We have launched a new cash management solution – FSM Auto-Sweep Account. This cash solution serves as an alternative parking facility to your FSM Multi-Currency Cash Account. We have launched this service in a bid to provide you with an opportunity to invest more profitably with your excess cash.
Unlike the FSM Multi-Currency Cash Account where monies are deposited in a trust account with licensed banks, the FSM Auto-Sweep Account is essentially a discretionary portfolio managed by our iFAST team that invests primarily into money market funds and cash. This means that clients get to earn a potentially higher interest rate. You can see the latest net yield here.
Features:
- Instant opt in mechanism
- Excess SGD monies from redemption proceeds, dividends, coupons and bond maturity proceeds will be automatically invested if opt in
- Money will be invested in cash, money market and high quality ultra-short duration bonds
- Minimum top-up and withdrawal can be made from as low as SGD 50
- Withdrawal can be made anytime and no penalty will be incurred
- Payment for investments made using the Auto-Sweep Account will be processed without lag time
- No sales charge or platform fee will be charged for this facility
- A 0.2% management fee per annum will be incurred
Key Benefits:
SUPERIOR YIELD
Sweep idle cash into the FSM Auto-Sweep Account to earn potentially higher return
As a default setting, proceeds and dividends from all products in the Shopping Cart and Live Trading will go into the client's FSM Multi-Currency Cash Account. When a client opts in to the FSM Auto-Sweep Account, all SGD redemption proceeds, dividends, coupons and bond maturity proceeds will automatically go into the FSM Auto-Sweep Account while all non-SGD will go into the FSM Multi-Currency Cash Account unless otherwise indicated.
The monies in the FSM Auto-Sweep Account would then be invested into various high quality and relatively safe investment products such as cash, SGD money market funds and short duration bonds (with a weighted duration of less than one year and based on amortised cost valuation method) to help investors earn potentially high interest. This also keeps the portfolio well-diversified, thus minimising volatility while aiming to maintain a high degree of liquidity and capital preservation.
SEAMLESS TRANSACTION
Easy Top-up, Withdrawal and Transfer
You can top-up your FSM Auto-Sweep Account easily by creating a deposit instruction of minimum SGD 50. The same goes for withdrawals with a minimum of SGD 50. You can also easily transfer your monies between your FSM Auto-Sweep Account and your FSM Multi-Currency Cash Account.
SMART PAYMENT
Pay for investment products without any lag time
Once you have opted in to the FSM Auto-Sweep Account, you can use the FSM Auto-Sweep Account to pay for your investments on FSMOne.com without any lag time. This applies to Unit Trusts, Bonds (except Bond Express), ETFs, and Stocks.
If you'd like to start using the FSM Auto-Sweep Account but currently have Stock and/or ETF orders queued in Live Trading, we advise you to take these steps in order to benefit from the features of the FSM Auto-Sweep Account:
1. Cancel all "Queuing Orders" on Live Trading (Stocks & ETFs)
2. Opt in to the FSM Auto-Sweep Account
3. Place your order(s) again
How to Start?
Opt In To The
FSM Auto-Sweep Account
Find Out More About
The FSM Auto-Sweep Account
Visit FAQ About The FSM Auto-Sweep Account
For any enquiries, you can contact us at:
Customer Service Hotline: 6557 2853
8:30am to 10:30pm, (Mondays to Fridays except Public Holidays)
8:30am to 12:30pm, (Saturdays except Public Holidays)
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