Birthed as an alternative solution to high-yield savings accounts, here’s a side-by-side comparison of the cash management accounts available in Singapore.
Savings accounts have traditionally been the go-to option to keep our hard earned cash. If you’re savvy enough, you’d opt for a high-yield savings account, hit the qualifying criteria, and earn yourself bonus interest rates.
However, with interest rates dropping across the board over the past year, there are fewer options available for Singaporeans to preserve and grow cash sustainably, while ensuring it remains liquid should the need arise.
Enter cash management accounts, sometimes also termed as cash management solutions.
Cash management accounts have only been launched in the recent year or two, when robo-advisors saw a gap in the market — the lack of a place to store idle cash, with decent yields and liquidity. For example, StashAway Simple was launched in November 2019, Endowus Cash Smart in June 2020, and most recently, Syfe Cash+ in January 2021. However, Endowus did update its Cash Smart product with a new option, dubbed Ultra, for clients in mid-April 2021.
Here’s a comparison of the five different providers offering cash management accounts in Singapore.
Endowus Cash Smart
Up to 1.5% p.a.
Core: 0.8% to 1% p.a.
Up to 1.2%
Latest net yield: 0.746% p.a. (Updated as of 16 Apr 2021)
0.45% p.a. (5-day Moving Average as of 16 Apr 2021)
0.05% per year
0.05% per quarter
– 30% LionGlobal SGD Money Market Fund
– 50% LionGlobal SGD Money Market fund
– 55% LionGlobal New Wealth Series (LionGlobal SGD Enhanced Liquidity I Acc SGD)
100% Fullerton SGD Cash Fund
Minimum deposit amount
No min. deposit or min. balance required
Min. initial investment on Endowus is $10,000. From 1 – 28 Feb 2021, the minimum initial investment has been lowered to $888.
No deposit requirements, withdrawal restrictions or account balance required
$50, no minimum balance
Ease of transferring money in
– FAST transfer
– FAST transfer
– FAST transfer
– FAST transfe
– FAST transfer
Deposit and withdrawal time
Deposits: Within 3 – 4 business days
Deposits: Within 2 – 3 business days (Non-Singaporean bank transfers may take longer)
Deposits: Up to 2 – 3 business days (3 – 4 business days for SRS funds)
Deposits: Transaction Date + 1 business day.
Deposits: On average, it takes 1 business day for funds to be received by MoneyOwl’s custodian
*Do keep in mind that projected returns are not guaranteed and are subject to change at any time. Furthermore, as your money is put into the underlying funds, the returns you receive is ultimately dependent on the market situation.
Which cash management account is the best?
For the highest projected returns: Endowus Cash Smart Ultra
For no fees: Syfe Cash+ or StashAway Simple
For lowest minimum deposit amount: StashAway Simple or Syfe Cash+
For the fastest withdrawal time: MoneyOwl WiseSaver
For idle investment or trading funds: FSMOne Auto-Sweep
To park SRS funds: Endowus Cash Smart or StashAway Simple
The latest entrant to the cash management solution space is Syfe’s Cash+ account. Offering a high potential return of 1.5%, it’s an attractive option for those looking to maximise their savings.
If you’re comparing Syfe Cash+ and StashAway Simple, you’ll find that they have similar underlying funds. The key difference is the 35% Syfe Cash+ allocates towards the LionGlobal Short Bond Fund that gives Syfe Cash+ greater bond exposure.
Syfe is a robo-advisor that offers unique portfolios such as:
Syfe Global ARI: A one-size-can-fit-all portfolio
Syfe REIT+: A portfolio that invests in REITs, similar to a REIT ETF
Syfe Equity100: Investing in purely equities
To put your money in Syfe Cash+, you don’t need to invest in any other Syfe portfolio. However, if you are signing up via a referral, do keep in mind that the referral incentives are only for Syfe’s investment portfolios, not Syfe Cash+.
For Syfe Cash+ referral incentives, your first deposit has to be more than $1,000 to be eligible.
Check out our full review of Syfe here.
Endowus Cash Smart
Endowus is the first robo-advisor that allows you to invest not just cash and Supplementary Retirement Scheme (SRS) funds, but also your CPF money. This means that those looking to earn more than the 2.5% p.a. you’re getting in your CPF Ordinary Account now have the option of investing this money in the likes of funds that track the S&P 500 index and more.
There are three different Cash Smart accounts for you to choose from:
Core: 0.8% to 1% p.a. projected returns after fees
Enhanced: 1.2% to 1.5% p.a. projected returns after fees
Ultra: 1.8% to 2% p.a. projected returns after fees
Endowus Cash Smart (Core) is the safer option of the two, though you have the flexibility to, well, enhance your returns with Endowus Cash Smart (Enhanced). And Endowus Cash Smart (Ultra) is self-explanatory as well, boasting the highest projected returns out of all three accounts. Either Endowus Cash Smart option comes with a small management fee of 0.05% p.a.
Besides Endowus Cash Smart, you can also invest your cash with:
Endowus core portfolios for General Wealth Accumulation: Main portfolio offering that invests in best-in-class, low-cost funds
Endowus Fund Smart: Customise your own investment portfolio based on the funds that they have available
For Endowus, you won’t need to invest with their investment portfolios before you can use Endowus Cash Smart. However, as their usual minimum investment amount is $10,000, you can consider splitting your fund allocation into their different portfolio types.
Check out our full review of Endowus here.
The ‘OG’ of cash management accounts, StashAway Simple is not new to the market.
Earning a projected 1.4% p.a., StashAway Simple does not impose a minimum deposit amount and there is no management fee charged. StashAway Simple is offered to all users, even if you’re not yet investing with StashAway.
StashAway chooses a variety of best-in-class ETFs for their portfolios. Besides StashAway Simple, there are three different types of portfolios offered by StashAway. Their portfolios consist of :
General Investing: A portfolio tailored based on the risk exposure you are willing to take on
Goal-based Investing: Invest based on your financial goals, such as retirement and home ownership
Income Portfolio: Singapore-focused portfolio that aims to earn reliable income. Also the only portfolio with a minimum investment amount of $10,000.
New investors embarking on your investment journey can also tap on the free resources StashAway provides.
Check out our full review of StashAway here.
SingSaver’s exclusive offer: Enjoy waiver of management fees on up to the first $40,000 invested in the first 6 months, subject to a minimum investment amount of $10,000.
Almost like a ‘wallet’ for investors using the FSMOne platform to make trades, FSMOne AutoSweep serves as a storage space for idle money, sweeping your excess cash such as sales proceeds, bond maturities, dividends, coupons into the account.
The Auto-Sweep account is a discretionary portfolio managed by FSM that is diversified across cash, money market funds and short duration bond funds. This helps to preserve your capital and even allows your funds to earn higher returns while staying liquid.
Besides the Auto-Sweep account, FSM is an investment platform that provides investors with access to:
Global unit trusts and mutual funds
Local and global bonds
Stocks on the Singapore, Hong Kong and US market
Managed portfolio services
The funds in your Auto-Sweep account can be used to pay for the purchase of funds, stocks, bonds and ETFs without lag time.
The lowest-yielding choice of the lot, MoneyOwl stands out in its own ways, though perhaps not quite as much in the cash management space. What MoneyOwl WiseSaver does offer is a quick and low minimum deposit amount.
MoneyOwl has a social mission to help Singapore families make the best financial decisions possible. For a start, MoneyOwl lowers the bar for those new to investing. There is no advisory fee charged on your first $10,000 in investments. Unlike the other four listed in this article, MoneyOwl also offers more than just savings and investment, providing four different services:
Check out our full review of MoneyOwl here.
Go one step further, invest the cash
Cash management accounts are exemplary forgrowing your savings. It also makes an easy, less daunting entry into the world of investing, particularly with robo-advisors.
A simple question to ask yourself: Do you really need this cash to be liquid? If you find yourself not relying on that cash in your cash management account (or even forgetting the account exists), perhaps you’re missing out on the opportunity to invest these funds instead.
To accelerate the growth of your wealth, you could consider investing your money by tapping on the services of these same providers instead. While their investment services could come with higher risk compared to their cash management accounts, remember that you have the option to select a portfolio that is tailored for your risk appetite and financial goals.
Read these next:
Fixed Deposit vs Singapore Savings Bond (SSB) vs Savings Account: Where To Put Your Money?
Insurance Savings Plans: Singlife Account vs GIGANTIQ vs SingTel Dash EasyEarn
Best Robo Advisors To Auto-Pilot Your Investments In Singapore
Regular Savings Plan (RSP): What They Are And The Best Ones To Invest In
Best Brokerage Accounts To Start Your Investment Journey In Singapore
By Ching Sue Mae
A flat white, an adventure-filled travel and a good workout is her fuel. This Manchester United fan enjoys sharing knowledge on personal finance while chasing the dream of financial independence.
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