Enjoy the Benefits of Fundsupermart.com's Cash Account Now!
All Fundsupermart.com(FSM) investment account holders will have a Cash Account automatically made available to them in two currencies - SGD and USD. If you do not have any cash holdings in your cash account, you do not need to pay a fee. What this means is, you can now transact unit trusts and SGS Bonds with greater ease and convenience via this new online cash management facility that also earns interest.
Why You Should Use Fundsupermart Cash Account :
- Cut down on transaction time when you buy and sell unit trusts/SGS Bonds via Cash Account ;
- Earn interest while money is parked there;
- No minimum balance required and no lock-in period;
- No monthly charge;
- Consolidate all your historical/current investment transactions at one place;
- View available/ledger balance online anytime;
- Deposit and withdraw money anytime;
- Transfer money between SGD and USD Cash Accounts.
With this cash management facility, payment at Fundsupermart.com will become easier and faster. Previously, you would need to mail your cheque or pay via Internet Banking for your cash purchases and your orders will only be transacted if payment is received before 3pm on the same business day. With the new service, as long as there are sufficient funds in your Cash Account, the funds can be used to pay for your cash purchases immediately.
You will earn interest monies deposited in your Cash Account. The net interest rate indicated on the website is one-month SIBID (Singapore Interbank Bid Rate) less 0.5% for SGD Cash Account and one-month SIBID less 0.6% for USD Cash Account .
This is after deducting Fundsupermart.com's administration fee which is equivalent to an annual 0.25%. The interest income is accrued daily but paid quarterly into the Cash Accounts.
For example, as at 17 November 2005, if you had money deposited in your FSM SGD Cash Account, you would have earned an interest of 2.255% (2.755% SIBID - 0.5%). The net USD interest earned would have been 3.135% (3.735% USD SIBID - 0.6%). This listed historical example should not be used as the basis for any investment decision.
The net interest rate indicated on the website is an annual rate, however, you will not be locked into any one particular interest rate for any time period like in the case of a one-year fixed deposit. This is because FSM obtains daily rates from the bank which accrues and changes daily according to SIBID interest rate movements. FSM then consolidates the monies of all investors cash in the cash account and deposits it with approved banks in Singapore. Please note that while the Deposit insurance act provides compensation for the first $20,000 worth of deposits under full banks, Fundsupermart is not a bank and thus, is not covered under this act.
New Changes to SGS Bonds Purchase
When you place your purchase order for SGS Bonds at price orders, you continue to earn interest on your cash earmarked for this purchase until the price order is hit. Do note that the difference between your estimated payable amount and the actual cost of your SGS Bonds purchase will remain in your Cash Account (Previously, the difference was credited into your designated bank account or mailed to you by cheque within 7 days) and continue to earn interest. Semi-annual coupon payments will now be directly credited into your Cash Account instead of being credited into your designated bank account.
In March 2005, Fundsupermart.com was the only online distributor in Singapore to achieve the status of Investment Administrator (IA). This greatly benefited FSM investors who enjoyed tremendous savings on agent bank charges when purchasing unit trusts using their CPF-OA monies.
We continue to strive towards providing the best value and better services at Fundsupermart.com to help you "Make Better Investment Decisions". Stay tuned for more promotions, talks, and new services!
A gentle reminder, please go online and put in your transaction ("Deposit Cash") before mailing your cheques to us!
Click here to view the current interest rates and the indicative FX conversion rates.
Click here to deposit money into your Cash Account.
Click here to view the FAQ on Cash Account.
Click here to view the highlights in the revised Investment Account Terms and Conditions.