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SmartSave

1.  What is SmartSave?

SmartSave is a wealth management service launched by moomoo Singapore. With SmartSave, uninvested cash in your moomoo SG Universal Account will be used to buy Cash Plus automatically every working day, and your Cash Plus position will add to your buying power to trade stocks, subscribe to US and Singapore IPO shares, and buy funds (other than Cash Plus), and will be auto-redeemed to cover deficits (if any) in your Universal Account (see Question 8 for detailed rules).


2.  What is Cash Plus?

As a wealth management product provided by moomoo, Cash Plus mainly invests your uninvested cash in bank savings and short-term debt instruments. It aims to achieve asset appreciation while maintaining principal value as well as high liquidity.


3.  What currencies does SmartSave support?

SmartSave supports SGD and USD.

Uninvested cash in SGD and USD can be used to buy Cash Plus in respective currencies. To buy Cash Plus, please go to APP > Trade > Money Plus > Funds > Cash Plus > Manage SmartSave > Universal Account(SGD/USD) > Product.


4.  How to activate/pause/resume SmartSave?

To activate/pause/resume SmartSave, please go to APP > Trade > Money Plus > Funds > Cash Plus > Manage SmartSave > Universal Account(SGD/USD).


5.  What happens if SmartSave is paused?

After SmartSave is paused, your uninvested cash will remain in your Universal Account and will not be used to buy Cash Plus. If there is a deficit in your account, your Cash Plus position will still be auto-redeemed to cover it in order to avoid interest.


6.  Why can't I use 100% of my Cash Plus position for trading after I activate SmartSave?

After SmartSave is activated, you can use only 99% of your Cash Plus position for trading due to the fluctuations in Cash Plus' net value and foreign exchange rates.


7.  When will the uninvested cash in my account be used to buy Cash Plus?

After SmartSave is activated, SGD and USD uninvested cash in your Universal Account will be used to buy Cash Plus automatically at 8:30 AM every working day.


8.  Do I need to manually redeem my Cash Plus position to cover any deficit after I trade with it?

After SmartSave is activated, if you trade with your Cash Plus position, we will check your account for any deficit at 7:00 AM and 8:00 AM every day, and redeem your Cash Plus position in an amount equal to the deficit (if any). The redeemed amount can be only used to cover the deficit in the same currency. If the deficit is denominated in a different currency, you need to exchange the redeemed amount after it arrives in your account.

Example:

Suppose you have a deficit of 1,000 USD and Cash Plus positions of 1,000 SGD and 500 USD in your account.

● First 500 USD of your USD Cash Plus position will be redeemed, and your deficit becomes 500 USD.

● If the exchange rate at the time of redemption is 1.4008 SGD = 1 USD, then 700.4 SGD (500 USD*1.4008) of your SGD Cash Plus position will be redeemed, but your deficit remains 500 USD.

● After receiving the redeemed amount (700.4 SGD), you need to exchange it for 500 USD to cover the deficit.


9. Can I use my Cash Plus position for regular savings plans (RSPs)?

Yes. With SmartSave, your Cash Plus position will add to your buying power and can be used for payment for RSPs (other than Cash Plus).


10. Can I withdraw my Cash Plus position?

Cash Plus positions cannot be withdrawn directly. You need to redeem your Cash Plus position and pause SmartSave first, and then initiate a withdrawal request after the redeemed amount hits your account.


11. Can I keep a certain amount of cash in my Universal Account?

You can set SGD and USD reserve amounts for each account. In this case, these reserve amounts will not be used to buy Cash Plus. For example: Suppose you have uninvested cash of 1,000 SGD in your account and set a reserve amount of 400 SGD. Then only 600 SGD of your uninvested cash can be used to buy Cash Plus.