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Is it possible / suggested to have two CDP accounts?

I have a brokerage with iOCBC but plans to also start one with CGS-CIMB. During my registration with the latter I am being asked if I already have a CDP account, I guess I do because I have an iOCBC brokerage account. Is it still possible / suggested to get another CDP with CGS-CIMB or it's advisable to just stick with one.

Discussion (5)

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Elijah Lee

01 May 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi,

Only one single CDP account is possible. There should be nothing stopping you from opening multiple joint accounts however.

CDP being the custodian, only holds your shares and it doesn't really matter which brokerage you link it to, you can have multiple brokerage accounts linked to it if you wish.

Gabriel

01 May 2020

Undergraduate at National University of Singapore

Hey SingaporeChap, you can open an account with multiple brokerages but you can only have 1 CDP account, i.e the respective brokerage accounts will be linked to your CDP account. As for whether you should just stick with one, it's really up to your own preference, depending on which brokerage you prefer to use, in terms of fees, user interface etc. For me, I use DBS Vickers Cash Upfront Account to buy and FSMOne to sell for the lowest fees.

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It is not possible to own 2 CDP account. However, you can link multiple brokerages to CDP....

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