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Anonymous

13 Jun 2019

General Investing

What are the community's thoughts on sweep account facilities?

Saw that FSMone has introduced their new auto-sweep account that promises higher returns than cash account, would like to know thoughts about it? Thank you.

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Gabriel Tham

13 Jun 2019

Tag Team Member at Kenichi Tag Team

It is not something new. Other brokers like Philips have done something similar.

Good for parking for investment funds and always be ready to deploy them quickly and earn some interest while waiting.

Do note that this type of accounts are not covered under SDIC unlike our local banks where deposit and savings account are covered by SDIC. So, I guess don't park everything inside just to be safe.

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