β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”β€”
UOB AM United SGD FundShort-Term Bond Fund35%β€”50%β€”β€”50%β€”β€”β€”β€”β€”β€”β€”
LionGlobal Short Duration Bond FundShort-Term Bond Fundβ€”β€”β€”25%β€”β€”β€”β€”β€”β€”45%β€”β€”
Fullerton Short Term Interest Rate FundShort-Term Bond Fundβ€”β€”β€”25%β€”50%β€”β€”β€”β€”β€”β€”β€”
Nikko AM Shenton Short Term Bond FundShort-Term Bond Fundβ€”β€”β€”β€”β€”β€”β€”β€”β€”β€”35%β€”β€”
Nikko Shenton Income FundShort-Term Bond Fundβ€”β€”β€”12.5%β€”β€”β€”β€”β€”β€”β€”β€”β€”
PIMCO Low Duration Income FundShort-Term Bond Fundβ€”β€”β€”10%β€”β€”β€”β€”β€”β€”β€”β€”β€”

Pro tip: You may learn more about the underlying funds on FundSingapore.com such as risk (volatility), historical performance, expense ratios (fund-level fees) and more!

However, an important thing to note is that all these funds are lower risk compared to an all-equity portfolio.

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Chocolate Finance Review

First up, we have the newest kid on the block, Chocolate Finance, which has generated lots of hype with its 4.5% p.a. on the first $20,000 deposited. It is a managed account operated by Havenport Investments Pte. Ltd. 

Chocolate Finance Promo Rate: 4.50% p.a. on first $20,000

Chocolate Finance Target Rate: 3.50% p.a.

As of now, Chocolate Finance users get to enjoy a neat 4.50% p.a. on their first $20,000, with a subsequent target rate of 3.5% p.a. for any amount above $20,000.

Minimum Initial Deposit

There is no minimum deposit required for Chocolate Finance.

Fees

While there are no fees for Chocolate Finance, you may be wondering, how do they earn money? Well, assuming that the underlying funds do well, Chocolate Finance will make money when the funds overperform (i.e. above the target rate of 3.5% p.a.).

Underlying Funds

The money you deposit into Chocolate Finance will be funnelled into the following three funds:

  1. Dimensional Global Short-Term Investment Grade Fixed Income Fund (SGD) (60%)
  2. UOBAM United SGD Fund (35%)
  3. Fullerton SGD Cash Fund (5%)

Liquidity

Unlike most cash management accounts, Chocolate Finance allows its users to withdraw instantly to their bank account via FAST, making it the most liquid cash management account in the market!

Risk

With a majority of funds in the Dimensional Global Short-Term Investment Grade Fixed Income Fund (SGD), you are facing a higher risk as compared to other cash management accounts with 100% holdings in a cash fund such as the Fullerton SGD Cash Fund (5-year standard deviation of 2.79 versus 0.35). 

That said, the assets you have in Chocolate Finance are held by custodian banks, in a segregated account that is distinct from Chocolate’s operations and assets. In other words, should Chocolate Finance ever close down, your money will still be safe. 

Chocolate Finance New Sign Ups

Chocolate Finance is currently not accepting new sign ups.

Endowus Cash Smart Review

Next, we have Endowus Cash Smart, a range of cash management accounts offered by Endowus.

The Endowus offering is interesting as they offer three different portfolio choices for the Endowus Cash Smart account.

Endowus Cash Smart Secure Review

The lowest-risk cash management account of the three is Endowus Cash Smart Secure.

Endowus Cash Smart Secure Projected Net Yield: 3.60% – 3.80% p.a.

For the Endowus Cash Smart Secure (previously known as Endowus Cash Smart Core), this portfolio’s current projected net return is 3.60% – 3.80% p.a. (after fees).

Endowus has stated that they chose to offer a range as it is a more accurate and realistic reflection of the potential returns investors will receive.

Do note that this interest rate is updated regularly by Endowus and may fluctuate according to economic and market conditions. Hence, the returns are not guaranteed. 

These returns are also accrued daily and credited to your account.

Minimum Initial Deposit

However, to enjoy these returns, you must make a minimum initial investment of S$1,000 if you do not have an Endowus account. The minimum investment amount for subsequent transactions is S$100.

Account Limit

In terms of account limits, there are no limits to the amount that can receive interest in the account.

Fees

The Endowus Cash Smart Secure account has a 0.15% p.a. net level fund fee charged by the fund manager and an Endowus Access Fee of 0.05% per year.

This is after considering the trailer fee rebate that Endowus provides investors.

These fees are included in the above-mentioned current rate of return.

Liquidity

In terms of liquidity, there are no lockups. You can make unlimited transfers in and out of the account. But, there is a minimum transaction amount of S$100.

In addition, there is no minimum balance that must be maintained in the account.

It will take two to four business days to withdraw your money to your linked bank account or Endowus Cash Balance.

As for SRS, it takes three to five business days to withdraw your funds from Cash Smart to your SRS account.

The funds you deposit into the account are funnelled into an investment portfolio consisting of these funds:

  1. Fullerton SGD Cash Fund (50%)
  2. LionGlobal SGD Enhanced Liquidity (50%)

Risk

The maximum historical drawdown for Endowus Cash Smart Secure is -0.05% p.a.

Note that for max drawdown, share classes with longer track records are used for modeling purposes. Future performance of the portfolios may be worse, with a larger investment drawdown compared to historical performance.

Cash & SRS

The good thing about this account is that you can invest using cash or SRS.

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Endowus Cash Smart Enhanced Review

We also have the slightly more risky Endowus Cash Smart Enhanced cash management account.

Endowus Cash Smart Enhanced Projected Net Yield: 4.40% to 4.70% p.a.

Endowus is offering investors the option to invest in the riskier Enhanced portfolio.

But with higher risk comes higher returns, as this portfolio’s net projected returns are 4.40% to 4.70% p.a. (after fees).

Do note that this rate of returns is updated regularly by Endowus and may fluctuate according to economic and market conditions. Hence, the returns are not guaranteed. These returns are also accrued daily and credited to your account.

Fees

For the Enhanced portfolio, the account has a 0.27% p.a. net level fund fee charged by the fund manager and an Endowus Access Fee of 0.05% per year.

This is after considering the trailer fee rebate that Endowus provides investors.

These fees are included in the above-mentioned current rate of return.

Underlying Funds

The funds you deposit into the enhanced portfolio are channeled into these funds:

  1. LionGlobal SGD Enhanced Liquidity (50%)
  2. UOB AM United SGD Fund (50%)

Risk

The maximum drawdown for Endowus Cash Smart Secure is -1.10% p.a.

Note that for max drawdown, share classes with longer track records are used for modeling purposes. Future performance of the portfolios may be worse, with a larger investment drawdown compared to historical performance.

Do note that the minimum initial deposit and liquidity conditions are the same for Endowus Cash Smart Secure, Enhanced, and Ultra.

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Endowus Cash Smart Ultra Review

We also have the riskiest Endowus Cash Smart Account.

Endowus Cash Smart Ultra Projected Net Yield: 4.70% – 4.90% p.a.

Endwous is all about giving consumers a choice, and you get that with Endowus Cash Smart Ultra.

This portfolio’s net projected returns are 4.70% – 4.90% p.a. (after fees).

Do note that this rate of returns is updated regularly by Endowus and may fluctuate according to economic and market conditions. Hence, the returns are not guaranteed. These returns are also accrued on a daily basis and credited to your account.

Fees

For the Ultra portfolio, the account has a 0.29% p.a. net level fund fee charged by the fund manager and an Endowus Access Fee of 0.05% per year.

This is after considering the trailer fee rebate that Endowus provides investors.

These fees are included in the above-mentioned current rate of return, so investors need not do anything else.

Underlying Funds

The funds you deposit into the enhanced portfolio are channelled into these funds:

  1. LionGlobal SGD Enhanced Liquidity (27.5%)
  2. LionGlobal Short Duration Fund (25%)
  3. Fullerton Short-Term Interest Rate Fund (25%)
  4. Nikko Shenton Income Fund (12.5%)
  5. PIMCO Low Duration Income Fund (10%)

Risk

The Ultra portfolio is arguably the riskiest cash management account on this list.

Aside from the 27.5% put into the LionGlobal SGD Enhanced Liquidity cash fund, a good 72.5% of the cash management account’s underlying funds are invested in short-term bond funds which are more volatile.

Also, you have to be aware that the maximum drawdown for Cash Smart Ultra is limited to a -5.39% drop in a worst-case scenario.

However, the projected yield you can get from the Cash Smart accounts can be maximised with a lower-than-average weighted duration.

This means that the accounts will minimise the duration risk, which is an unnecessary risk to take for a short-term investment product like Cash Smart.

Endowus Cash Smart Performance

For context, here is how the Cash Smart portfolios performed as of April 2023:

Source: Endowus

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FSMOne Auto-Sweep Account Review

Next, we have the FSMOne Auto-Sweep Account offered by FSMOne Fundsupermart.

To access this, you must set up an online brokerage account with FSMOne and opt-in for the auto sweep account.

The FSMOne Auto-Sweep Account will automatically “sweep up” and invest your excess monies in your brokerage account.

These excess monies will be consolidated by FSM daily and automatically invested into the Auto-Sweep Account after one business day.

Note: A consolidated amount of more than S$10 in a single day will be invested into the Auto-Sweep Account.

For example, if you receive S$6 from Fund A, S$3 from Fund B, and S$3 from Fund C, FSM will sweep the consolidated amount of S$12.

However, the amount deposited will only be reflected in the Auto-Sweep Account balance after two business days.

You can also use this account to pay for your investments in FSMOne instantly.

On top of the sweeping, you can also deposit money into the Auto-Sweep account by depositing money into your Cash account via FAST/Paynow.

FSMOne Interest: Auto-Sweep Account Net Yield: ~3.203% p.a

At the time of writing, FSMOne Auto Sweep Account’s current net yield (as of 25 Oct 2023) is 3.203% p.a.

Note: Updated as of 25 Oct 2023 based on the weighted average of the latest yield of underlying portfolio constituents after deducting the latest fund-related expenses and FSM management fee. The latest net yield is neither a guaranteed rate nor an accurate indication of future returns. Net yield is updated weekly and is subject to fluctuation. Actual returns on Auto-Sweep Account will be based on the underlying portfolio constituents’ performance.

Do note that the rate of return is updated weekly and is subject to fluctuation based on economic conditions. Hence the returns are not guaranteed.

Also, these returns are accrued daily and credited to your account.

Fees

The good thing about this account is that there is no account limit, sales charges, and platform fees.

However, they charge fund-related expenses and an FSM management fee of 0.05% per quarter, which is already included in the above-mentioned current rate of return.

To start using this account, you must deposit at least S$50.

Liquidity

Regarding liquidity, you can withdraw the money to your bank account anytime with no lock-in period or early penalty cost and retain control over your cash flow.

However, there is a minimum withdrawal amount of S$50 and a minimum recurring top-up amount of S$100.

You will also get your cash approximately T+1 business days (T = transaction date) later if you withdraw to your verified bank account before 3pm on a business day.

You can also transfer your money (Available Balance) between Auto-Sweep Account and Cash Account (SGD Only).

If you perform a transfer before 3pm on a business day, the transfer will be completed on T+1 business day after the following timing:

  • Auto-Sweep Account to SGD Cash Account:  T+1 after 5am
  • SGD Cash Account to Auto-Sweep Account: T+1 after 2pm

Underlying Funds

The funds you deposit into this account are funnelled to a low-risk investment portfolio in Singapore Dollars (SGD) consisting of these funds:

  • Fullerton SGD Cash Fund A SGD (35%)
  • LionGlobal New Wealth Series – LionGlobal SGD Enhanced Liquidity I Acc SGD* (25%)
  • United SGD Money Market B SGD (25%)
  • Cash Account (15%).

*FSMOne invests in this fund’s institutional (Class I) version, which has lower expense ratios than the version (Class A) that caters to retail investors.


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GrabInvest Earn+ Review

Update: Grab announced on 25 September 2023 that it will discontinue Grab Earn+ and AutoInvest and will not be accepting any new deposits. Consumers have till 13 October 2023 to withdraw their monies from these products.

Next, we have Grab Earn+ by Grab Financial Group.

To access this, you must sign up for an account with Grab.

Grab Earn+ Projected Net Yield: 2.00% – 2.50% p.a.

At the time of writing, the account’s projected net yield is 2.00% – 2.50% p.a. 

However, do note that this rate of return is not guaranteed and might fluctuate due to economic conditions.

Minimum Initial Deposit

With Grab Earn+, you can start investing your money from as low as S$1.

Fees

Although GrabInvest does not charge any fees, there is a 0.59% p.a. average fund management fee, which is already included in the projected yield.

Liquidity

In terms of liquidity, there is no lock-in period.

You can make instant transfers to your GrabPay wallet with a minimum transfer amount of S$1.

This means that you can instantly withdraw your funds to your GrabPay wallet and use your GrabPay Mastercard for contactless payments or online purchases!

However, if the withdrawal amount exceeds 90% of the available withdrawal amount, it will result in a full withdrawal.

Otherwise, it would take approximately four to five business days to withdraw your full balance to your bank account, provided no other withdrawals are being processed.

Underlying Funds

The money that you deposit into the Grab Earn+ account is split between two funds:

  1. Fullerton Short-Term Interest Rate Fund (50%)
  2. UOB AM United SGD Fund (50%)

Risk

This means the risk is between Endowus Cash Smart Enhanced and Endowus Cash Smart Ultra.

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Lion-MariBank SavePlus

MariBank, the digital banking division of SEA Group, has teamed up with Lion Global Investors, a wholly-owned subsidiary of OCBC, to introduce Lion-MariBank SavePlus. This digital offering is exclusively available to MariBank customers and is the first of its kind to be introduced by a bank in Singapore.

The fund consists of approximately 60% MAS Bills and high-quality bond funds, allowing investors to potentially achieve higher yields in comparison to SGD fixed deposits, all while maintaining a low level of risk across their portfolio.

Lion-MariBank SavePlus Net Yield: 4.02% p.a.

At the time of writing, Lion-MariBank SavePlus’s weighted yield to maturity is 4.02% p.a. 

Minimum Initial Deposit

To start investing with Lion-Mariank SavePlus, you need to have a MariBank account to start investing through Mari Invest at a minimum of S$1.

Fees

Currently, Mari Invest does not impose any transaction fees, which means there are no initial charges, sales fees, or platform expenses, ensuring that 100% of your funds are invested.

Nevertheless, from 1 Jan 2024, an annual management fee of 0.35% will be applied to the Lion-MariBank SavePlus fund. This fee will be integrated into the fund’s price and will not be subtracted separately from your investments. The management fee encompasses expenses associated with the continuous active management of the fund, with a portion allocated to MariBank as a distributor.

Liquidity

You can get instant settlement with no minimum holding period of up to S$10K daily. For withdrawals above S$10K, you will receive your proceeds on the same business day if the request was submitted before 7.30am.

The returns are based on a single pricing basis and dividends are reinvested net of all charges payable upon reinvestment and in respective share class currency terms.

Underlying Funds 

The funds you deposit into the portfolio are channelled into these funds:

  1. MAS Bills/SGS Bonds (51.3%)
  2. LionGlobal SGD Enhanced Liquidity Fund (14.4%)
  3. LionGlobal SGD Money Market Fund (13.6%)
  4. LionGlobal Short Duration Bond Fund (SBDF) (2.1%)
  5. Corp bond (1.9%)
  6. Cash (16.7%)

Risk

In terms of risk, there is more than 50% allocation to AAA-rated MAS Bills, coupled with a reduce allocation to SDBF to manage volatility from bonds

 

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MoneyOwl WiseSaver Review

Update: MoneyOwl announced on 31 August 2023 that it will be closing down. Current investors with MoneyOwl do not need to worry as their funds will be taken over by iFast Financial, the company that has already been providing system support and custodial services to MoneyOwl. Users will enjoy the same fees and no immediate action is required. Current users may use the MoneyOwl portal/app till 24 October 2023 before transitioning to iFast’s platforms.

Next, we have the MoneyOwl WiseSaver cash management account.

To access this, you must sign up for an account with MoneyOwl.

MoneyOwl WiseSaver Net Yield: 3.79% p.a.

At the time of writing, the MoneyOwl WiseSaver account’s current 5-day moving average (as of 25 August 2023) gross yield is 3.94% p.a.

The company has chosen to publish this rate for more transparency so that customers will get a more accurate reflection of the returns. This rate will also be updated once a month.

But, after factoring in their fund manager fee of 0.15% p.a., the net yield you get is 3.79% p.a.

MoneyOwl has chosen to publish this rate for more transparency so customers will get a more accurate reflection of the returns.

Do note that this rate of returns is updated regularly by MoneyOwl periodically and may go up or down according to economic and market conditions. Hence, the returns are not guaranteed.

Also, this interest is prorated, accrued, and credited to your account daily.

Minimum Initial Deposit

To start a MoneyOwl WiseSaver account, you must only make a minimum initial deposit of S$10, regardless of whether you opt for one-time savings or a monthly regular savings plan (RSP).

Fees

There is a fund-level fee of 0.15% p.a. paid directly to Fullerton Fund Management.

Liquidity

You can withdraw the money anytime to your bank account with no lock-in period or early penalty cost and retain control over your cash flow.

The returns you receive will be calculated based on the price at which you redeem your units within one business day to your WiseSaver cash account and two business days to your bank account. 

Underlying Funds

The funds you deposit into this account are funnelled to the safest Fullerton SGD Cash Fund – Class A.

FYI: Since 2009, the fund has held its assets primarily in Singapore Dollar Deposits (varying terms of maturity not more than 366 working days) with eligible local financial institutions.

Cash And SRS

In addition, the good thing about WiseSaver is that you can invest using cash or your Supplementary Retirement Scheme (SRS) account.

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moomoo Cash Plus

Moving away from MoneyOwl, we have another animal-themed financial institution in the shape of moomoo Singapore’s Cash Plus cash management account.

To access this account, you must sign up for a moomoo Singapore brokerage account and opt-in for moomoo Cash Plus.

moomoo Cash Plus (SGD) Net Yield: ~3.73% p.a. (Last 7-Day yield as of 30 August 2023)

Do note that this interest rate for both options is updated regularly and may fluctuate according to economic and market conditions. Hence, the returns are not guaranteed.

1 Sep 2023 to 31 Oct 2023 Promotion: ~5.80% p.a., only valid for 30 days

5.80% seems too good to be true?

Well, the 5.8% annualised yield is only valid for 30 days. How does it work?

If the first fund, Fullerton SGD Fund chosen by a new user has a 3.90% annualised yield return, Moomoo SG will make up the difference based on the amount held by the user every day, to ensure a 5.80% annualised yield for 30 days after the client’s first subscription.

To illustrate this, Daily Bonus = Amount Held x (5.8% p.a. – Fund’s Yield on the Day) / 365. The additional bonus (i.e. difference between 5.8% p.a. and the underlying fund return) will be credited in lump sum to your Moomoo SG universal account as cash rewards within seven business days after the 30-day period ends.

This is an ongoing campaign from 1 Sep 2023 to 31 Oct 2023. The maximum subscription amount into any funds under Moomoo Cash Plus for this campaign is S$80,000 for each user.

Minimum Initial Deposit

To start, you need to make a minimum initial deposit of just S$0.01 which makes it rather accessible.

Underlying Funds

The funds you invest into moomoo Cash Plus are channelled into the Fullerton Cash Fund.

Fees

In addition, there are no fees for subscription and redemption of moomoo Cash Plus accounts. For all funds on moomoo, management fees have been deducted from the fund’s Net Asset Value (NAV).

But for context, the Fullerton Cash Fund has an expense ratio of 0.15% p.a.

Liquidity

In terms of liquidity, there are no lockups. You can make unlimited transfers in and out from your moomoo Singapore brokerage account.

moomoo’s Cash Plus has a T+0 – T+1 settlement, meaning you can withdraw your funds from the Cash Plus to your moomoo Singapore app and use it to trade almost instantly.

But withdrawal from your moomoo app to your bank account will take anywhere from one to three business days:

Bank Country/Region Currency Withdrawal Amount Beneficiary Bank Estimated Arrival Remitting Bank Fees
Singapore SGD ≀S$200,000 Singapore banks that offer FAST 1 business day 0
Other Singapore banks 1-3 business days S$30
β‰₯S$200,000 SGD DBS Bank or POSB Bank 1-3 business days 0
Other Singapore banks S$30

Risk

In terms of risk, the Fullerton Cash Fund has not had a negative monthly return since the fund was incepted on 3 February 2009.

But you cannot rule out the fund posting a negative return in the most extreme of scenarios.

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Phillip SMART Park Review

Next up, we have Phillip SMART Park, the largest retail SGD Money Market Fund in the market based on Total Net Assets (TNA) figures reflected in FundSingapore.com.

With Phillip SMART Park, you will be glad to know that you can enjoy interest on deposits in both SGD and USD with no lock-in period. 

Fun fact: PhilipCapital is also behind the POEMS trading platform.

Also, Phillip SMART Park is the only cash management account that channels the funds into a fund managed by the same company.

To access this account, you will need to sign up for a POEMS account and opt-in to the SMART Park facility.

Phillip SMART Park (SGD) Return: ~3.0895% p.a.

At the time of writing, the latest return (seven days) annualised is 3.0895% p.a. for the SGD version of this account.

Do note that these are returns and not projected yields. The interest rates for both options are updated regularly and may fluctuate according to economic and market conditions. Hence, future returns are not guaranteed. 

Fees

Although there are no sales charges or administrative fees, Phillip charges a 0.45% p.a. fund-level fee included in the stated rate of returns.

Minimum Initial Deposit

To start, you must make a minimum initial deposit of S$100 and US$100. Subsequently, you must top up the account in denominations of S$100 in the respective currencies.

Also, to enjoy the returns of SMART Park, you must maintain a minimum account balance of S$100 for the SGD fund and US$100 for the USD fund.

Liquidity

In terms of liquidity, there are no lockups. You can make unlimited transfers in and out from the account into your bank account freely.

When you submit the online withdrawal request before 10am, the funds will be available in your bank account on the next business day.

Underlying Funds

Your investments are channelled into the Phillip Money Market Fund (A Class).

Risk

The fund has low volatility (in the 5 years) at only 0.22%.

Phillip Money Market Fund (SGD) Performance

The Phillip Money Market Fund for SGD was constructed to preserve principal value and maintain a high degree of liquidity while producing returns comparable to that of Singapore Dollar savings deposits.

The Fund will invest primarily in short-term, high-quality money market instruments and debt securities of 397 days or less. Such investments may include government and corporate bonds, commercial bills and deposits with financial institutions.

Time PeriodPerformance (%)
1 Year3.03
2 Years3.79
3 Years3.90
5 Years6.01
10 Years10.10

Source: Philip Securities

Cash And SRS

You can invest both your cash and SRS funds into the Phillip SMART Park account.

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StashAway Simple Review

Next up, we have StashAway Simple, a cash management account offered by the robo-advisor platform StashAway.

StashAway Simple Projected Net Yield: 3.60% p.a.

At the time of writing, the account’s projected net yield is 3.60% p.a. on any amount you deposit into the account, with no limit on the balance that can earn a projected rate!

This interest is accrued daily and credited to your account.

However, do note that this rate of return is not guaranteed and might fluctuate due to economic conditions.

StashAway Minimum Deposit

Starting an account with StashAway Simple is easy, as you’ll be glad to know the account has no deposit requirements.

Fees

The good thing about this account is that no management fees are charged for any deposit.

The net fee charged by the underlying fund managers is 0.15% p.a., including quarterly rebates.

This fee is already accounted for in the projected net yield.

Liquidity (StashAway Withdrawal Time)

In terms of liquidity, there is no lock-in period or withdrawal restrictions. This means you can make unlimited transfers in and out of the account at no cost, giving you control over your cash flows.

However, StashAway stated that it would take approximately two to three business days to withdraw your cash in StashawaySimple to your personal bank account,

As for SRS withdrawals, it takes a further three to four business days.

Underlying Funds

The money that you deposit into the StashAway Simple account is between two funds:

  1. LionGlobal SGD Enhanced Liquidity Fund SGD Class I Acc* (70%)
  2. LionGlobal SGD Money Market Fund (30%)

*StashAway invests in this fund’s institutional (Class I) version, which has lower expense ratios than the version (Class A) that caters to retail investors.

Risk

According to StashAway, ‘the duration of Simple Plus is about 1.5 years. Basically, that means that for each 1% move in interest rates, you can expect 1.5% move in the market price for the bonds in the portfolio. Given this volatility, Stashaway ​​recommends you hold your cash in Simple Plus for at least 12 months.’

Also, there are credit risks: ‘Simple Plus holds high-quality corporate debt. In a bad economic downturn, there’s a risk that some companies may default on their debt. But those risks are controlled through our stringent selection of fund managers. Our fund managers limit the amount of corporate debt held at different credit ratings, select companies carefully, and diversify their holdings, which helps to mitigate risk from any single holding.’

Cash & SRS

The good thing about these accounts is that you can invest using cash or SRS.

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StashAway Simple Plus Review

On top of StashAway Simple, Stashaway users can also opt for StashAway Simple Plus.

StashAway Simple Plus Projected Net Yield: 4.90% p.a.

At the time of writing, the account’s projected net yield is 4.90% p.a. on any amount you deposit into the account, with no limit on the balance that can earn a projected rate.

This interest is accrued daily and credited to your account.

However, do note that this rate of return is not guaranteed and might fluctuate due to economic conditions.

Minimum Initial Deposit

StashAway Simple Plus has no deposit requirements.

Fees

There is a 0.2% p.a. management fee.

The net fee charged by the underlying fund managers is 0.19% p.a., including quarterly rebates.

This fee is already accounted for in the projected net yield.

Underlying Funds

The money that you deposit into the StashAway Simple Plus account is split between three funds:

  1. LionGlobal Short Duration Bond Fund (45%)
  2. Nikko AM Shenton Short Term Bond Fund (35%)
  3. LionGlobal SGD Enhanced Liquidity Fund SGD Class I Acc* (20%)

*StashAway invests in the institutional (Class I) version of this fund, which has lower expense ratios than the version (Class A) that caters to retail investors.

Risk

See above.

Cash & SRS

The good thing about these accounts is that you can invest using cash or SRS.

Do note that the minimum initial deposit and liquidity are the same for StashAway Simple and StashAway Simple Plus.

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Syfe Cash+ Review

Also, we have the Syfe Cash+ account by Syfe.

To access this, you must sign up for an account with Syfe.

Syfe Cash+ Projected Net Yield: 3.70% p.a.

At the time of writing, the account’s projected net yield is 3.70% p.a. on any amount you deposit into the account with no limit on the balance that can earn a projected rate.

However, do note that this rate of return is not guaranteed and might fluctuate due to economic conditions.

Minimum Initial Deposit

Starting an account with Syfe Cash+ is easy, as you’ll be glad to know the account has no deposit requirements.

Fees

Although there are no sales charges or administrative fees, there is a 0.29% p.a. fund-level fee and management fee of 0.1% p.a. as included in the stated rate of returns.

There is also a 100% trailer fee rebate (0.13%) by Syfe.

Liquidity

In terms of liquidity, there is no lock-in period or withdrawal restrictions.

You can make unlimited transfers in and out of the account at no cost, giving you control over your cash flows.

Recently, Syfe has launched a new quick withdrawal feature where users can enjoy same business day withdrawal of up to 90% of their current portfolio value (max S$10,000).

If you placed the quick withdrawal or internal transfer request before 11 am on a business day, you would receive your funds within the same business day by 7 pm.

If the request is placed after 11 am, you will receive your funds by 7pm on the next business day.

Kindly note that weekends and public holidays are not considered business days and that under normal circumstances, withdrawals and internal transfers between portfolios take 1 – 2 business days to complete.

Underlying Funds

The money that you deposit into the Syfe Cash+ account is between two LionGlobal funds:

  1. LionGlobal SGD Enhanced Liquidity Fund SGD (70%)
  2. LionGlobal SGD Money Market Fund (30%)

Cash and SRS

One limitation of this account is that it is cash only, meaning you cannot put in money with your SRS.

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Tiger Brokers Tiger Vault Review (Formerly Cash Plus)

Last but not least, we have the Tiger Brokers cash management account.

To access the Tiger Vault, you must sign up for a brokerage account with Tiger Brokers.

Apply Now

Tiger Vault allows you to pick between the SGD or USD MMFs.

Tiger Vault (SGD) Net Yield: ~3.63% – 3.83% p.a. (as of Sep 2023)

With Tiger Vault, you can choose from three funds with a range of yields. Thus, the net yield will vary based on what you pick.

Do note that this interest rate for both options is updated regularly and may fluctuate according to economic and market conditions. Hence, the returns are not guaranteed. 

Minimum Initial Deposit

The good thing about Tiger Brokers is that a minimum initial deposit is not required. This makes it rather accessible.

Underlying Funds

As of 31 October 2023, you can pick from one of these funds:

  • LionGlobal SGD Money Market Fund
  • LionGlobal SGD Enhanced Liquidity Fund SGD
  • Fullerton SGD Cash Fund
  • United SGD Money Market Fund

Fees

In addition, there are no fees for subscription and redemption of the money market funds you purchase using Tiger Vault. There are also no interest fees too.

But for context, here are the expense ratios of the funds:

  • LionGlobal SGD Money Market Fund: 0.30% p.a.
  • LionGlobal SGD Enhanced Liquidity Fund SGD: 0.32% p.a.
  • Fullerton Cash Fund: 0.15% p.a.
  • United SGD Money Market Fund: 0.32% p.a.

Liquidity

In terms of liquidity, there are no lockups. You can make unlimited transfers in and out from your Tiger Brokers account.

Tiger Vault has a T+1 settlement, meaning you can withdraw your funds from the Tiger Vault to your Tiger Brokers app and use it to trade one day after

But withdrawal from your Tiger Brokers app to your bank account will take anywhere from two to three business days:

Risk

Regarding risk, this will vary depending on the fund you choose. You may dive deeper into the fund performances by researching online at FundSingapore.com.

These may include government and corporate bonds, commercial bills and deposits with eligible financial institutions.


Closing Thoughts

Apart from accessing based on the above criteria, exploring the customer experience when investing with these companies would do you good.

For those with apps such as Endowus, Grab, and Syfe, you may also want to check out reviews about the user interface.

Cash Management Account Alternatives: Highest Interest Rate Bank and More

If you’re looking for other options that are capital-guaranteed or backed by the Government.

You might want to consider other low-risk investments:

Read More

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About Joel Koh
History student turned writer at Seedly. Before you ask, not a teacher. I hope to help people make better financial decisions and not let money control them.
You can contribute your thoughts like Joel Koh here.

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