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, even with interest rates going up across the board recently, fixed deposits don't provide enough flexibility to most who want to preserve and grow cash sustainably. 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 Plus was launched in July 2022, Endowus Cash Smart in June 2020, and Syfe Cash+ in January 2021. However, Endowus did update its Cash Smart product with a new option, Ultra. Here’s a comparison of the six different providers offering cash management accounts in Singapore. SingSaver Exclusive: Receive S$40 Grab Vouchers when you open a Tiger Brokers account and fund any amount. Get an additional S$90 Grab Vouchers (S$130 total) when you fund USD 1,000. Valid till 29 February 2024. T&Cs apply. Also, get up to USD 888 worth of rewards and 8% p.a. bonus interest when you deposit and trade with your Tiger Brokers account. Valid till 22 January 2024. T&Cs apply. Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you. Enhanced: 4.2% to 4.5% p.a. Ultra: 4.6% to 4.9% p.a. Enhanced: Ultra: - 70% LionGlobal SGD Enhanced Liquidity Fund - 35% Nikko AM Shenton Short Term Bond Fund - 45% LionGlobal Short Duration Bond Fund - Fullerton SGD Cash Fund - United SGD Money Market - LionGlobal SGD Enhanced Liquidity - Fullterton USD Csah Acc - LionGlobal USD Enhanced Liquidity No minimum balance that must be maintained in Cash Smart. Min. S$100 for recurring top-up amount Min. withdrawal amount of S$50 - Fast transfer - eGIRO Withdrawals: Within 4 - 5 business days Withdrawals:- Cash redemptions: 6 business days- CPF/SRS redemptions: 10 business days Withdrawals: 3 - 4 business days Deposits: same day for transfers between 12 am to 11:30am, otherwise 1 - 4 business days Withdrawals: 1 - 2 business days (3 - 4 business days for SRS funds) Withdrawals: Approximately T+3 business days to complete Withdrawals: 2 - 3 business days *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 are ultimately dependent on the market situation. SingSaver's Exclusive Offer: Receive S$70 Cash via PayNow when you sign up for a Wellbull account and fund a minimum of S$700 within the promotion period. Get an additional S$70 Cash (S$140 total) when fund at least S$2,000. Valid till 31 January 2024. T&C's apply. Also, receive up to 25 free shares worth USD 3 to USD 500 when you subscribe to Moneybull, fund at least USD 500, and fulfill the requirements. Valid till 31 January 2024. T&Cs apply. Plus, get cash rewards worth up to USD 3,000* when you subscribe to Moneybull, fund at least USD 2,000 by 31 January 2024 and maintain >0 deposit until 30 April 2024. Valid till 31 January 2024. T&Cs apply. Alternatively, receive up to USD 2,200 worth of free rewards when you transfer in USD 5,000 worth of free shares and fulfil the requirements. Valid till 31 January 2024. T&Cs apply. The latest entrant to the cash management solution space is Syfe’s Cash+ account. Offering a high potential return of 3.8% to 5.4% p.a., 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: 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+ (as Cash+ doesn't incur any management fees). Check out our full review of Syfe here. 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: Endowus Cash Smart (Secure) is the safest option of the three, though you have the flexibility to, well, enhance your returns with Endowus Cash Smart (Enhanced). Finally, Endowus Cash Smart (Ultra) is self-explanatory for the most part, boasting the highest projected returns out of all three accounts. All Endowus Cash Smart options come with a small access fee of 0.05% p.a. Besides Endowus Cash Smart, you can also invest your cash with: For Endowus, you won’t need to invest with their investment portfolios before you can use Endowus Cash Smart. Furthermore, the S$10,000 min. initial investment of old has now been lowered to S$1,000 till further notice. Check out our full review of Endowus here. Compare Best Online Brokerage The ‘OG’ of cash management accounts, StashAway Simple is not new to the market. Earning a projected 3.7% p.a., StashAway Simple does not impose a minimum deposit amount and there is no management fee charged. There is also StashAway Simple™ Plus, which offers a higher projected rate of 4.9% p.a. from allocation to short-duration bonds and underlying funds. Both StashAway Simple and StashAway Simple™ Plus are 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: 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: Enjoywaiver of management feeson up to the first S$40,000 invested in the first 6 months. No minimum deposit required. T&Cs apply. StashAway Simple Guaranteed currently offers a guaranteed rate of 3.8% p.a. with a lock-in period of 6 months. There's no minimum or maximum amount you can invest in, and you can invest from as low as S$1. However, unlike most cash management accounts, which invest in bond funds and market funds, the underlying fund for Simple Guaranteed is fixed deposits with Citibank. As such, it has a lower risk than other cash management accounts. StashAway Simple Guaranteed rates are also reviewed daily and updated when needed to optimise your returns. Therefore, you need to check the prevailing rate in the StashAway app and lock in the rate when you think it's favourable. Once you've locked in your rate, you'll earn a guaranteed return after the 6-month lock-in period. Note that you can't withdraw your funds during the lock-in period. Once your Simple Guaranteed portfolio matures, you can choose to reinvest or withdraw your funds. However, you won't earn any returns after the lock-in period unless you lock them again with a new rate. However, note that StashAway Simple Guaranteed isn't insured under SDIC. That said, StashAway is licensed by the Monetary Authority of Singapore (MAS), and the underlying fund is fixed deposits with Citibank, one of the top global banks. 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 latest net yield is 3.270% as of 9 January 2024. 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: The funds in your Auto-Sweep account can be used to pay for the purchase of funds, stocks, bonds and ETFs without lag time. Tiger Vault is a cash management account by Tiger Brokers. It aims to provide yields that are higher than savings accounts and fixed deposits, and invests in conservative assets such as money market funds and government bonds which carry very little risks. Though, note that the returns aren't guaranteed. Currently, it offers a return of up to 8% p.a., but keep in mind that the interest rate is updated regularly and may change according to market conditions so the returns aren't guaranteed. To access Tiger Vault, you need to have a Tiger Brokers account. Tiger Vault has a multi-currency vault which allows you to select the mutual funds in SGD and USD. The list of mutual funds in SGD include: Meanwhile, the list of mutual funds in USD include: As for fees, there are no fees for subscription, redemption or interest. But there are various expense ratios for the underlying funds. There's also no minimum investment amount. There's also an auto-sweep feature which allows you to sweep uninvested cash into the Tiger Vault, allowing you to maximise the returns on your idle cash. Moreover, this feature also lets you maintain your purchasing power as the funds will be used for trading instead of letting is sit idly in your account. SingSaver Exclusive: Receive S$40 Grab Vouchers when you open a Tiger Brokers account and fund any amount. Get an additional S$90 Grab Vouchers (S$130 total) when you fund USD 1,000. Valid till 29 February 2024. T&Cs apply. Also, get up to USD 888 worth of rewards and 8% p.a. bonus interest when you deposit and trade with your Tiger Brokers account. Valid till 22 January 2024. T&Cs apply. Cash management accounts are exemplary for growing 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. 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. Every spending situation is unique. SingSaver assembles the 'Best For' list, so you can decide what’s best for you. Read these next: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.
Syfe Cash+ Endowus Cash Smart StashAway Simple/ Simple Plus StashAway Simple Guaranteed FSMOne AutoSweep Tiger Vault Projected returns* 3.8% to 5.4% p.a. Secure: 3.5% to 3.8% p.a.
(Projected returns calculated as of 30 Nov 2023)3.7% p.a. (Simple) 4.9% p.a. (Simple Plus) 3.8% p.a. Latest net yield: 3.270% p.a. (Updated as of 9 Jan 2024) Up to 8% p.a. Management fee None 0.05% per year None (0.2% p.a. for StashAway Simple Plus) None 0.05% per quarter None Underlying funds - 30% LionGlobal SGD Money Market Fund
- 70% LionGlobal SGD Enhanced LiquidityFund SGD Class I (Accumulation)Secure:
- 50% Fullerton SGD Cash Fund
- 50% LionGlobal SGD Enhanced Liquidity
- 50% UOB United SGD Fund
- 50% LionGlobal SGD Enhanced Liquidity
- 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 FundStashaway Simple:
- 30% LionGlobal SGD Money Market Fund
Stashaway Simple Plus:
-20% LionGlobal SGD Enhanced Liquidity FundCitibank fixed deposits - 55% LionGlobal New Wealth Series (LionGlobal SGD Enhanced Liquidity I Acc SGD)
- 25% Fullerton SGD Cash Fund A SGD
- 20% CashMinimum deposit amount No min. deposit or min. balance required Min. initial investment on Endowus is S$1,000. No deposit requirements, withdrawal restrictions or account balance required None S$50, no minimum balance None 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 transfer
- PayNow via UEN- FAST transfer
- PayNow via UENDeposit 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: 1 - 3 business days Funding type Cash Cash, SRS Cash, SRS Cash, SRS Cash Cash 
Syfe Cash+
Endowus Cash Smart
StashAway Simple and Simple™ Plus
StashAway Simple GuaranteedFSMOne Auto-Sweep
Tiger Vault
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I'm an expert in personal finance and investment strategies, with a deep understanding of cash management accounts and the financial landscape. I've closely followed the developments in the market, and I can provide insights and analysis on the information presented in the article about cash management accounts in Singapore.
Let's break down the key concepts and information from the article:
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Introduction to Cash Management Accounts:
- Cash management accounts are introduced as an alternative solution to high-yield savings accounts.
- Traditional savings accounts are discussed, and the limitations of fixed deposits are mentioned.
- The emergence of cash management accounts in the recent year or two is attributed to robo-advisors identifying a gap in the market for a place to store idle cash with decent yields and liquidity.
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Providers and Launch Dates:
- Mention of specific cash management account providers in Singapore, such as StashAway Simple Plus, Endowus Cash Smart, and Syfe Cash+.
- Launch dates for each provider are highlighted, showcasing the recent entry of these accounts into the market.
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Comparison of Providers:
- A side-by-side comparison of six different providers, including projected returns, management fees, and underlying funds.
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Projected Returns and Management Fees:
- Projected returns for each provider, ranging from 3.7% to 8% p.a.
- Management fees specified for each provider, with some having no fees and others having a minimal percentage.
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Underlying Funds:
- Details on the underlying funds for each provider, showcasing a mix of money market funds, bond funds, and other investment instruments.
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Minimum Deposit Requirements:
- Information on the minimum deposit or balance requirements for each provider.
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Ease of Transferring Money:
- Different methods for transferring money in and the time it takes for deposits and withdrawals.
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Funding Types:
- Clarification on the funding types, whether in cash or Supplementary Retirement Scheme (SRS).
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Additional Information on Selected Providers:
- In-depth information on specific providers like Syfe Cash+, Endowus Cash Smart, StashAway Simple, StashAway Simple Guaranteed, FSMOne Auto-Sweep, and Tiger Vault.
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Considerations for Investing Cash:
- The article concludes by suggesting that individuals assess whether they truly need their cash to be liquid or if there's an opportunity to invest these funds for potentially higher returns.
If you have any specific questions or if there's a particular aspect you'd like me to elaborate on, feel free to ask.
