Best Cash Management Accounts In Singapore To Soup Up Your Savings

Ching Sue Mae
·10-min read

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.


Syfe Cash+

Endowus Cash Smart

StashAway Simple

FSMOne AutoSweep

MoneyOwl WiseSaver

Projected returns*

Up to 1.5% p.a.

Core: 0.8% to 1% p.a.

Enhanced: 1.2% to 1.5% p.a.

Ultra: 1.8% to 2% 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)

Management fee

None

0.05% per year

None

0.05% per quarter

None

Underlying funds

– 30% LionGlobal SGD Money Market Fund
– 35% LionGlobal SGD Enhanced Liquidity Fund SGD
– 35% LionGlobal Short Duration Bond Fund

Core:
– 50% Fullerton SGD Cash Fund
– 50% LionGlobal SGD Enhanced Liquidity

Enhanced:
– 50% UOB United SGD Fund
– 50% LionGlobal SGD Enhanced Liquidity

Ultra:
– 27.5% LionGlobal SGD Enhanced Liquidity Fund
– 25% Fullerton Short Term Interest Rate Fund
– 25% LionGlobal Short Duration Bond Fund
– 12.5% Nikko AM Shenton Income Fund
– 10% PIMCO GIS Low Duration Income Fund

– 50% LionGlobal SGD Money Market fund
– 50% LionGlobal SGD Enhanced Liquidity Fund SGD

– 55% LionGlobal New Wealth Series (LionGlobal SGD Enhanced Liquidity I Acc SGD)
– 25% Fullerton SGD Cash Fund A SGD
– 20% Cash

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 minimum balance that must be maintained in Cash Smart.

No deposit requirements, withdrawal restrictions or account balance required

$50, no minimum balance

Min. $100 for recurring top-up amount

Min. withdrawal amount of $50

$10

Ease of transferring money in

– FAST transfer
– PayNow via UEN or QR code
– Wire transfer (Telegraphic Transfers), or online payment services for amounts in USD

– FAST transfer
– PayNow via UEN or QR code

– FAST transfer
– PayNow via UEN

– FAST transfe
– PayNow via UEN

– FAST transfer
– PayNow via UEN

Deposit and withdrawal time

Deposits: Within 3 – 4 business days

Withdrawals: Within 4 – 5 business days

Deposits: Within 2 – 3 business days (Non-Singaporean bank transfers may take longer)

Withdrawals:- Cash redemptions: 6 business days- CPF/SRS redemptions: 10 business days

Deposits: Up to 2 – 3 business days (3 – 4 business days for SRS funds)

Withdrawals: 3 – 4 business days

Deposits: Transaction Date + 1 business day.

Withdrawals: Approximately T+3 business days to complete

Deposits: On average, it takes 1 business day for funds to be received by MoneyOwl’s custodian

Withdrawals: 1 – 2 business days, depending on whether you choose to receive the proceeds in your WiseSaver cash account (1 day) or directly into your bank account (2 days)

Funding type

Cash

Cash, SRS

Cash, SRS

Cash

Cash, SRS

*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.

Compare Best Robo-Advisors

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

Syfe Cash+

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.

StashAway Simple

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.

Apply Now

FSMOne Auto-Sweep

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

  • Insurance products

The funds in your Auto-Sweep account can be used to pay for the purchase of funds, stocks, bonds and ETFs without lag time.

MoneyOwl WiseSaver

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:

  • Investments

  • Insurance

  • Will writing

  • Financial planning

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.

Compare Best Robo-Advisors

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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