Is Syfe cash+ safe?

Hi Anon, taking the assumption that the cash we're talking about here is cash that you want to leave in your account for a rainy day or emergency (i.e. not investment money), then Syfe Cash+ is a good place to start!

​

However, you may want to look not only at Syfe but at other Roboadvisors and service providers (like FSMOne) to put your spare cash in.

I think Syfe Cash+ is a decent option. It’s also more convenient to transfer cash into their investment portfolios should you wanna do that. But note that there’s also a 0.65% (or 0.5% if you’ve got >20k cash) platform fee so that might eat into the returns.

I wouldn’t worry too much about the differences yet though - it’s peanuts compared to investing / finding ways to grow your income.

On a side note, I’ll just leave SC Jumpstart here in case they ever bring the rates back up to 2% again 😪

Hi, there are many platforms out there like Cash+. They all work the same way. To answer your question, it depends.

​

My recommendation is, money you have no plans to use in the next 5 years or more, should be invested in proper investments like bonds, stocks or both. So if you do not plan to use the money anytime soon, you shouldnt be parking the money in a cash management account.

​

However, if you have certain big ticket purchases planed in the short term, like buying a house or a wedding, then it is wise to put the money in cash+. If you need the money in say 3 years, you do not want a market correction affect your ability to meet your financial commitments.

Good idea if you are ok with the idea of it possibly being in the red as it is not a savings account but rather a investment vehicle