Asked on 15 Jun 2020
How much to put to see returns? Is this better to RSP?
Hi there! You don't have to accumulate a min sum before withdrawal is allowed. You can make a withdrawal any time you wish. So although the automatic crediting of dividends to your bank account is only available for Black and Gold tier clients, you can still withdraw your dividends as you prefer.
Compared to RSP, Syfe is more cost efficient for regular investing. You can DCA without incurring any brokerage / transaction fees for each transaction you make. RSPs may have selling fees too when you divest your investments. Syfe does not levy any withdrawal fees when you withdraw. Over the long term, investing with Syfe will be more cost effective.
It all depends on you! You can do dollar cost averaging (a certain amount each month), or just put in a lump sum at the start. SYFE is a free and easy roboadvisor.
If I'm not wrong, you can make a withdrawal whenever you want to. However, if you're talking about your dividends instead, you can only have your dividends paid out to your bank account when you have at least $20,000 in your SYFE portfolio.
In terms of returns, it really depends on how much you want to gain. However, with returns, there's alway a risk of loss as well, especially with the COVID-19 situation. This shouldn't be much of a concern if you're holding your investment in the long term though!
Personally, I placed $1000 at the start, and then I used DCA!
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