FAQ
Find the answers to common queries about our investment solutions.
CONTENTS:
The minimum one-time and monthly investment amounts for our portfolios are listed below:
Do note that there will be a charge of $5+GST by your Agent bank if there were insufficient funds in your CPF OA to process the buy order. We recommend leaving a buffer of $30 of your CPF Investible Amount for the deduction of any agent bank fees.
The Cash Account is an online cash management service by iFAST Financial Pte Ltd which facilitates online transactions (please refer to General Question on who iFAST Financial is). The monies in your Cash Account are held with Standard Chartered Bank-iFAST Client Trust Account. The Cash Account pays an interest of 1.20% per annum (rates are subjected to change). The interest is accrued daily, compounded monthly and credited on a quarterly basis into your Cash Account.
Please do an online bank transfer from your bank account via FAST or PayNow to our custodian's bank account. On average, it takes within one (1) business day for funds to be received by our custodian, upon which you will be notified. Until then, the funds will not be reflected in your account. To avoid delay, you MUST use FAST or PayNow and indicate the Reference Code, even if the bank says it is optional.
The monies will be deposited into your Cash Account. To avoid delay, you MUST indicate the “Reference Code” in the “Remarks/ Descriptions/ Comments/Bill Reference number” of your fund transfer, even if the bank says it is optional
Yes, you can. Please take note that your investment account has to be funded from a Singapore registered bank under your own name. However, we do not accept applications if you reside in or have tax residencies in any of the following countries.
Please note that this list may be updated from time to time.
Yes, you can. However, we do not accept applications from the following nationalities:.
Please note that this list may be updated from time to time.
No. We are currently accepting only SGD.
The total returns are based on time-weighted return approach, which is calculated by multiplying the daily returns of your portfolio and linking them together to show how the returns are compounded over time. It shows you how much $1 of your investment would have grown throughout your investment period, without considering the size and timing of interim cash inflows or outflows. This is in line with how fund managers measure the performance of their funds.
Mathematically, if the period 1 return on your investment is represented by r1, and period 2 is represented by r2 and so on, the Time-Weighted Return is determined by the formula below: Total Returns = [(1+r1) (1+r2) (1+r3) (1+r4) .... (1+rn)] – 1
Example:
Suppose Peter invests $10,000 into a portfolio on 1 Jan. On 1 July, his portfolio is valued at $11,500 and at this point he adds another $1,000 bringing his portfolio value to $12,500 ($11,500 + $1,000). By the end of the year, the portfolio has decreased in value to $12,000.
Period Return (1 Jan to 30 Jun) = ($11,500 - $10,000)/$10,000 = 15%
Period Return (1 Jul to 31 Dec) = ($12,000 - $12,500)/$12,500 = -4%
Therefore, the Time-Weighted Return during this entire period (1 Jan to 31 Dec) is 10.4%, which is computed by geometrically linking the returns of the two periods, i.e. [(1+0.15) (1-0.04)] - 1 = 10.4%
The Cost of Investment is the combined Cost of Investment for all the funds that make up the portfolio.
Here’s how we calculate Cost of Investment for each fund:
The left-hand side of this formula calculates the Weighted Average Cost (WAC) of your investment units, which is the average price you pay for each unit of the fund you currently hold. Here’s an example:
You invest $100 today when the price of each unit is $10, so you bought 10 units.
Next month you invest another $200 when the price of each unit is $12.50, so you bought another 16 units.
Therefore WAC = ($100 + $200)/(10 + 16) = $11.54
Note that the WAC changes each time you buy into the fund as the price of the fund changes daily.
We then multiply the WAC by the current number of units of your fund to compute your Cost of Investment. The number of units could have changed due to withdrawals, because when you make a withdrawal from your investments, the units sold multiplied by the WAC will be reduced from your Cost of Investment.
While Net Deposits is a simpler way to look at how much you have invested (simply your deposits minus your withdrawals over a given time frame), one important drawback of Net Deposits is that it can be a negative number when you have a significant withdrawal. Here’s an example of how it can be confusing:
You invest $100 today when the price of each unit is $100, so you bought 10 units.
Next month the price went up to $12.50 and you sold all 10 units.
Therefore, Net Deposits = $100 - $125 = -$25
Your Net Deposits is now negative which is hard to interpret. Using Cost of Investment, the result will be zero which makes a lot more sense.
Portfolio rebalancing is the process of realigning the weightages of the assets back to the portfolio’s strategic asset allocation. MoneyOwl may, at its discretion, rebalance the portfolio about twice a year, upon meaningful deviation from strategic asset allocation or upon review of the asset allocation of the portfolio.
During the rebalancing exercise, you may notice a lower portfolio value reflected on your dashboard. This is due to funds currently in transit. Your portfolio value will be updated to reflect its correct holdings once the rebalancing is completed in 6 to 7 working days.
You can login to your MoneyOwl Investment Account to submit a top-up request:
For cash investment: Your top-up request will expire after 7 calendar days if there are insufficient monies in your Cash Account to process the buy order.
For SRS investment: Your top-up request will expire automatically if there are insufficient monies in your SRS Agent Bank account to process the buy order.
For CPF investment: Your top-up request will expire automatically if there are insufficient monies in your
CPF Agent bank account to process the buy order.
You can login to your MoneyOwl Account and submit a monthly buy request:
We will process all monthly buy requests on the 15th of every month, or the next working day, if the 15th is not a working day, provided that there are sufficient monies in your Cash Account/ SRS Agent Bank/ CPF Agent Bank.
For Cash investments: To ensure that your investment can be executed, we strongly advise you to transfer your money on the 10th of the month (with complete information, including the Reference Code) to ensure that there are sufficient monies in your Cash Account before the 15th of the month. If there are insufficient monies in your Cash Account by the 15th of the month, the monthly investment request will be processed on the 15th of the following month. You may set up standing instructions for your cash investments here:Setting up a Standing Instruction
For SRS or CPF investments : To ensure that your investment can be executed, please ensure that there are sufficient monies in your SRS Agent bank or CPF Ordinary Account on the 15th of the month.
For Cash Investments : As soon as there are sufficient monies in your Cash Account, we will process your buy order at 3pm on the current business day. If your buy request is received after 3pm, the request will be processed by 3pm the next business day. The holdings will be reflected in your Investment Account within 4 business days after the request is processed.
For SRS or CPF Investment: If your buy request is received before 3 pm, we will process the buy request on the same business day. If your buy request is received after 3 pm, the request will be processed on the next business day. The holdings will be reflected in your Investment Account within 4 business days after the request is processed.
We will process the online request by 3pm on the current business day. If the request is received after 3pm, the request will be processed by the next business day.
The price of the funds sold will be based on the ending Net Asset Value (NAV) of business day the request is processed.
You will receive an email notification within the next 2 business days. Redemption Proceeds will be reflected in your bank account within 8 business days for Investment Portfolios and 2 business days for WiseSaver Portfolio. If you choose to receive the proceeds in your Cash Account, the redemption proceeds will be reflected in your Cash Account within 7 business days for Investment Portfolios and 1 business day for WiseSaver Portfolio.
If there is a buy request which has been processed, you can get your monies back by selling your investments and subsequently withdrawing your monies from your Cash Account.
Please email the screenshot of the fund transfer and indicate the Portfolio Reference Number to enquiries@moneyowl.com.sg for assistance.
You may follow the steps below to stop your monthly investment:
You may follow the steps below to amend your monthly investment:
Please note that your previous monthly investment amount will be overwritten.
You can view or download your monthly statements by:
For Dimensional/ WiseIncome/WiseSaver Portfolios, the minimum withdrawal amount is $50.
For CPF Portfolios, the minimum withdrawal amount is $200.
For funds that are invested in your portfolio, you can choose to sell part or all your portfolio. However, please note that fund units’ Net Asset Value (NAV) fluctuate, and portfolio values are not guaranteed. You may receive more or less than your capital invested. You can redeem monies to your Cash Account or bank account. For monies that are in your Cash Account, you can choose to withdraw all or part of it to your bank account by:
Your sell request will be processed at 3pm on the current business day if we received your sell request before 3 pm. If your sell request is received after 3pm, the request will be processed at 3 pm the next business day.
You can login to your account and go to the “Edit Profile” page to add your bank account details. Alternatively, upon your first withdrawal request, you will be asked to add your bank account details. Once your bank account is added, there is no need to fill in your bank account details for subsequent transactions. Note: Bank Account must be registered under your legal name.
No, you can only add one bank account across all your personal investment portfolios.
MoneyOwl launched Wiseincome with the objective of providing a robust yet low-cost retirement income investment solution for the mass market to complement CPF LIFE, as well as a fuss-free option for non-retirees who wish to have passive income.
WiseIncome can also serve as alternative accumulation strategy for those who are suitable for a balanced portfolio and prefer a passive approach for equity investing.
WiseIncome complements our other savings and investment solutions that have been carefully curated and designed to meet different financial planning needs.
For example, our Dimensional portfolios were designed to give the highest probability of a successful investment experience for those looking to grow and accumulate their wealth over the long term. WiseSaver was designed for those looking for a safe place to park their emergency funds in a cash-like instrument with almost no market volatility.
Fullerton Fund Management, a subsidiary of Temasek Holdings, is an Asia-based investment specialist with 16 years of experience in managing investments across multiple asset classes. Through this partnership, we were able to co-create a multi-asset income distributing fund that is aligned with MoneyOwl’s investment philosophy of focusing on strategic asset allocation, broad diversification and at the lowest cost possible.
Fullerton is also aligned with MoneyOwl’s social mission to provide low-cost fit for purpose solutions to the mass market with their commitment of having one of the lowest annual management fees within this class of funds.
WiseIncome was designed to complement your CPF LIFE payouts by providing you a stream of stable and sustainable quarterly payouts, so that you can enjoy your golden years with meaning and purpose.
With WiseIncome, you can:
Invest with whom you can trust
A solution put together by Fullerton Fund Management, a Temasek subsidiary, and MoneyOwl, an NTUC social enterprise, two strong Singapore companies with a deep heritage of care, expertise and stability.
Earn from broad sources of returns
As a multi-asset fund, WiseIncome provides income payouts and potential capital appreciation from broad sources of returns such as global equities, Asian bonds, S-REITs and US/Singapore government bonds which are triple-A rated for added stability.
Vary payouts according to your needs
You have the flexibility to choose from three payout options to suit your needs at different stages of your life. Choose to either reinvest your dividends to grow your nest egg or start to receive passive income today at one of two payout levels available.
Enjoy one of the lowest fund expenses
WiseIncome has a very competitive fee structure among similar funds in the market. It has one of the lowest fund level expenses, no sales charge and no hidden trailer commissions. Thus, for every 1% p.a. you can save in fees through WiseIncome is 1% p.a. more in returns for you!
There are three basic needs in retirement – a fully paid roof over your head, medical insurance to pay for your healthcare costs and a stream of lifelong income for your living expenses. In Singapore, most of us can depend on CPF LIFE to provide us with a stream of income of up to $2,000 per month in today’s dollar for life.
For those who need a higher level of income, WiseIncome was specially designed to provide a regular income stream to supplement your CPF LIFE payouts.
In addition, depending on your choice of the three payout options available, WiseIncome helps you to achieve a balance between asset growth, income generation and capital preservation for your loved ones.
What’s more, if you come across a sudden emergency that requires a large sum of money, you can also withdraw your investments partially with no lock-in period or penalties.
*While the fund manager intends to distribute 4.5% p.a. payout for the R share class, the fund manager has the discretion to deviate from this including reducing payout to achieve sustainability of the fund in the interest of unit holders, or alternately, paying a higher rate of up to 4.8% p.a. in some years.
Please refer to Fund Prospectus or Product Highlights Sheet for more information.
While Insurance Retirement income plans and Wiseincome are both designed to meet your retirement needs through distributing regular payouts, there are some advantages of using WiseIncome over Insurance Retirement Income plans to supplement your retirement income.
WiseIncome has no lock-in period and does not impose charges for early withdrawal. With WiseIncome, there is no need to pay for additional costs related to insurance coverage and this savings will result in higher returns in the long run.
However, Insurance Retirement Income plans could be suitable for those who are looking for insurance coverage and for those who want some level of guarantees in their payouts.
To determine which solution would be more suitable for you, please reach out to your MoneyOwl Client Adviser who will be able to give you an objective recommendation. All MoneyOwl Client Advisers are fully salaried and do not receive any product commissions and you can rest assured that your assigned adviser will only act in your best interest.
The Fund manager holds about 30% of the sub-fund in Global Equities (made up of passive index tracking ETFs), 30% in Singapore REITs, 28% Asian Credit (mostly investment-grade Asian corporate bonds), 10% in Singapore Government Bonds and 2% in cash.
Unlike its peers, the portfolio is constructed with a strategic asset allocation strategy, which means that the weights of the underlying funds are unlikely to change although the fund manager has the discretion to allow a drift of +/- 5% deviation from the portfolio’s target allocation (+/-10% between the two large asset classes in times of extreme market conditions) for efficient portfolio management.
There is no option to change the asset allocation for this portfolio.
For share class R (i.e. 4.5% payout option):
The fund will declare a quarterly distribution of about 4.5%* p.a. (i.e. 1.125% per calendar quarter) of the portfolio value with potential to distribute up to 4.8%* p.a. during periods of outperformance. This dividend will be paid out of income received by the fund and/or capital. The fund manager has full discretion to vary the payout rate to sustain the longevity of the fund. For this share class, there is a choice to either receive or reinvest the payouts.
For share class R1 (i.e. 8% payout option):
The fund will declare a fixed quarterly distribution of 8% p.a. (i.e. 2% per calendar quarter) of the portfolio value out of the income received by the fund and/or capital. The amount paid out of capital, if any, would be substantially higher than the *4.5% payout option and over time could lead to a reduction of the portfolio value. There is no option to reinvest the payouts for this share class.
*While the fund manager intends to distribute 4.5% p.a. payout for the R share class, the fund manager has the discretion to deviate from this including reducing payout to achieve sustainability of the fund in the interest of unit holders, or alternately, paying a higher rate of up to 4.8% p.a. in some years.
Please refer to Fund Prospectus or Product Highlights Sheet for more information.
The fund will declare dividends on the record date which falls on the last day of the calendar quarter, i.e. 31 March, 30 June, 30 September, and 31 December. Trades that are not placed by the record date will not be eligible for dividends for that quarter.
You will receive the payouts into your cash account on the first business day of May, August, November, and February, respectively.
Example:
If you were to invest in Fullerton MoneyOwl WiseIncome for the first time on 1 April, the first dividend will be declared on 30 June and you can expect to receive your cash on 2 August as 1 August is a non-business day.
As with any other investments, investing in Fullerton MoneyOwl WiseIncome exposes you to market risk, and returns are not guaranteed. While the fund manager intends to distribute *4.5% p.a. payout for the R share class, the fund manager has the discretion to deviate from this so as to achieve sustainability of the fund. The 8% p.a. for the R1 share class is fixed.
Any distributions made (whether out of income and/or capital) may cause the Net Asset Value of the Sub-Fund to fall. Furthermore, distributions out of the capital may amount to a partial return of your original investment and may result in reduced future returns for you.
*While the fund manager intends to distribute 4.5% p.a. payout for the R share class, the fund manager has the discretion to deviate from this including reducing payout to achieve sustainability of the fund in the interest of unit holders, or alternately, paying a higher rate of up to 4.8% p.a. in some years.
Please refer to Fund Prospectus or Product Highlights Sheet for more information.
Your online orders have to be placed and funded by 3pm Singapore time every weekday.
Your actual quarterly payout will be based on the dividend per unit (DPU) declared by the fund on record date. The amount that will be credited to your cash account is the DPU x the number of units of WiseIncome held on record date.
If you would like to estimate your quarterly payout amount, multiply 1.125% (4.5% divided by 4)or 2% (8% divided by 4) by your current portfolio value. Do note that your payout amount is based on a percentage of your net asset value or portfolio value and not capital invested.
For example, if you had invested $100,000 in WiseIncome and chose the 4.5% p.a.* payout option, if your portfolio value had not moved at the end of one quarter, your estimated payout amount will be 1.125% x $100,000 = $1,125.
If your portfolio value had increased to $110,000 instead, your payout will be more, i.e. 1.125% x $110,000 = $1237.50. On the other hand, if the portfolio value went down to $90,000, you will get 1.125% x $90,000 = $1012.50.
The portfolio value is not guaranteed as all investments come with risk. However, if you have a time horizon of at least 8 years, you can be reasonably confident of being able to preserve value.
*While the fund manager intends to distribute 4.5% p.a. payout for the R share class, the fund manager has the discretion to deviate from this including reducing payout to achieve sustainability of the fund in the interest of unit holders, or alternately, paying a higher rate of up to 4.8% p.a. in some years.
Please refer to Fund Prospectus or Product Highlights Sheet for more information.
As dividends are declared and paid out from the Net Asset Value of the fund, the price of the fund is expected to drop correspondingly by the amount of dividends declared immediately after the Record Date (i.e. dividend declaration date). This is normal behaviour and it does not mean that you have sustained a loss on your investments.
For example, if the fund price is $10 per unit and it declares a dividend rate of $1 per unit, then the fund price will drop to $9, all else equals.
If you have chosen to reinvest your dividends, these dividends will be used to buy additional units into WiseIncome within 14 business days from the Record Date. In doing so, your portfolio value will increase by these additional units purchased.
If you have chosen to receive your dividends in cash, the amount will be credited into your cash account on the first business day of Aug, Nov, Feb and May respectively. The sum of these dividends received over time will be factored when calculating the total returns of your portfolio.
You can invest as little as $1,000 in a lump-sum or $100 per month in a Regular Savings Plan (RSP) to accumulate towards for your retirement needs.
You can invest using either cash or SRS. If you are investing with SRS, you will only be able to choose the 'Grow and Invest' option. You cannot use CPF funds to invest in WiseIncome.
| Step | Details |
| 1 |
Log in to your MoneyOwl Account |
| 2 |
Click on “Add new Portfolio” |
| 3 | Click on “Receive Passive Income” |
| 4 | Follow the onscreen instructions to set up the portfolio, just like you would for your existing portfolios |
Yes you can. Please refer to the FAQs section ‘Opening Joint Investment Accounts’ for more details.
Yes. You can set up as many as you want with your choice of payout options. Further personalise them by renaming your portfolios.
You will need to do the following:
| Step | Details |
| 1 |
Redeem your WiseSaver into your WiseSaver cash account. The proceeds will be credited into your cash account within 1-2 business days. |
| 2 |
Create a WiseIncome portfolio if you do not have an existing one. |
| 3 | Once your proceeds have been credited into your WiseSaver cash account, go to WiseSaver portfolio, under ‘More’ button click “Transfer” to transfer the money from your WiseSaver cash account to your WiseIncome cash account. This transfer is immediate. |
| 4 | Once the system ascertains that you have sufficient balances in your WiseIncome cash account, the trade will be placed immediately and completed within 4 business days. |
If you have an email address, we will strongly encourage you to set up a MoneyOwl account so that you can easily place your transactions through our online portal and access your portfolio details and statements in real time. Our client support team will be happy to guide you through the account opening process in person or via video conferencing.
If you do not have an email address or have difficulties setting up one, we will require you to apply for the fund purchase in person at our office at 23 Keong Saik Rd. Please call us at 63299188 to make an appointment with us before coming and one of our client advisers will guide you through the process and address any questions you have on the product.
You will need to bring the following documents as well:
| Steps | Details | Business days required |
| 1. | Redeem your WiseIncome into your WiseIncome cash account (A) | T+7 |
| 2. | Create a WiseIncome investment portfolio (B) if you do not have an existing one | Immediate |
| 3. | Go into your WiseIncome portfolio (A) and click “Transfer” under "More" button to transfer the money from your WiseIncome cash account (A) to your selected WiseIncome cash account (B) | Immediate |
| 4. | Execute the Buy Order from selected WiseIncome cash account (B) | T+4 |
| Total estimated turnaround time | T+11 | |
There is no lock-in period for WiseIncome. However, we do advise our clients to have a minimum holding period of at least 8 years to minimise the risk of loss. Please follow these steps to redeem your investment from WiseIncome:
| Step | Details |
| 1 |
Log in to your MoneyOwl Account |
| 2 |
Click on “WiseIncome Portfolio” |
| 3 | Select the portfolio that you would like to redeem from |
| 4 | Click on “More” at the top right corner of the screen |
| 5 | Select the “Withdrawal” option |
| 6 | Submit a request to redeem from Portfolio to Cash Account or Portfolio to Bank Account |
Your proceeds will be credited into your cash account or bank account accordingly within 7-8 business days.
Your dividends will be credited to your portfolio's investment cash account. To withdraw the monies from your cash account, please follow these steps.
| Step | Details |
| 1 |
Log in to your MoneyOwl Account |
| 2 |
Click on “WiseIncome Portfolio” |
| 3 | Select the portfolio you would like to redeem from |
| 4 | Click on “More” at the top right corner of the screen |
| 5 | Select the “Withdrawal” option |
| 6 | Submit a request to redeem from Cash Account to Bank Account |
The proceeds will be reflected in your Bank Account within 1-2 business days.
Please refer to https://www.moneyowl.com.sg/pricing/
TER for both share classes comprises of annual management fees of 0.4% p.a. and other fund level fees required to run the fund. It is ranked in the lowest quartile in terms of management fees for multi-asset and target return funds registered in Singapore, based on Morningstar Direct*. As this is a newly launched fund, we are not able to provide the full TER of the fund as this is dependent on fund size. TER is not deducted from units but is implicit; its impact is incorporated into the Net Asset Value of the sub-funds and reflected in fund performance. *Source: Morningstar Direct, as of 31 December 2020. Morningstar universe includes 104 ‘Allocation’ and ‘Target Date’ funds under the EAA Morningstar category, with available management fee data that are registered for sale in Singapore.
The fees payable are listed below:
These fund level expenses are not deducted from units but are implicit; their impact is incorporated into the NAV of the fund and reflected in fund performance. WiseIncome has one of the lowest expenses among multi-asset unit trusts in Singapore. Apart from this, there are no further charges. There is no sales charge for investing in WiseIncome and no redemption charges. The fund does not pay any trailer commissions or retrocessions to MoneyOwl. Furthermore, MoneyOwl will absorb the platform fee charged by iFast Financial Services, which provides custodial and platform services.
You may check your quarter dividends payout by following the steps below:
There is a fund level fee of 0.15% p.a., which is factored into the price of each unit, paid directly to Fullerton Fund Management. There are no other fees beyond this.
The minimum amount to save in MoneyOwl WiseSaver is $10 for one-time saving and monthly regular savings plan (RSP).
There is no lock-in period for MoneyOwl WiseSaver.
Anyone! This is an alternative savings solution for you to park your liquid funds and receive higher returns than normal bank deposit rates.
However, if you have already set aside 6 months of emergency cash, and have an investment time horizon of more than 3 years, we recommend investing through our MoneyOwl portfolios instead for higher expected returns.
Yes. For as low as $10/month, you can be on your way to developing a positive savings habit.
The underlying instrument is Fullerton SGD Cash Fund which is managed by Fullerton Fund Management. Since 2009, the fund holds its assets primarily in Singapore Dollar Deposits (varying terms of maturity not more than 366 working days) with eligible local financial institutions.
Fullerton Fund Management ("Fullerton") is an Asia-based investment specialist, with capabilities that span equities, fixed income, multi-asset, treasury management and alternatives, including private equity. The firm was incorporated in Singapore in 2003 and is a subsidiary of Temasek. NTUC Income, a leading Singapore insurer, became its minority shareholder in 2018.
It will typically take 1 - 2 business days to withdraw your funds from WiseSaver depending on whether you have chosen to receive the proceeds in your WiseSaver cash account or directly into your bank account.
| WiseSaver Cash Account | Bank Account | |
| No. of business days from receipt of instruction* | 1 | 2 |
*Instructions received after 3pm will be processed the next business day.
You will need to do the following:
You can invest your CPF OA monies in a range of instruments such as unit trusts, endowment policies, shares, and gold. For the full range of products, you can refer to CPF website.
Under the CPFIS-OA, you can invest your OA savings above the first $20,000 in your OA. In addition, you can only invest up to 35% and 10% of your investible savings in stocks and gold, also known as the stock and gold limits. Investible savings refers to the sum of your OA balance and the amount of CPF you have withdrawn for investment and education.
Investing your CPF is not for everyone and should be a carefully considered decision because your CPF OA savings earn a risk-free interest of 2.5% p.a. even if you do not do anything.
We recommend that you consider invest your CPF OA savings only if
These are important considerations because you do not want to have to liquidate your CPF OA investments prematurely amidst short-term market volatility. We also ask you to consider if you would prefer to transfer your CPF OA savings to you or your family’s Special Account to build up retirement savings, provided you have not hit the necessary limits and are comfortable with this being an irreversible transfer.
In short, invest your CPF with the long term in mind and only with savings that you are quite confident you do not need to use within a short time frame. This will help you to achieve a positive investment experience to grow your retirement nest egg. A larger CPF balance will help you secure a higher CPF LIFE payout from the age of 65.
Your CPF Special Account (SA) earns risk free interest of up to 4% p.a. currently. At MoneyOwl, we generally do not recommend our clients to invest their SA savings, as it would be difficult to beat this return without taking on higher risk investments. Such investments with higher expected return are also currently unavailable under the CPFIS-SA scheme.
Step 1: Open your CPF Investment Account (CPFIA) with any of the 3 local banks online, you will be required by the bank to complete the CPFIS Self-Awareness Questionnaire. (For clients who already have a CPFIA, please proceed to step 2)
DBS : For existing DBS/ POSB customer, you may apply your CPF Investment Account here.
OCBC : Open your CPF Investment Account here.
UOB : Open your CPF Investment Account here.
*Please note that you can only maintain one CPF Investment Account at any point of time.
Step 2: Login to your MoneyOwl account and start investing with your CPF OA monies by simply selecting CPF OA as your source of funds when you create your investment portfolio. We will then deduct the funds from your CPF OA to fund your investment. Be sure that your CPF OA has sufficient amount for the deduction to go through. as there will be a charge of $5 by your Agent bank if there are insufficient funds in your CPF OA to process the buy order. We recommend leaving a buffer of $30 of your CPF Investible Amount for the deduction of any agent bank fees.
Step 3: Complete the investment pre-requisites:
Step 4: Follow the on-screen instructions to create your CPF Portfolio
How do I get my CPF Investment Account Number?
Method 1:
Method 2:
Login to your Internet Banking to check for your CPFIA number.
Where can I find my CPF OA investible amount?
The amount available for professionally managed products under your CPF account will be your CPF OA investible amount. However, we recommend leaving a buffer of $30 of your CPF Investible Amount for the deduction of any agent bank fees.
For example, if your CPF OA investible amount is $50,000, we recommend you to invest up to $49,970, leaving a buffer of $30 of your CPF investible amount to pay for any agent bank fees. The agent bank fees will be charge on top of your buy order amount.
CPF Mobile App: Click on the top left menu> Go to your “investment”> Professionally Managed Products
The CPF Investment Scheme (CPFIS) Self-Awareness Questionnaire (SAQ) is required by CPF Board before you can start investing under CPFIS if you are a new CPFIS investor. Agent banks and product providers will require you to declare your SAQ status and/or ask to view a copy of your SAQ status for verification.
The SAQ is designed to help you assess if you have the basic financial knowledge to invest and whether CPFIS is suitable for you. The SAQ starts with learning modules on investment concepts, products and charges under CPFIS. You will then log in with your Singpass to attempt a quiz.
Completion of the CKA is a regulatory requirement that is intended to safeguard clients and to help them understand the features and risks associated with investing in unlisted Specified Investment Products (SIPs). Our CPF portfolios are classified as an unlisted SIP as it may invest in complex instruments like derivatives, you will need to complete the CKA to invest in our portfolios. To find out more about SIPs, please refer to this link on MoneySense website.
When you sell your investments, the sales proceeds will automatically be credited into your CPF Investment Account. The monies will remain there, unless you instruct your agent bank to transfer the amount into your OA.
Your agent bank will also automatically transfer the cash balance held in your CPF Investment Account to your OA (at the end of the month*) if your Investment Account has been inactive (i.e. if there had been no investment transactions) for two consecutive months.
Profits earned under the CPFIS are not withdrawable as cash as the purpose of investing is to grow your savings for retirement. However, the profits can be used for other CPF schemes, subject to the terms and conditions. You also do not need to make good on any investment losses. However, such losses will inadvertently reduce your retirement nest egg. Your investment profits, interest earned from investments and dividends, if any, are not taxable under the CPF Investment Scheme.
There are three portfolios available for CPF investing based on your risk appetite. The portfolios have different strategic asset allocation across the equity and bond fund. Our CPF portfolios are made up of two underlying funds, namely
We have chosen these two funds for our CPF portfolios as they combine well to help you achieve the best probability of a successful investment experience, according to your risk, ability and willingness to take risk. We know from decades of data that “active” fund management has had a poor record in equity markets. A much more reliable way to capture equity returns is to invest passively or systematically in a globally diversified, market-based fund, and to combine this with a bond portfolio where there is a need to dampen portfolio volatility.
LionGlobal Infinity Global Stock Index Fund fits the criteria of a globally diversified indexed equity fund which offers market-based long term average returns. This unit trust “wraps” a passively managed Vanguard Global Stock Index Fund. It tracks closely to the MSCI World Index, investing in more than 1,500 large and mid-sized company stocks in developed markets.
The United SGD Fund invests substantially all its assets in global money market and short- term interest-bearing debt instruments with the objective of achieving a yield enhancement over the Singapore dollar deposits. As your CPF monies is already invested substantially in the Singapore government, MoneyOwl has chosen a low-risk, global bond fund instead, for diversification, with a long-term expected return at least similar to that of the CPF OA. The United SGD Fund has a good track record in terms of return versus risk among its peers in CPFIS and has a long history, substantial assets and a low TER for its Share Class D.
The two funds’ CPF share classes were co-created by MoneyOwl and the fund managers.
The TER for the underlying funds are as follows and this is earned directly by the fund manager –
| LionGlobal Infinity Global Stock Index Fund Share Class C | 0.42% p.a. |
| UOBAM United SGD Fund Share Class D | 0.38% p.a. |
The TER for MoneyOwl CPF portfolios are as follows –
| Balanced | 0.40% p.a. |
| Growth | 0.41% p.a. |
| Equity | 0.42% p.a. |
These fund level expenses are not deducted from units but are integrated into the fund: their impact is incorporated into the NAV of the fund and thus reflected in fund performance.
MoneyOwl had co-created these share classes with the fund managers – and they are the first unit trusts under CPFIS to be adviser retrocession-free, which means that is has no hidden trailer commissions to advisers. Investors also do not need to manage troublesome trailer fee rebates, which are ultimately subject to an advisory firm’s business strategy. We hope to change the game on CPFIS investing by hard-wiring retrocession-free funds so investors can invest with low-cost yet high-quality funds in the most convenient way.
The fees payable are listed below:
Apart from this, there are no other charges. There is no sales charge for investing with MoneyOwl and no redemption charges. Furthermore, MoneyOwl will absorb the platform fee charged by iFast Financial Services, which provides custodial and platform services.
* This excludes annual fund-level fees of 0.40% - 0.42% p.a. which are factored into the price of the fund.
No. The funds making up MoneyOwl’s portfolios are the first CPFIS funds in Singapore structured to be adviser retrocession-free, hence MoneyOwl has no trailer fees to rebate. These share classes were initiated and co-created by MoneyOwl, with the fund managers. We do this to introduce the concept of simple portfolios to simplify the experience for CPF investors. The new share classes not only lowers the cost of investing, but also eliminates the wait for fee rebates and the need to reconcile the fund’s investment outcome with rebates received. Such share classes hardwires the benefit of being adviser retrocession-free into the funds’ structure, which is in line with MoneyOwl’s philosophy of providing “conflict free financial advice”. It helps to permanently lower investors’ expense, making retrocession free share classes eventually available across all platforms and not dependent on any adviser or any advisory firm’s business strategy. It is a significant step in lowering structural costs and providing simple and fit-for-purpose CPF investment solutions, to enable better investment outcomes for Singaporeans.
No, we do not. The trailer fees between the fund manager and CPF investment administrator or platform are a commercial arrangement between the two parties. MoneyOwl does not influence this arrangement.
As a principle we believe all service providers should be fairly compensated for services provided to ensure the long-term viability of the partnership arrangement.
Additionally, MoneyOwl is charging 0% advisory fees as an introductory promotion in 2022. This reduces all-in costs (advisory fees and fund level expenses) for the clients in 2022 and will probably be the lowest-cost way for you to start a digital CPFIS investment journey.
This is because as a financial adviser, we provide more than just access. Through us, clients receive asset allocation advice through the robo as well as investment planning and risk coaching services from a full team of Client Advisers and investment specialists. In addition, as experts in CPF, we can advise you on investing your CPF holistically. Most of our clients see the value of what remains a very affordable advisory fee, especially when combined with the low-cost, market-based portfolios made up of adviser retrocession-free share classes we had co-created. As an NTUC social enterprise, MoneyOwl has the responsibility to be prudent in our pricing to remain financially sustainable so that we can partner you on your financial wellness journey for a long time to come.
Yes, you can rename your portfolios to differentiate between different financial goals which the portfolios were set up for.
Each portfolio will have a unique Cash Account number tagged to it. Hence, please ensure that you indicate the correct Cash Account number (starting with Gxxxxxxx) that is specific to the portfolio you wish to fund.
Yes, you can do so. Click into your portfolio, click on the dropdown box “More” -> “Transfer” Transfers between cash accounts will be processed and completed immediately.
You can only open one SRS account with any of the three operators: DBS, OCBC or UOB. It is an offence and there are penalties to open SRS accounts with more than 1 operator.
Yes, you can. You will need to obtain the “Transfer of Account Form” from the new SRS operator, who will then liaise with your existing operator to effect the transfer. Please email to inv_ops@moneyowl.com.sg when the transfer is completed. We may request for additional supporting documents.
No. A Joint Investment Account is only available between two parties.
Yes, you can open multiple Joint Investment Accounts with the same or different party for your different investment goals.
You will not be able to convert from an existing Personal Investment Account to a Joint Investment Account. You will need to set up a separate Joint Investment Account. Alternatively, you can redeem all investment holdings in your Personal Investment Account and invest the proceeds into your Joint Investment Account.
Yes. The minor will need to be the secondary holder. We will only take investment instructions from the primary holder.
The primary holder is required to open a MoneyOwl Account and Personal Investment Account. Please prepare the minor’s birth certificate/NRIC or passport (foreigners). These documents are required for the Joint Investment Account opening.
It is a pre-requisite for both parties to set up your MoneyOwl user account and Personal Investment Account before opening your Joint Investment account. You will need to decide who will be the primary and secondary holder for the Joint Investment Account. The primary account holder will initiate the Joint Investment Account opening process. For primary holder:
For secondary holder: Log in to your MoneyOwl Account and accept the invitation for the Joint Investment Account to start investing. Please note that it is a pre-requisite to have set-up a MoneyOwl user account and a personal investment portfolio.
Both account holders have equal access to submit buy or sell requests, editing the transaction (e.g., monthly investment amount). The other party will be notified when the request was submitted.
No. The other party will only be able to access the joint investment account between the two of you.
Yes. As long as the primary holder of the joint investment account is the bank account holder. In the case of joint bank accounts, the primary holder of the joint investment account must be one of the joint bank account holders.
Please note that you will not be able to perform cash account transfers out of your Joint Investment Account. Please email inv_ops@moneyowl.com.sg if you wish to perform cash account transfers into your Joint Investment Account.
Your Joint Investment Account application will expire after seven calendar days. You will need to re-submit the application.
Both account holders will be notified and the application will be voided. The primary holder will need to re-submit the application.
You will not be able to change your portfolio. You will need to withdraw and re-submit the application again.
You will not be able to change to another portfolio. You may decline the invitation, and inform the primary holder to re-submit the application and invitation.
Upon death of either party, the surviving party will need to provide us with the death certificate. If the surviving party is a minor, the legal guardian of the minor is required to provide his NRIC, death certificate and power of attorney. If the surviving minor does not have a legal guardian, he will not have access to the investment holdings until he turns 18 years old.
To keep the investment, the surviving party will be required to open a new investment account. The assets are then transferred to the new investment account.
To sell off the investments, there is no need to open a new investment account. The joint investment account will be turned into the estate of the deceased and subsequently sold off under the instruction of the surviving party.
The surviving party or legal guardian of the surviving minor shall indemnify us and iFAST in respect of any claim which may be made against as a result of complying with the surviving person or legal guardian’s instructions.
The Joint Investment Account will remain as it is. Should you wish for your child to take over the portfolio when he is above 18 years old, he would need to set up his own personal investment portfolio. You will have to redeem the joint investment portfolio. The proceeds will have to be invested into your child’s personal investment portfolio.
Do you have a Hotmail, Live Mail, MSN or Outlook email account? Please add us to your safe senders list to make sure you receive our messages! You might want to check your “Other” or “Junk” mailboxes if you still can’t see our messages in your inbox!
To add MoneyOwl as a safe sender, please follow the steps below:
1. Sign into your email account at https://outlook.live.com/
2. Go to “Settings” > “View all Outlook Settings”
3. Select “Email” > “ Junk email” and add moneyowl.com.sg to Safe senders and domains list
iFAST Financial Pte Ltd provides custodial and transfer agent services to MoneyOwl. Please refer to https://eservices.mas.gov.sg/fid for full details of their licence.
All investors' money are protected and held in a trust account under our custodian’s iFAST Financial Pte Ltd - Client Trust, which are subjected to MAS regulations. In the unlikely event that iFAST ceases operations, your investment holdings held will either be returned to the investors or transferred to another agent of your choice. iFAST has the responsibility to ensure that all liabilities and obligations to all clients have been fully discharged or provided for, and that proper arrangements have been put in place.
Under DFA’s books, your assets are in IFAST’s name and they are held under IFAST’s Client Trust account, separate from IFAST's own assets. Under IFAST’s records, however, the assets are all held in your individual name.
This is similar to purchasing unit trusts through a bank, all the funds are held under the bank’s name while the bank keeps a record of your holdings.
In the unlikely event that IFAST ceases to operate, all the assets will either be transferred to another distributor or fully redeemed and returned to investor.
Yes, you are required to open a new iFAST account if you wish to start your MoneyOwl Investment Account.
Our Client Advisers are ready to assist you. Ask us over LiveChat, give us a call at 6329 9188 for all enquiries between Mondays-Fridays (excluding public holidays), 9am-6pm or send us an email at enquiries@moneyowl.com.sg.
As with most unit trusts, buy and sell orders for the funds making up the portfolio are transacted at end-of-day prices. The exact price at which you will transact is therefore not known at the point of your placing an order. The price of the fund that you see on screen is from the previous one or two business days before, depending on the fund, not the actual price at which you will transact. The actual price at which you will transact will only be known one or two business days later.
For example
You redeem $100 of the portfolio (T day). The indicative price of one of the portfolio’s underlying funds, Fund A, is $1 on T day. Based on this indicative price, you will redeem $100 / $1 = 100 units. The actual price of the fund at the end of T day is $1.01. This price is only reflected on T+1 day. You will transact at $1.01 and your redemption proceeds will be $1.01 x 100 = $101.
Outstanding fees on a pro-rated basis apply and will be deducted prior to redemption, if you choose to redeem all your portfolio holdings.
On fund holidays, Dimensional and/or Fullerton Funds will not be priced. Transactions on a non-valuation day will be processed the following business day. For a full list of dates please see Dimensional Fund Holidays 2023, Fullerton Fund Holidays and Dividend Schedule 2023, CPF Portfolios Fund Holidays 2023.
In the event of death of the account holder, the following documents will have to be provided to us by the administrator or executor.
Deceased has no will
Deceased has a will
These documents will be submitted to our custodian and the deceased personal investment account will turn into the estate account of the deceased.
Our custodian will then take the instruction of the administrator or the executor. The proceeds from the estate account of the deceased can only be redeem into the estate bank account. Alternatively, the administrator or executor can choose to create their own personal investment account and transfer the estate investment account holdings into the new investment account.
Please contact clientsupport@moneyowl.com.sg for assistance.
The MoneyOwl Advisory fees are deducted from the units in your portfolio on a quarterly basis. If there are insufficient units to deduct, the fees will be deducted from your cash account balance. For MoneyOwl, projected returns are net of Total Fees.
The different fees imposed by the CPF Agent Bank are as shown below:
| CPF Agent Bank | 1Transaction Fees (Buy/Sell) | 2Quarterly Service Charge | For failed trade due to insufficient funds |
|---|---|---|---|
| DBS | $2.50 | $2.00 | $5.00 |
| OCBC | $2.50 | $2.00 | $5.00 |
| UOB | $2.00 | $2.00 | $5.00 |
Please note that fees are GST applicable, and subject to change by the respective Agent Banks.
1The fees are charged on a client level basis. For example, if you have 2 CPF buy orders on the same T-day, the agent bank transaction fee will be $2 + GST (Assuming UOB).
2This is charged on a client level basis. For example, if you have 3 CPF portfolios, the quarterly service charge will be $2+GST.
Pro-rated advisory fees (if any) will be deducted should you redeem all your investments and close your account.
Important Note on Funding:
To get to the funding instructions or top-up instructions after your Investment Account has been successfully set up, log in to your MoneyOwl Account >> “Investment” section >> this will bring you to “Your Investment” page >> click on “Portfolio Card” >> “under Tab” Pending Requests/Cash Account >> View Transfer Instructions.
In the funding instructions, there is a “Reference Code”. You MUST indicate the “Reference Code” in the “Remarks/ Descriptions/ Comments” of your fund transfer, even if the bank says it is optional, otherwise we cannot trace your transaction easily and there will be a delay.
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