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:
- Set up/manage a recurring investment on the Endowus platform;
- 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:
- Starting a Regular Savings Plan for Cash
- Starting a Regular Savings Plan for SRS
- Starting a Regular Savings Plan for CPF
- Managing your Recurring Investment
- 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.
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".
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:
- You must set up an SRS account
- That SRS account must be funded
- 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.
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:
- 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.
- 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.
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".
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"
After that, you will be able to choose either a PayNow transfer instruction or a bank transfer instruction.
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".
Step 3: Complete Authentication
Step 4: Under the "Other Bank" option, click on "Add New Payee"
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
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.
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"
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".
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.
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.
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.
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"
Finally, these pages have the most up-to-date information on setting up recurring funds transfers:
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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