Your guide to setting up a Regular Savings Plan for CPF, SRS and Cash with Endowus
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Your guide to setting up a Regular Savings Plan for CPF, SRS and Cash with Endowus

Updated
June 22, 2022
published
April 3, 2020
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guide to setting up regular savings plan

If you are looking at investing consistently across all your investments, you may want to explore setting up a Regular Savings Plan (RSP) with Endowus.

What is a Regular Savings Plan (RSP) and how does it work?

Regular Savings Plans automate your monthly investment to your CPF, SRS, or cash investment plan. The goal is to maintain a consistent investment contribution every month, which has greater potential to optimize your portfolio return in the long run. Under Endowus' RSP, you can choose to set up recurrent monthly investment to Endowus CPF, SRS, cash and Cash Smart portfolios.

How can I get started?

For existing customers, there are only 2 steps that you need to take for you to get your RSP started:

  1. Set up/manage a recurring investment on the Endowus platform;
  2. Link your CPFIS account and SRS account with Endowus (for CPF and SRS account) or set up recurring transfers from your bank account to your UOB KayHian (UOBKH) account (for cash).

For CPF and SRS trades, UOBKH will be able to withdraw funds on the next business day once the recurring investment goal has been set up. The guide below is structured as follows:

  1. Starting a Regular Savings Plan for Cash
  2. Starting a Regular Savings Plan for SRS
  3. Starting a Regular Savings Plan for CPF
  4. Managing your Recurring Investment
  5. Appendix 1: Transferring Cash into your UOB Kayhian Account for Cash Regular Savings Plans and setting up monthly transfers with DBS, OCBC, and UOB

Starting a Regular Savings Plans for Cash

Step 1: Set up an investment goal first, at the risk level you are comfortable with, if you have not. Make sure that the goal you set up is at a risk level that you are comfortable with.

Step 2: Set up a monthly transfer to fund that goal. Go to Appendix 1 to find out more on how to set up your monthly transfer with your preferred local banks. You can also set up a monthly transfer with any other banks.

Step 3: Under "Invest | Redeem |Transfer" in the side bar, go to "Invest" and select the Goal stated in Step 1. That would be the goal that you want to do a Regular Savings Plan with.

Endowus interface on setting up recurring investment
Endowus interface on goal selection

Step 4: Select "SGD Cash" under the "Select Account" to determine your source of funding for the investment.

Step 5: Fill in the three fields on amount to invest, frequency and day to carry out your recurring investment

Step 6: Edit the amount of recurring investment for your regular savings plan if you want to. This page provides you with projections of your investment value growth, given your recurring investment amount. Remember to click "Save".

goal-projection-from investment

Step 7: Click "Send Verification Code" and complete the rest of the process so that changes made can be processed. The monthly amount will be reflected in the "Confirmation" page, along with the name of the goal and the funding account.

Starting a Regular Savings Plans for SRS

There are 3 prerequisites you have to meet first:

  1. You must set up an SRS account
  2. That SRS account must be funded
  3. The SRS account has to be linked with your Endowus account.

If you have not done so, under the sidebar, go to Fund Transfers > Your Linked Accounts > Supplementary Retirement Scheme (SRS) Account and key in the relevant details.

The steps to starting a Regular Savings Plans (RSP) for SRS are as follows:

Step 1: Follow Step 1, 2 and 3 of the RSP for Cash.

Step 2: Select "SRS" under the "Select Funding Source" to determine your source of funding for the investment.

Step 3: Follow Step 5 to 7 of the RSP for Cash Plan, and you are done.

SRS funding source endowus

Do note that there is no need for you to transfer SRS monies into your UOBKH account as the funds will be withdrawn directly by UOBKH. Please ensure that for all one-time or recurring investments, there are sufficient funds in your SRS. Agent bank charges will apply for any failed investments due to insufficient funds.

Also note that you will not be able to do a monthly transfer by standing instruction between your bank account and SRS account. There are thus two options:

  1. Manually transfer a sum every month into your SRS account. We recommend that:
    a) You make this transfer every time you pay your monthly bills, such as credit card bills. Set a Google calendar reminder that repeats every month if it helps.
    b) Set the Endowus platform recurring investment date for about 4 to 5 working days after funding your SRS account.
  2. Transfer a large lump sum at the end of the year to fund your SRS recurring investment over the next 12 months. Please note that uninvested cash in SRS account only earns 0.05% interest per annum. We recommend you to invest as soon as possible.

Starting a Regular Savings Plans for CPF

Please note that CPF Investing involves Agent Bank fees. Read here to find out more.

Step 1: Follow Step 1, 2 and 3 of the RSP for Cash

Step 2: Select "CPF OA" under the "Select Account" to determine your source of funding for the investment.

Step 3: Follow Step 5 to 7 of the RSP for Cash Plan, and you are done.

Again, do note that there is no need for you to transfer CPF monies into your UOBKH account as the funds will be withdrawn directly by UOBKH. Please ensure that for all one-time or recurring investments, there are sufficient funds in your CPF (invested amount must be more than balance above CPF OA minimum of $20,000). Agent bank charges will apply for any failed investments due to insufficient funds.

Stopping or Editing your Regular Savings Plans on Endowus

Now that you have finished setting up your RSP, you may want to make changes to your recurring investment.

For cash RSPs, please also make changes with the monthly transfer from your banks while you adjust your Recurring Investment on Endowus. Insufficient investments will not be executed.

Steps for Stopping or Editing your Regular Savings Plans on Endowus

Step 1: Under "Invest | Redeem" in the side bar, go to "Manage Recurring" and select the Goal you want to adjust.

manage recurring investment Endowus

Step 2: Choose between "Stop" or "Edit" for your recurring investment.

Step 3: This page provides you with projections of your goals given the change in your recurring investment amount. If you choose to edit the amount of recurring investment for your regular savings plan, remember to click "Continue".

Endowus interface on goal projection

Step 4: The new monthly Amount will be reflected in the "Confirmation" page, along with the previous amount. Remember to click "Send Verification Code" and complete the rest of the process so that changes made can be processed.

Appendix 1 - Transferring Cash into your UOB Kayhian Account for Cash RSPs

i) Finding your UOBKH Deposit Details

You can find Wiring Instructions for your UOBKH Trust Account under "Invest | Redeem |Transfer", "Deposit Cash"

Cash deposit with Endowus

After that, you will be able to choose either a PayNow transfer instruction or a bank transfer instruction.

paynow option endowus cash transfer

Setting up a monthly transfer with DBS

Step 1: Under the "Transfer" tab, click on "More Transfer Services".

Step 2: Under "Other Services" click on "Set Up Standing Instruction".

DBS transfer details

Step 3: Complete Authentication

Step 4: Under the "Other Bank" option, click on "Add New Payee"

DBS add new payee interface

Step 5: Use the Copy feature on Endowus' "Funds Deposit" page to copy over the relevant fields for "Recipient's Name" and "Recipient's Account". UOB's Bank Code is 7375.

Step 6: Copy over the Account Name and Reference Code to the relevant fields

match DBS standing instruction detail

Step 7: Standing Instructions require one business day to take effect, so do allocate some buffer time between the "First Payment Date" on DBS, and the stipulated date on Endowus. Do ensure that the specified Payment Amount matches the Recurring Investment amount saved into your Endowus console, as trades will only be cleared when there is a sufficient balance in your UOBKH account.

Match standing instruction frequency DBS

Step 8: Confirm and submit.

ii) Setting up a monthly transfer with OCBC

Step 1: Click on "Payments & transfers"

Step 2: Click on "Add & manage payees", and then on "Add account"

OCBC Fund deposit

Step 3: Use the Copy feature on Endowus'"Funds Deposit" page to copy over the relevant fields for "Recipient's Name" and "Recipient's Account".

OCBC Fund depoit

Step 4: Go through authentication

Step 5: Navigate to "Make a transfer" + "to an account" and "to another bank in Singapore"

Step 6: Do ensure the following:

  • Match the specified Payment Amount to the Recurring Investment amount saved into your Endowus console, as trades will only be cleared when there is a sufficient balance in your UOB Kay Hian account.
  • Set the frequency to "Monthly".
  • Set a suitable time frame after which you will review the performance of your portfolio as there is no perpetual transfer option for OCBC's recurring payments.
  • Allocate some buffer time between the Payment Date on OCBC and the stipulated date on Endowus, as it may take some time for the rules to take effect.
set recurring transfer RSP OCBC

Step 7: Click on Next, then Submit

iii. Setting up a monthly transfer with UOB

Step 1: Navigate to "Pay and Transfer", then "Transfer Funds". Click on the "Add Payee" button as shown below.

Add payee UOB

Step 2: Use the Copy feature on Endowus's"Funds Deposit" page to copy over the relevant fields for "Recipient's Name" and "Recipient's Account". Set the Bank to United Overseas Bank.

UOB fund deposit

Step 3: Submit, review your new payee details, and click on "Transfer Funds".

Step 4: Ensure the following:

  • The specified Payment Amount matches the Recurring Investment amount saved into your Endowus console, as trades will only be cleared when there is a sufficient balance in your UOBKH account.
  • Set the date of the transfer, and check the "Recurring" box
  • Allocate some buffer time between the Payment Date on UOB and the stipulated date on Endowus, as it may take some time for the rules to take effect.
  • Set the frequency to "Monthly", and "Repeat" status to "Perpetual"
ensure details RSP matches UOB

Useful Links

Finally, these pages have the most up-to-date information on setting up recurring funds transfers:

DBS: https://www.dbs.com.sg/personal/support/bank-local-funds-transfer-setup-recurring-funds-transfer.html

OCBC: https://www.ocbc.com/personal-banking/online-banking/funds-transfer.html (under Recurring Transfer)

UOB: https://www.uob.com.sg/personal/eservices/pib/services.page (under Funds Transfer)

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Investment involves risk. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Past performance is not an indicator nor a guarantee of future performance. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund. 

Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endow.us Pte. Ltd (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus Pte. Ltd., its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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