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160822 Best Cash Management Accounts Singapore

Best Cash Management Accounts in Singapore Aug 2022 Edition

profileJoel Koh

With traditional bank savings accounts offering a paltry base interest of 0.05% p.a. and having multiple hoops in order 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, 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. Check out our Seedly Code of Ethics for more information. Information is accurate as of 16 Aug 2022. 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.


TL;DR: Find the Best Cash Management Account in Singapore (Aug 2022)

Click on the cash management account to teleport:

AccountNet Yield p.a. (Non-Guaranteed)Minimum Initial DepositFunding SourcesWithdrawal Time (To Bank)
Endowus Cash Smart Secure1.50% - 1.60%*S$1,000Cash | SRS3 - 4 business days (Cash)
4 - 5 business days (SRS)
Endowus Cash Smart Enhanced1.90% - 2.40%*
Endowus Cash Smart Ultra2.60% - 3.00%*
FSMOne Auto-Sweep~1.56%S$50CashT + 1 business days
Grab Earn+2.00% - 2.50%*S$1Cash4 -5 business days
MoneyOwl WiseSaver2.46%S$10Cash | SRS2 business days
moomoo Cash Plus (SGD)~2.13%S$0.01Cash1 - 3 business days
(T+0 to moomoo app + 1 -3 days from moomoo app to bank account)
moomoo Cash Plus (USD)~2.55%
Phillip Smart Park (SGD)~1.58%S$100 Cash | SRS1 business day
Phillip Smart Park (USD)~2.17%US$100
StashAway Simple1.60%*No deposit requirementsCash | SRS1 - 3 business days
(Cash)
2 - 4 business days
(SRS)
StashAway Simple Plus2.70% - 3.20%*
Syfe Cash+1.90%*No deposit requirementsCashQuick same-day withdrawal of 90% of portfolio value up to $10k

2 - 3 business days otherwise

*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+
  • Investing with Supplementary Retirement Scheme (SRS), consider: StashAway Simple, MoneyOwl WiseSaver, Endowus Cash Smart, Phillip SMART Park
  • Looking for same-day liquidity, consider: Syfe Cash+
  • Seeking higher returns but with higher risks, consider: Grab Earn+, Endowus Cash Smart (Enhanced and Ultra), StashAway Simple Plus
  • Integrated into the Grab ecosystem, consider: Grab Earn+.

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)

What Is Cash Management Account? Is a Cash Management Account the Same as a Bank 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.

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

Before we start, it is important for you to know more about the difference in the risk of the cash management products these funds invest in — from cash funds, and money market funds (MMF) to short-duration bond funds.

An important thing to note is that cash management accounts are investment products, which means that your capital is not guaranteed by Singapore Deposit Insurance Corporation (SDIC).

Cash Fund (Safest)

In the fund space, cash funds are the safest asset class among these three funds. For this asset class, the fund generally invests in a diversified portfolio of safe institutional bank fixed deposits and treasury bills. the cash fund 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)

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 debt instruments which are broadly diversified 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 the 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 the short bond funds, which are riskier than MMFs but still somewhat safe. They invest in the same instruments as MMFs.

However, where they differ is the short-term debt instruments that these funds generally 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 falling interest rates will affect the prices of the bond negatively.

For example, we have the:

  • 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 ClassEndowus Cash Smart SecureEndowus Cash Smart EnhancedEndowus Cash Smart UltraFSMOne Auto-Sweep AccountGrab Earn+MoneyOwl moomoo Cash Plus (SGD)moomoo Cash Plus (USD)Philip SMART Park (SGD)Philip SMART Park (USD)StashAway SimpleStashAway Simple PlusSyfe Cash+
Cash Account
Cash15%
CSOP USD Money Market FundMoney Market Fund100%
Fullerton SGD Cash Fund Cash Fund50%20%100%100%
LionGlobal SGD Enhanced Liquidity Fund SGDMoney Market Fund50%50%27.5%40%70%20%70%
Phillip Money Market Fund100%
Phillip US Dollar Money Market Fund100%
LionGlobal SGD Money Market Fund30%30%
United SGD Money Market Fund25%
UOB AM United SGD FundShort-Term Bond Fund50%50%
LionGlobal Short Duration Bond Fund25%45%
Fullerton Short Term Interest Rate Fund25%50%
Nikko AM Shenton Short Term Bond Fund35%
Nikko Shenton Income Fund12.5%
PIMCO Low Duration Income Fund10%

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

Pro tip: You can find out more about the underlying funds on FundSingapore.com.

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Endowus Cash Smart Review

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

The Endowus offering is interesting as they are offering 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: 1.50% – 1.60% p.a.

For the Endowus Cash Smart Secure (previously known as Endowus Cash Smart Core), the current projected net return of this portfolio is 2.20% – 2.40% p.a. (after fees).

Endowus have 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 on a daily basis and credited to your account.

Minimum Initial Deposit

However, to enjoy these returns, you will need to 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

For the Endowus Cash Smart Secure account, there is a 0.15% p.a. net level fund fee charged by the fund manager as well as an Endowus Access Fee of 0.05% per year.

This is after taking into consideration the trailer fee rebate that Endowus provides to 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.

But, withdrawals take a bit longer as it takes three to four business days for you to get your money out from your cash investments into your Endowus Account. It will take another four to six business days to withdraw your money from your Endowus Account to your linked bank account.

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

Underlying Funds

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

Cash & SRS

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

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: 2.60% – 3.00% 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 2.60% – 3.00% (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 Enhanced portfolio, the account has a 0.27% p.a. net level fund fee charged by the fund manager as well as an Endowus Access Fee of 0.05% per year.

This is after taking into consideration the trailer fee rebate that Endowus provides to investors.

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

Underlying Funds

The funds you deposit into the enhanced portfolio are channelled 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 -0.92% p.a.

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

Endowus Cash Smart Ultra Review

We also have the riskiest Endowus Cash Smart Account.

Endowus Cash Smart Ultra Projected Net Yield: 3.50% – 3.80% p.a.

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

This portfolio’s net projected returns are 3.50% – 3.80% 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 as well as an Endowus Access Fee of 0.05% per year.

This is after taking into consideration the trailer fee rebate that Endowus provides to 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%)

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 riskier and more volatile investments.

Risk

Source: Endowus

Also, you have to be aware that the maximum drawdown for Cash Smart Ultra is limited to a -2.59% drop in a worst-case scenario.

The volatility is also higher as it takes 100 days for the account to recover from a drop.

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

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 will need to 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 the excess monies you have in your brokerage account.

These excess monies will be consolidated by FSM on a daily basis 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.

But, 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 Auto-Sweep Account Net Yield: ~1.56% p.a

At the time of writing, FSMOne Auto Sweep Account’s current net yield (as of 10 August 2022) is 1.555% p.a.

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

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

Fees

The good thing about this account is that there is no account limit, no sales charges and no 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 will need to deposit at least S$50.

Liquidity

In terms of 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 make the withdrawal 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 Dollar (SGD) consisting of these funds:

  1. LionGlobal New Wealth Series – LionGlobal SGD Enhanced Liquidity I Acc* SGD (40%)
  2. United SGD Money Market B SGD (25%)
  3. Fullerton SGD Cash Fund A SGD (20%)
  4. Cash Account (15%)

*FSMOne invests in the institutional (Class I) version of this fund which has lower expense ratios compared to the version (Class A) catered towards retail investors.

Cash and SRS

However, one limitation of this account is that it is cash-only.


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Grab Earn+ Review

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

 

To access this, you will need to signup 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 there are no other withdrawals 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%)

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

Cash and SRS

One limitation of this account is that it is cash-only.

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MoneyOwl WiseSaver Review

Next, we have the MoneyOwl WiseSaver cash management account.

To access this, you will need to signup for an account with MoneyOwl.

MoneyOwl WiseSaver Net Yield: 2.46% p.a.

At the time of writing, the MoneyOwl WiseSaver account’s current 5-day moving average (as of 16 Septemeber 2022) gross yield is 2.61% 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 2.46% 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 on a daily basis.

Minimum Initial Deposit

To start a MoneyOwl WiseSaver account, you are only required to make a minimum initial deposit of S$10, regardless of whether you are opting 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 two business days.

Underlying Funds

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

Cash And SRS

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

MoneyOwl WiseSaver Promotion (2022)

To celebrate MoneyOwl’s 4th anniversary, the company is rewarding its customers with $20 worth of WiseSaver units for setting up their WiseSaver Portfolio (cash). Also, you do not need to fund the portfolio to enjoy this promotion.

But, do note that this promotion is limited to the first 500 qualifying clients and is available from 1 August to 31 October 2022.

What’s more! Refer a friend to get an additional $20 Grab voucher.

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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 will need to sign up for a moomoo Singapore brokerage account and opt-in for moomoo Cash Plus.

moomoo Cash Plus allows you to pick between the SGD or USD MMFs.

moomoo Cash Plus (SGD) Net Yield: ~2.13% p.a.

At the time of writing, momoo’s SGD Cash Plus option is offering a seven-day yield of 2.1344% p.a.

Source: moomoo

moomoo Cash Plus (USD) Net Yield: ~2.55% p.a.

Whereas moomoo’s USD Cash Plus option offers a seven-day yield of 2.5524% p.a.

Source: moomoo

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. 

You will also have to contend with forex risk when you opt for the USD option.

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 for SGD and the CSOP USD Money Market Fund for USD.

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. while the CSOP USD Money Market Fund has an expense ratio of 0.30% 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 settlement which means that you can withdraw your funds from the Cash Plus to your moomoo Singapore app and use it to trade instantly.

But withdrawal from your momoo 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
≥S$200,000 SGD DBS Bank or POSB Bank 1-3 business days 0
Other Singapore banks S$30
USD/HKD Any Amount DBS Bank or POSB Bank 1-3 business days 0
Other Singapore banks S$30 or equivalent

Risk

In terms of risk the Fullerton Cash Fund has volatility of only 0.05% and 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.

As for the CSOP USD Money Market Fund, it invests in high-quality short-term money market instruments and debt securities in compliance with Appendix 2 of the MAS CIS Code. These may include government and corporate bonds, commercial bills and deposits with eligible financial institutions.

Here is a breakdown of the fund:

Source: CSOP

 

Cash And SRS

However, one limitation of this account is that it is cash only.

moomoo Cash Plus Promo

That’s not all moomoo is currently running a promotion from 1 to 31 August 2022.

 

Source: moomoo

New users who subscribe to Cash Plus and deposit S$100 or above and keep at least S$100 or above in the Cash Plus account for 30 days will receive a S$2 cash coupon every day throughout the whole promotion period.

This means that you can get up to S$60 worth of cash coupons.

For context, cash coupons are prizes that can be won in events organized by Moomoo Financial Singapore Pte. Ltd. You can use the cash coupons by exchanging them for cash rewards. Cash will be credited to your brokerage account at Moomoo Financial Singapore Pte. Ltd. within three trading days after you have used the cash coupons.

There are also some conditions you need to take note of:

  • A customer must have a valid and corresponding brokerage account at Moomoo Financial Singapore Pte. Ltd. to receive the cash reward
  • Only one cash coupon may be used at any one time
  • A cash coupon may only be used once
  • Cash coupons must be used through the moomoo App by going to “Me-Coupons”
  • Cash rewards will be directly credited to the customer’s securities account after use..

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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 for your deposits, and you can enjoy interest on deposits in both SGD and USD.

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: ~1.58% p.a.

At the time of writing, the latest return (seven days) annualised is 1.5831% p.a. for the SGD version of this account.

Phillip SMART Park (USD) Return: ~2.17% p.a.

The latest return (seven days) annualised is 2.1663% p.a. for the USD 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 need to make a minimum initial deposit of S$100 and US$100. Subsequently, you will need to 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

The funds you invest are channelled into the Phillip Money Market Fund (A Class) for SGD and Phillip US Dollar Money Market Fund (A Class) for USD.

Risk

Both funds have low volatility (in the past year) at only 0.04%.

Phillip Money Market Fund (SGD) Performance

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

The Fund will invest primarily in the 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 Period (As of May 2022)Performance (%)
1 Year0.32
3 Years1.46
5 Years3.76
10 Years7.08

Source: Philip Securities

Phillip US Dollar Money Market Fund A (USD) Performance

The investment objective of the Phillip US Dollar Money Market Fund is to provide liquidity and manage risk while looking to provide a return that is comparable to that of USD short-term deposits.

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

Period (As of May 2022)Monthly Yield Annualised (%)
1 Year0.26
3 Years1.68
5 Years5.09
10 Years8.35

Source: Philip Securities

If you are looking to use the USD version of SMART Park, do note that it will expose you to forex risk.

The average weighted maturity timeline for these funds is approximately 397 days or less.

To put it differently, they are instruments that will mature in less than a year, and hence capital appreciation from price movement is close to zero.

Though the Phillip Money Market fund is not principal guaranteed, it has not experienced any default since its inception in 2001.

As always, I would like to remind you that past performance is not indicative of future performance.

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: 1.60% p.a.

At the time of writing, the account’s projected net yield is 1.60% 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 on a daily basis 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 there are no management fees 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 one to three business days to withdraw your cash in StashawaySimple.

As for SRS withdrawals, it takes a further two 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 the institutional (Class I) version of this fund which has lower expense ratios compared to the version (Class A) catered towards retail investors.

Risk

According to StashAway, the maximum drawdown of this account is -0.04%.

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: 2.70% – 3.20% p.a.

At the time of writing, the account’s projected net yield is 2.70% – 3.20% 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 on a daily basis 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 are no management fees until 30 June 2023.

After this date, there will be a 0.05% 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 compared to the version (Class A) catered towards retail investors.

Risk

According to StashAway, the maximum drawdown of this account is -2.32% p.a., slightly riskier than the StashAway Simple account.

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 will need to signup for an account with Syfe.

Syfe Cash+ Projected Net Yield: 1.90% p.a.

At the time of writing, the account’s projected net yield is 1.90% 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 0.30% p.a. fund-level fee as included in the stated rate of returns.

There is a 100% trailer fee rebate (0.13%) and no management fees 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-day withdrawal of up to 90% of their current portfolio value (max S$10,000).

Otherwise, it would take approximately two to three business days to withdraw the money to your bank account.

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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Bonus: Tiger Brokers Cash Plus Review

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

To access this, you will need to signup for a brokerage account with Tiger Brokers.

But unfortunately, Tiger Brokers is currently not accepting any new transfers into Tiger Cash Plus from 4 July 2022.

Source: Tiger Brokers

We will update the article once Tiger Brokers has revamped its Cash Plus account.


Closing Thoughts

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

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

If you’re looking for other options which are capital guaranteed.

You might want to consider an insurance savings plan:

 

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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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