facebookWhat can I do now that Maybank Kim Eng is stopping Monthly Investment Plan(MIP)? Any other alternative out there that I can consider? also, what will happen to my odd lots of shares if I do not sell it off? - Seedly

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Anonymous

19 Jan 2020

βˆ™

General Investing

What can I do now that Maybank Kim Eng is stopping Monthly Investment Plan(MIP)? Any other alternative out there that I can consider? also, what will happen to my odd lots of shares if I do not sell it off?

Discussion (11)

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Billy

19 Jan 2020

Development & Acquisitions Manager at Real Estate Private Equity

Are you looking to RSP for stocks? If you're just looking at ETFs then other banks and brokerage firms do offer these services. But if you are looking into stocks, Philips has a similar service called sharebuilder.

Odd lots-wise, you can consider buying more to make it into a whole number before selling off or just leaving it there to collect dividends and maybe apply rights issue if the company does introduce one

There are other alternatives such as;

1) POSB Invest Saver - if you doing monthly $100 to $500

2) OCBC Monthly Blue Chip Investment Plan

You can also invest on SI ETF via standard Chartered online brokerage or DBS vickerss cash upfront.

For your odd lots, i will advise biting the bullet and sell them. There will be a $40 comission fee​​​

Bjorn Ng

19 Jan 2020

Business Analyst at 10x Capital

You can consider POSB Invest Saver, it works like the MIP as well. However, you can only buy STI ETF or ABF SG bonds - if that was what you were using initially, that would be a good option.

For odd lots, nothing will happen if you don't sell it off.. Only thing is if you are OCD, then that will be a bit of an "eye-sore".

Unfortunately there is no viable alternative currently, to me, for MIP. Not with the breadth of counters available and at their commission structure. Only other way I see is to continue funding your prefunded account and buying into the counters manually. I'm personally considering this option once MIP ends, since the prefunded commission rates are cheaper as compared to non prefunded account rates.

The shares you purchased through MIP will remain in your prefunded account. There is a promotional rate until end of the year to sell off the odd lot shares at 'normal' online brokerage commission rates. It will be 40 dollars otherwise if you contact your broker to sell off the odd shares.

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POSB Invest Saver is really cheap at about $4 for $300 per month regular investment.

If you are re...

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