PARKING FACILITIES
iGP offers various parking facilities for
clients to temporary park their monies before putting in any
investment transactions. Client can choose to park their money in the
Cash Account, Cash Fund or money market funds on the iGP platform.
What is Cash Account?
Cash Account is a cash management facility which
facilitates transactions of funds and other investment products on iGP
platform.
It allows clients to make payment for
their investment transactions immediately, and earn interest on the
monies deposited in the Cash Account.
All investment account holders will
automatically be given a SGD and USD cash account. There are no
monthly charges and minimum balance requirements for the Cash Account.
The Cash Account balance and transactions can be viewed and performed
online.
iGP consolidates the monies deposited by all
clients in the Cash Account and deposits the monies with a licensed
bank in Singapore. The monies in the client's Cash Account can be used
to pay for their investment transactions immediately. Interests paid
by the bank are passed on to the clients after deducting a nominal
administrative fee. However, please note that the Cash Account is not
a savings account and is therefore not included in the Deposit
Insurance Scheme.
Transactions via the Cash Account can be
executed within a much shorter time as compared to other payment
methods. Thus, it increases efficiency and provides greater
convenience.
Cash Fund
The Cash Fund is a cash deposit fund exclusive
to iFAST. It is professionally run by a Fund Manager. Monies from
investors are all consolidated into the fund, and the Fund Manager
places out the monies in various fixed deposits with several banks.
Because of the economies of scale and professional management, the net
interest rate on the Cash Fund tends to be higher than that of the
iFAST Cash Account, while retaining all the advantages of the iFAST
Cash Account in terms of the ease in transaction and liquidity.
Money Market Funds
There are over 5 money market funds denominated
in various currencies on the iGP platform.
Keep cash readily accessible with iGP multi
currency money market funds, denominated in 4 major currencies -
EUR, GBP, SGD and USD! |
Money market funds offer the following benefits:
Minimal lag time for transactions
Clients can park their monies temporarily in money market funds
before they decide on their investments. As and when the opportunity
arises, clients can make their investment promptly by switching from
the money market funds into other funds or investment products with
no or minimal time lag.
Potentially better returns than bank deposits
The returns on money market funds are potentially higher than saving
accounts, as they invest in higher yielding short-term money market
instruments.
Highly liquid
Money market funds are very liquid. Clients will be able to cash out
money from the money market funds within a short time period, e.g.,
T+1 day.
|