Sign Up Promotion for Moomoo:
- Valid for new moomoo users only
- Open a moomoo universal account via this link to receive extra S$20 Cash coupon [for IJUSTTRYLAH users], then fulfill the below requirements:
Level 1: Deposit a min. of S$100 & make 1 buy trade to receive S$20 Cash coupon [Required holding period: 10 days = S$2 per day x 10 days]
Level 2: Deposit a min. of S$3,000 & make 3 buy trades to receive 1 Stock Slice Bundle worth S$70 [Required holding period: 30 days]
Level 3: Deposit a min. of S$10,000 & make 8 buy trades to receive 3 Stock Slice Bundle worth S$120 [Required holding period: 90 days]
Level 4: Deposit a min. of S$100,000 to receive 1 Apple Stock (AAPL) worth S$243 [Required holding period: 90 days]
*stock bundle consist of 5 stocks – NVIDIA, TESLA, APPLE, SE, NIO
All rewards are stackable. eg. When you fulfill Level 3, you will also qualify for Level 1 & 2 rewards.
Subscription to Cash plus is also considered a buy trade. Therefore, say you have S$10K to deposit, you could split into 8 tranches to subscribe to Cash Plus [eg. S$1K, S$2K, S$2K, S$1K, S$1K, S$1K, S$1K, S$1K]. This will fulfill the Level 3 requirement of 8 buy trades.
Additional Moomoo Cash Plus promotion:
Earn **6.8% p.a guaranteed up to first S$80K subscription for 30 days
- Valid till 16th July 2024
- Valid for new and existing users.
**6.8%p.a. is guaranteed only during the promotional period.
Here is the optimised strategy:
- Sign up for moomoo account
- Deposit S$100,000 into your moomoo account
- Out of that S$100K, Subscribe to Moomoo Cash Plus with S$80K for **6.8% p.a promotion for 30 days.
- Hold the S$100K in your moomoo account for 90 days.
Since all the rewards are stackable, you will receive Level 1 to 4 Rewards (1 Apple Stock, 4 Stock Slice Bundle worth S$190, S$40 cash coupon) + 6.8% worth of interest, totalling to S$990 worth of rewards.
Overview:
Moomoo Cash Plus is a cash management tool offered by Moomoo, an investment platform. It allows you to invest your spare cash in money market funds to potentially earn higher returns than a traditional savings account while maintaining flexibility. Cash Plus primarily invests in comparatively safe financial instruments like certificates of fixed-term bank deposits and short-term government bonds, among others.
To start off, what is Money Market Fund?
It is a type of mutual fund that invests in very short-term, low-risk investments. Because of this focus on safety, they typically offer lower returns than stocks or bonds, but they also come with much less risk of losing your money.
- Benefits:
- Low Risk: Cash management funds provide a high level of security for your principal investment because they invest in extremely safe assets.
- Liquidity: Your funds are easily accessible, and you can usually redeem them out whenever you want without incurring fees (though there may be a brief settlement period).
- Potential for Higher Returns: Cash management funds have the potential to yield marginally higher returns than a traditional savings account.
- Drawbacks:
- Lower Returns: Cash management funds typically yield lower returns than stocks or bonds due to their low level of risk.
Money Market funds are a good fit for several situations:
- Parking Cash: A great place to store your emergency fund or short-term savings goals, where you want to potentially earn a little bit more interest than with a traditional savings account
- Cash Buffer: Investing in the stock market and maintaining a portion of your cash in a money market fund can serve as a safety net for unforeseen expenses or opportunities.
How Does Moomoo Cash Plus Work?
You can invest any amount of US dollars (USD) or Singapore dollars (SGD) with Moomoo Cash Plus, even as little as one cent! You can simply withdraw your money at any time, with no fees associated with subscribing or redeeming your investment (although settlement times may apply). This is an investment, not a savings account.
There are 3 Money Market Funds:
- Fullerton SGD Liquidity Fund
- Fullerton SGD Cash Fund
- CSOP USD Money Market Fund
Fullerton SGD Liquidity Fund | Fullerton SGD Cash Fund | CSOP USD Money Market Fund | |
Currency | Singapore Dollar (SGD) | Singapore Dollar (SGD) | US Dollar (USD) |
Liquidity | T+0 Settlement (same-day withdrawals on trading days) | Standard Settlement (likely T+1) | T+0 Settlement (same-day withdrawals on trading days) |
Management Fees | 0.20% | 0.16% | 0.30% |
Maturity Period | <=4 weeks | <=4 weeks | 1-3 months |
*For USD Funds, there will be an FX risk. I would choose this only if I have money in USD to be invested in US stock market.
Is Cash Plus safe?
Cash Plus primarily invests in highly secured money market instruments but both the fund’s profitability and a minimum return are not guaranteed by the fund house.
How to Subscribe to Moomoo Cash Plus
You will need a Moomoo account here (You will receive extra S$20 cash bonus!)
- Manually Subscribe
- Open the Moomoo App
- Click on Wealth > Cash Plus
- Tap on the fund you want to invest in
- Click Subscribe and input how much money you want to invest
- You can deduct the funds directly from your saved bank account
2. Regular Savings Plan
- On the app, click on the fund page, then tap RSP
- Set your investment cycle with the options ranging from daily, weekly, every two week, or monthly
3. SmartSave
- On the app, click on the cash plus main page
- Click on Management SmartSave
- Click Activate for both USD and SGD accounts
- You can choose which fund to invest in as well as input the amount you don’t want to invest in the fund (Amount Reserved)
My Take:
This is something I personally use as I invest frequently. I have found moomoo to be the easiest to invest my excess funds when i’m waiting to re-enter the stock market. I have also decided to sign this up for my mom as she is a retiree with retirement cash. Her spending is not high enough to fulfill many high yield savings account criteria and she surely would not be able to do credit card hacks like me. Therefore, I put some of her excess funds here so that it can grow without her needing to do much. I hope this helps.
Please note that Moomoo Cash Plus is an investment product. This is not comparable and is different from savings deposits. Principal is not guaranteed and up to 30 days of 6.8% p.a. is guaranteed only during the promotional period. Investment in any capital market products involves risks and the risk to lose principal.
