Digibanks products (GXS bank, Maribank and trust bank)

[sohguanh]

What's the worst case scenario with these and is it really instant withdraw with no strings attached?

Can they change tnc at any time with immediate effect?

Usually mmf don't go to zero right? Just may have liquidity issue and duration risk so they may cap withdrawal limit per day or sth

Given that not even gxs offer such mmf funds, and Maribank is under close scrutiny as they are undergoing phase testing by MAS, even tho Mas don't regulate these investments, surely they can raise red flag with such product offering if they think it's a risk?

Scared don't invest lor. Minimum investment is $1 good for test water.

 

[Hwsemb]

The instant payout is really unique because that implies MariBank should be using the previous day Market Value of the bonds/MAS Bills portfolio to determine the instant payout amount. But, what if the actual sales proceed (which will probably be known earliest in the evening, or the next day) drops slightly/drastically; will MariBank claw back the difference, and how to claw back if deposit balance is zero?

I recall for Syfe's Cash+, previously, the same day withdrawal mechanism is that we need to place sell order in the morning, then around 7pm same day, we will receive the sales proceed based on the actual day's NAV.

 

[sohguanh]

The instant payout is really unique because that implies MariBank should be using the previous day Market Value of the bonds/MAS Bills portfolio to determine the instant payout amount. But, what if the actual sales proceed (which will probably be known earliest in the evening, or the next day) drops slightly/drastically; will MariBank claw back the difference, and how to claw back if deposit balance is zero?

I recall for Syfe's Cash+, previously, the same day withdrawal mechanism is that we need to place sell order in the morning, then around 7pm same day, we will receive the sales proceed based on the actual day's NAV.

I think underlying they have some buffer to handle withdrawal but cap at each customer 10k. So they could be withdraw from this buffer and not need to sell any units in the fund at all.

Your concern nav drop drastically is low for such money market kind of fund. So yes while I think MariBank is absorbing some risk in this aspect it is also unlikely in a single day all their customers withdraw 10k. If it is then they need to sell units in the fund.

 

[sglandscape]

What's the worst case scenario with these and is it really instant withdraw with no strings attached?

Can they change tnc at any time with immediate effect?

Usually mmf don't go to zero right? Just may have liquidity issue and duration risk so they may cap withdrawal limit per day or sth

Given that not even gxs offer such mmf funds, and Maribank is under close scrutiny as they are undergoing phase testing by MAS, even tho Mas don't regulate these investments, surely they can raise red flag with such product offering if they think it's a risk?

The risky part is the non MAS bills allocation, but otherwise it's on the safe side. The management fee of 0.35% is rather steep though, that makes the return similar to other banks promo savings account rates.

You won't lose principal, just pay fees and can redeem close to original price especially in today's environment.

 

[WoShiPro]

Make a mistake to transfer funds over to marisave.. No interest for 3 days as the buy order will only confirm on Monday.

 

[sohguanh]

Make a mistake to transfer funds over to marisave.. No interest for 3 days as the buy order will only confirm on Monday.

So lesson to learn for mutual fund it is different from stock,ETF due to the lag. Assume you only transfer small amount so interest never lose a lot. I just open the invest account but intend to fund on Monday.

Btw Fullerton fund expense ratio is only 0.15% even lower than this MariBank SavePlus so I would think unless this is revised Fullerton should still be better. But I like the instant withdrawal (cap at 10K) so I give it a try. As long as it keep above 3.6% which is above CIMB casa promo I am fine.

 

[sglandscape]

So lesson to learn for mutual fund it is different from stock,ETF due to the lag. Assume you only transfer small amount so interest never lose a lot. I just open the invest account but intend to fund on Monday.

Btw Fullerton fund expense ratio is only 0.15% even lower than this MariBank SavePlus so I would think unless this is revised Fullerton should still be better. But I like the instant withdrawal (cap at 10K) so I give it a try. As long as it keep above 3.6% which is above CIMB casa promo I am fine.

Is there a min amount for the Fullerton one?

 

[sohguanh]

Is there a min amount for the Fullerton one?

Depend you buy from which platform. moomoo is 10 cents aka cashplus. Poems, Webull is $1.

 

[crimsontactics]

So lesson to learn for mutual fund it is different from stock,ETF due to the lag. Assume you only transfer small amount so interest never lose a lot. I just open the invest account but intend to fund on Monday.

Btw Fullerton fund expense ratio is only 0.15% even lower than this MariBank SavePlus so I would think unless this is revised Fullerton should still be better. But I like the instant withdrawal (cap at 10K) so I give it a try. As long as it keep above 3.6% which is above CIMB casa promo I am fine.

But chiu are taking a risk for only an extra 0.1% pa in interest?

 

[Sambuca78]

So lesson to learn for mutual fund it is different from stock,ETF due to the lag. Assume you only transfer small amount so interest never lose a lot. I just open the invest account but intend to fund on Monday.

Btw Fullerton fund expense ratio is only 0.15% even lower than this MariBank SavePlus so I would think unless this is revised Fullerton should still be better. But I like the instant withdrawal (cap at 10K) so I give it a try. As long as it keep above 3.6% which is above CIMB casa promo I am fine.

Only 0.1% cap at 10k worth it meh?

 

[sohguanh]

But chiu are taking a risk for only an extra 0.1% pa in interest?

It is a fund which means may rise and fall so yes taking a risk but since minimum investment is $1 why not take some test water who know wait like Fullerton go to 3.7 and compounding actually more than that I verify before. And I get instant withdrawal feature cap at 10k.

Of cuz in reality won't put $1 else see nothing but the option is there which I like.

 

[crimsontactics]

It is a fund which means may rise and fall so yes taking a risk but since minimum investment is $1 why not take some test water who know wait like Fullerton go to 3.7 and compounding actually more than that I verify before. And I get instant withdrawal feature cap at 10k.

Of cuz in reality won't put $1 else see nothing but the option is there which I like.

Mlmlwml...

Just pump CIMB 3.5%...

 

[sohguanh]

Mlmlwml...

Just pump CIMB 3.5%...

CIMB I already have. I just take some out. It is like go economy rice stall you only order one dish to go with rice? I cannot need many dishes if I can afford of cuz.

 

[crimsontactics]

CIMB I already have. I just take some out. It is like go economy rice stall you only order one dish to go with rice? I cannot need many dishes if I can afford of cuz.

I see Bro...

 

[~sabaisabai~]

So lesson to learn for mutual fund it is different from stock,ETF due to the lag. Assume you only transfer small amount so interest never lose a lot. I just open the invest account but intend to fund on Monday.

Btw Fullerton fund expense ratio is only 0.15% even lower than this MariBank SavePlus so I would think unless this is revised Fullerton should still be better. But I like the instant withdrawal (cap at 10K) so I give it a try. As long as it keep above 3.6% which is above CIMB casa promo I am fine.

but fund is not guaranteed, it comes with the risk
and also, need to pay annual fee and platform fee you buy?
cimb 3.5% is a bank, saving account, it is different instrument of buying fund

 

[sohguanh]

but fund is not guaranteed, it comes with the risk
and also, need to pay annual fee and platform fee you buy?
cimb 3.5% is a bank, saving account, it is different instrument of buying fund

Of cuz it is different and I never hide that fact. Even Fullerton Cash Fund which I have suggest to readers don't all in. In fact every investment instrument don't all in.

 

[WoShiPro]

Maribank marinvest return drop to 3.37% last Friday it was 3.63%

 

[sohguanh]

Maribank marinvest return drop to 3.37% last Friday it was 3.63%

Have you all do the actual calculation yourself instead of relying on what the app shows? Based on the app shown formula annualized return = (unit price today - unit price 14 days ago) / (unit price 14 days ago) / 14 x 365

So I go LionCapital (https://www.lionglobalinvestors.com/en/fund.html?officialNav=OFBF )and download the historical NAV pricing and I plug in the numbers

1.0041,"05-Sep-23" <- 14 days ago
1.0057,"22-Sep-23" <- today (latest)
annualized return = (1.0057 - 1.0041) / 1.0041 / 14 x 365 = 0.0415 = 4.15%

Then I do it another way assume I put $1000 14 days ago
1000 / 1.0041 = 995.917 units <- 14 days ago I get this number of units
995.917 x 1.0057 = $1001.593 <- today (latest)

14 days 1.593 <- 14 days I get 1.593 based on 1000 investment
365 days 41.432 <- annualized (365 days) based on 1000 I get 41.432 which is about 4.15%

So I am quite confused why the app show 3.37% ? Unless the app shown formula and my own formula are all wrong?

Edit: I have considered the fact maybe the NAV that is released haven't deduct the 0.35% even if that is the case 4.15 - 0.35 = 3.80%

Edit2: Using the downloaded NAV from earliest available 05 Jul to 22 Sep and plug in the formula it is 3.78% for total 56 days. This fund maybe a good fight with Fullerton Cash Fund.

 

[sohguanh]

A shy reader has PM me and inform perhaps the calendar days take into account weekend like Sat,Sun. If that is the case, think this MariBank Saveplus is giving very lousy returns. Readers can don't invest.

I use a longer period based on the downloaded NAV csv file.
0.9999 05-Jul-2023
1.0057 22-Sep-2023
Total number of days is 80 (include all Sat,Sun)

1.0057 - 0.9999 / 0.9999 / 80 x 365 = 2.65%

Edit: A quick chat with their CS they also not sure how the calculation is worked out just use the word past 14 days return. If that is the case we will assume that include Saturday, Sunday then. This product is quite bad returns so readers can give it a miss. CIMB casa at 3.5% can do instant withdrawal too. I will not increase any further just use the test water amount to see how it goes.

 

[WoShiPro]

A shy reader has PM me and inform perhaps the calendar days take into account weekend like Sat,Sun. If that is the case, think this MariBank Saveplus is giving very lousy returns. Readers can don't invest.

I use a longer period based on the downloaded NAV csv file.
0.9999 05-Jul-2023
1.0057 22-Sep-2023
Total number of days is 80 (include all Sat,Sun)

1.0057 - 0.9999 / 0.9999 / 80 x 365 = 2.65%

Edit: A quick chat with their CS they also not sure how the calculation is worked out just use the word past 14 days return. If that is the case we will assume that include Saturday, Sunday then. This product is quite bad returns so readers can give it a miss. CIMB casa at 3.5% can do instant withdrawal too. I will not increase any further just use the test water amount to see how it goes.

Does other MMF/fixed income fund include non-trading days in their int calculation?

Anyone done a comparison of the fund vs other mmf/fixed income fund?

My emergency fund is in endowsus for 4.5-4.8% but I'm looking for liquidity for my daily/active cash hence I put a sum into this mari invest as they are able to provide instant withdrawal.