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
9
Dec 2022
published
3
Apr 2020
recurring investments, regular savings plan, dollar-cost averaging

What's a regular savings plan?

Regular savings plans (RSPs) automate your monthly investments. They may be funded by cash, Central Provident Fund (CPF) savings, or Supplementary Retirement Scheme (SRS) monies.

The goal is to maintain a consistent contribution at a regular interval — usually a month — which has a greater potential to optimise your portfolio returns in the long run.

It is also often known as dollar-cost averaging (DCA), as it accounts for market fluctuations and you can lower your average cost paid per share over time.

You don't have to start with a large sum. The cumulative value of the investment will grow over the long term, boosted by the power of compounding.

The routine of a regular savings plan also helps you adopt a disciplined and passive investment strategy. This removes any emotional connection and minimises timing risk, which makes it less likely for you to make impulsive, speculative decisions based on personal opinions or market conditions. Click here to learn why regular, disciplined investments make sense especially in a market downturn.

With Endowus, you can start an RSP by choosing to set up recurring monthly investments to your CPF, SRS, cash, and Cash Smart portfolios.

How do I get started?

For existing clients of Endowus, you will need to do the following to kickstart a regular savings plan:

  1. Link your CPFIS or SRS account with Endowus (for CPF and SRS investments), or set up recurring transfers from your bank account to your Endowus account (for cash investments).
  2. Set up a recurring investment instruction for an existing goal on the Endowus platform.

For CPF and SRS trades, our broker UOB Kay Hian (UOBKH) will be able to withdraw funds on the next business day once the recurring investment goal has been set up.

Refer to the guide below for further details on starting and managing RSPs for cash, CPF, and SRS investments.

Cash — making monthly recurring investments

Step 1: Login to your Endowus account and create an investment goal — at a risk level you are comfortable with — if you have yet to do so.

Step 2: Set up a monthly recurring fund transfer from your bank account, to transfer money to your Endowus account. This money will fund your investment goal regularly. If you're transferring from an account with a local bank, refer to the Appendix below for further details on this process. You may also set up a monthly transfer with other banks.

Step 3: Click on "Invest | Redeem |Transfer" in the left sidebar. Go to "Invest". Select the goal you want for your regular savings plan; this may be the goal you created in Step 1.

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Step 4: Select "SGD Cash" as your funding source.

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Step 5: Fill in your monthly investment amount and which day of the month you want your investment to occur.

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Step 6: If you wish to, you can edit the amount of your recurring investment. This page shows an illustration of your goal and the expected investment outcomes over time.

goal-projection-from investment

Step 7: Click "Send Verification Code" and enter the OTP sent to your phone to confirm the instruction for your monthly recurring investment.

SRS — making monthly recurring investments

To begin a regular savings plan with SRS savings, you need to first do these three things:

  • Create an SRS account
  • Fund the SRS account
  • Link the SRS account to your Endowus account

Here are the steps to set up a regular savings plan with SRS:

Step 1: Login to your Endowus account and create an investment goal — at a risk level you are comfortable with — if you have yet to do so.

Step 2: Ensure that your SRS account is linked to your Endowus account. To do so, click on "Linked Accounts" on the left sidebar. Go to "SRS Account" and key in the relevant details.

Step 3: Click on "Invest | Redeem |Transfer" in the left sidebar. Go to "Invest". Select the goal you want for your regular savings plan.

Step 4: Select "SRS" as your funding source.

Step 5: Fill in your monthly investment amount and which day of the month you want your investment to occur.

Step 6: Click "Send Verification Code" and enter the OTP sent to your phone to confirm the instruction for your monthly recurring investment.

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You do not need to transfer SRS monies into your UOBKH account. This is because the broker will directly draw funds from your SRS account to execute your monthly investment order, once you have set up the instruction.

Please ensure that you have sufficient funds in your SRS account, be it for one-time or recurring investments. 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 top-up or transfer by standing instruction from a bank account to your SRS account. You can thus consider either of these two options:

  1. Manually top up a sum into your SRS account every month. We recommend that you make this transfer every time you pay your monthly bills, such as credit card bills. One tip is to set a calendar reminder that repeats every month automatically. It's also a good idea to set the recurring investment date on the Endowus platform to about 4 to 5 working days after you top up the 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. Note that any uninvested cash sitting idle in your SRS account earns only 0.05% interest per annum. Therefore, we recommend you to invest SRS monies as soon as possible.

To learn more about the Supplementary Retirement Scheme, refer to our guide here.

CPF — making monthly recurring investments

Please note that investing with CPF monies involves agent bank charges. Click here to find out more.

Here's how you can start a regular savings plan with your CPF Ordinary Account (OA) savings:

Step 1: Login to your Endowus account and create an investment goal — at a risk level you are comfortable with — if you have yet to do so.

Step 2: Ensure that your CPF Investment Account is linked to your Endowus account. To do so, click on "Linked Accounts" on the left sidebar. Go to "CPF Investment Account" and key in the relevant details.

Step 3: Click on "Invest | Redeem |Transfer" in the left sidebar. Go to "Invest". Select the goal you want for your regular savings plan.

Step 4: Select "CPF OA" as your funding source.

Step 5: Fill in your monthly investment amount and which day of the month you want your investment to occur.

Step 6: Click "Send Verification Code" and enter the OTP sent to your phone to confirm the instruction for your monthly recurring investment.

You do not need to transfer CPF monies into your UOBKH account. This is because the broker will directly draw funds from your CPF Investment Account or OA to execute the monthly investment order, once you have set up the instruction.

Please ensure that you have sufficient funds in your CPF account, be it for one-time or recurring investments. You can invest your OA savings after setting aside $20,000 in your OA. Agent bank charges will apply for any failed investments due to insufficient funds.

Want to learn more about how to get the best out of your CPF savings? Explore our Fin.Lit Academy.

Stopping or editing your regular savings plan with Endowus

After setting up a recurring investment plan, you may wish to make changes in the future, such as to increase or decrease the monthly amount.

For cash investments, remember to also make the same changes to the monthly transfers from your bank account as you adjust your instructions on Endowus. Insufficient investments will not be executed.

How to stop or edit your regular savings plan

Step 1: Login to your Endowus account. Go to "Invest | Redeem | Transfer" in the left sidebar. Click on "Manage recurring investments" and select the investment goal you wish to adjust.

manage recurring investment Endowus

Step 2: Choose to "Stop" or "Edit" the recurring investment. You have the option to change the monthly amount as well as the day of the month that it will be invested.

Step 3: The next page shows you an illustration of your goal outcomes over time, if you keyed in a different investment amount on the previous page. If you decide to proceed with this change, 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.

Appendix: Transferring cash into your UOBKH account for RSP

Finding your UOBKH deposit details

For cash deposit instructions, go to "Invest | Redeem |Transfer" on the left sidebar, and click on "Deposit cash".

Cash deposit with Endowus

After that, you will be able to see instructions on how to make a bank transfer or a deposit with PayNow for a one-time transfer. You may also select the "Recurring" tab, which will show the instructions for DBS, OCBC, UOB, and other banks.

Setting up a monthly transfer with DBS

Step 1: Login to your DBS account. 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.

For the most updated information on setting up a standing instruction for recurring local funds transfers via DBS, click here.

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.

For the most updated information on setting up a recurring local funds transfer via OCBC, click here (refer to "Recurring transfer").

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

For the most updated information on setting up a recurring local funds transfer via UOB, click here (refer to "Pay and 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.If you are looking to invest consistently across all your investments, it's a good idea to consider a regular savings plan (RSP).

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