Waking up to free money is the best feeling ever
I had toggle on SmartSave recently, and some idle USD in my account was automatically moved into $CSOP USD Money Market Fund(SGXZ96797238.MF$. Today, I was surprised by the free 16c that hit my account. It's not much, but getting a free $NESTLE SA(NSRGF.US$'s Nescafe sachet coffee every day is kind of cool ![]()
Especially when I didn't do anything ![]()
![]()
I have a larger amount of USD that was not automatically pumped into the fund though. I guess it is because those are tied up as collateral. @Moo_Rich just a suggestion, maybe moo moo could allow us to use money tied up as collateral to be pump into the fund?
I paused SmartSave for my SGD as I had been actively putting them into $Fullerton SGD Cash Fund(SG9999005961.MF$. In 3 months, the fund had given me back $68.46, but because moo moo fund coupon was used, I also racked up an addition $189.10 in profit ![]()
![]()
After using all the coupon, I will definitely turn it on so that Moo Moo can automatically help me earn money while I'm sleeping ![]()
![]()
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Moo Contributor
crawled out of poverty, working towards FIRE!! (financial independence, retired early)
14KFollowers
104Following
16KVisitors
Follow
GoLeopard : thanks, I will take a second look at the SmartSave, have checked but always held back by the fact the funds are not capital guaranteed. I don't know if it will suffer the same fate as some of my unit trust investments which dropped a lot. That's holding me back at the moment.
doctorpot1OP GoLeopard: yes there is counter party risk and liquidity risk, but generally it is quite safe as money market funds invest in super safe short term bonds like tbill. If everyone start redeeming the fund then the fund had to sell their holding at a loss instead of holding till maturity and that will cause losses.
Their record is great but then again past performance doesn't guarantee future performance and $CSOP USD Money Market Fund (SGXZ96797238.MF)$ did have -ve returns before. I prefer $Fullerton SGD Cash Fund (SG9999005961.MF)$ as they never had any -ve returns since their inception in 2009. But then again they also haven't experienced a 2008 level crash since inception
GoLeopard doctorpot1OP: thanks doc, your info is helpful. I will check it out.
102392341 : Hi doctorpot1, may I seek your advice whether do you experience unable to instantly invest immediately with your USD once after redemption of your CSOP USD money market fund? Thank you.
doctorpot1OP 102392341: hmmm from what I have experienced even if the money is in the cash plus funds, it is still treated as cash and can be used to buy shares as funds in those MMF adds to your buying power.
did you use margin when buying shares? I.e. buying 100k worth of share when you only deposited 80k? because if you used margin, and if the share price falls, moo moo will require you to have more money locked up to make up for the losses. that could be the reason why you couldn't buy more shares because the money is being locked up as collateral.
doctorpot1OP 102392341: oh and one more thing to check is if your account is universal account or non universal account (meaning 1 account for US, 1 for HK, 1 for SG, etc). Account-moomoo Help Center
because only the universal account the money in $CSOP USD Money Market Fund (SGXZ96797238.MF)$ is added to your buying power.
toomanyscammers : hmmm any admin fees tho? and withdrawal lag time takes how long? haha thx
doctorpot1OP toomanyscammers: moo moo don't charge any fees for subscribing to funds, but the funds themselves do have management fees but it is very low like 0.5%.
for the $CSOP USD Money Market Fund (SGXZ96797238.MF)$ withdrawal time is same day withdrawal (before 8pm), for $Fullerton SGD Cash Fund (SG9999005961.MF)$ it is T+2.
you can see the all Funds lag time and fees by clicking into the fund to subscribe then click rules to see
toomanyscammers doctorpot1OP: thx you bro. but with the Mgmt fees, is it still worth it? I tried to subscribe before but they said need to pass some questionaire lmao
doctorpot1OP toomanyscammers: the fee for these money market fund is super low, same with $SPDR S&P 500 ETF (SPY.US)$ all these. super low. so quite ok de.
plus you can use moo moo coupon hahaha. those coupon give you 10% 15% even 20% per annum for a few days. damn good.
you see from my post. last month already earn $140+ from coupon and 68 from the funds.
View more comments...