CPFIS-OA

[joanie_dan]

Service charge for all 3 banks are similar at $2 per counter per quarter. Hence if no holdings I would assume no charges at all. Didn't see a charge stated on uob's website, can someone who has an account verify? However noticed their transaction charge is cheaper.

 

[antonpoh]

Service charge for all 3 banks are similar at $2 per counter per quarter. Hence if no holdings I would assume no charges at all. Didn't see a charge stated on uob's website, can someone who has an account verify? However noticed their transaction charge is cheaper.

Not really.. this is from DBeeS, I only have one counter. They're charging me $5 per quarter.

Spoiler

 

[zeroX26]

Service charge for all 3 banks are similar at $2 per counter per quarter. Hence if no holdings I would assume no charges at all. Didn't see a charge stated on uob's website, can someone who has an account verify? However noticed their transaction charge is cheaper.

Am using UOB; there was a year's gap before I made the first purchase with my CPF-OA & there was no charge implemented during that 1 year.

 

[limster]

Transaction fee UOB is cheapest at $2.00 per 1000 shares. The others are more expensive at $2.50 per 1000 shares.

During GFC, it was $2.00 per transaction whether 1000 shares or 10000 shares so I could use CPF to buy 50-cent FCT.... Now buying penny stocks on CPF will incur high transaction costs.

Sadly that has changed. Goes to show that whatever the charges now, everything can change after a few years.

 

[kuang89]

Many people try to act smart and cut corners usually end up spending more.

Yes legal fees may be a few hundred more but taking hdb loan may end up incurring more interest. There are ways to cut interest rate paid by half, but your income must be very high and stable to make it work.

Have you check with hdb, maybe nowadays don't need to wipeout all your cpf. This have been a very stupid rule, really need to remove. Some people want to leave enough in OA for retirement too.

"CPF money is your money"

I think they let you pledge your property back as a kind of a slap in the face after punching you...

why remove the rule when doing that can bill your accrued interest?

 

[henrylbh]

"CPF money is your money"

I think they let you pledge your property back as a kind of a slap in the face after punching you...

why remove the rule when doing that can bill your accrued interest?

You must accept the fact that CPF is your money only when you reached your drawdown date or when you die or when you leave the country for good.

If you use CPF for housing, you must return the amount with interest because they when they return your CPF they have to pay you interest even though the money is not in your account, but drawn out for housing.

 

[henrylbh]

Transaction fee UOB is cheapest at $2.00 per 1000 shares. The others are more expensive at $2.50 per 1000 shares.

During GFC, it was $2.00 per transaction whether 1000 shares or 10000 shares so I could use CPF to buy 50-cent FCT.... Now buying penny stocks on CPF will incur high transaction costs.

Sadly that has changed. Goes to show that whatever the charges now, everything can change after a few years.

No change. I am also using UOB. Transaction cost is $2 per lot per counter subject to a max of $20. The per lot charge just adds additional cost to penny stocks.

 

[antonpoh]

"CPF money is your money"

I think they let you pledge your property back as a kind of a slap in the face after punching you...

why remove the rule when doing that can bill your accrued interest?

Actually when they say pledge your property, it's just for them to confirm that you have asset. When you pass away, they won't take your property.

Accrued interest most likely won't let them take back cause don't think i will be selling the hdb.

 

[edwinttt1978]

I went down to UOB to open a CPFIS account today. The cso told me that even you don't hold any counters/stocks, there is still a maintenance fee charge ($2) per quarter.

Does anyone know if this is true for DBS and OCBC also?

Incurring $10.70/quarter for 5 stocks in OCBC CPFIS.

 

[OCBC Bank]

I went down to UOB to open a CPFIS account today. The cso told me that even you don't hold any counters/stocks, there is still a maintenance fee charge ($2) per quarter.

Does anyone know if this is true for DBS and OCBC also?

Hi elviol,

We do not charge any fees, if you are not holding on to any counters/stocks.

You can refer to http://www.ocbc.com/personal-banking/Investments/cpf-investment-account.html for more information.

^DG

 

[elviol]

Thanks for all the info guys! I opened it with OCBC in the end.

I also felt skeptical when UOB told me that there was a maintenance charge ($2). I even specifically asked the cso, "I'm not holding any stocks/counters! Why would there be a charge?!" She still insisted there is a charge - either she didn't understand me, or she just doesn't know her stuff. Their loss.

The fact that I had to wait for approx half an hour at the UOB branch didn't help matters...

 

[edwinttt1978]

Thanks for all the info guys! I opened it with OCBC in the end.

I also felt skeptical when UOB told me that there was a maintenance charge ($2). I even specifically asked the cso, "I'm not holding any stocks/counters! Why would there be a charge?!" She still insisted there is a charge - either she didn't understand me, or she just doesn't know her stuff. Their loss.

The fact that I had to wait for approx half an hour at the UOB branch didn't help matters...

You've made the right choice with OCBC CPFIS.

OCBC internet banking platform is very user-friendly, allowing you to easily view CPFIS stock holdings, though DBS and UOB are fast catching up on IB.

 

[ykeen]

I went down to UOB to open a CPFIS account today. The cso told me that even you don't hold any counters/stocks, there is still a maintenance fee charge ($2) per quarter.

Does anyone know if this is true for DBS and OCBC also?

My uob cpfis has been empty since the subprime crisis.. No charges.

 

[henrylbh]

Actually when they say pledge your property, it's just for them to confirm that you have asset. When you pass away, they won't take your property.

Accrued interest most likely won't let them take back cause don't think i will be selling the hdb.

Pledging your flat and CPF accrued interest do not mean a thing if the flat is never sold. If pass away, nothing goes back to CPF.

But if it is sold before or after 55, proceeds based on CPF amount withdrawn for the flat plus interest, from the sale must good back to CPF.

 

[henrylbh]

My uob cpfis has been empty since the subprime crisis.. No charges.

Ha ha, My uob cpfis is never empty.

Over the years, I have paid quarterly service charge of $1,345.50 excluding GST and transaction cost.

 

[limster]

My uob cpfis has been empty since the subprime crisis.. No charges.

My CPFIS was filled up during the last GFC with STI ETF, CDG, and FCT


I know Henry says that the $2 per 1000 shares charge was in existence since the last GFC, but I distinctly remember that my CPFIS transaction charge was only $2 per trade which is why I used CPF to buy FCT (23k at $0.56).

If the charge were for each 1000 shares, I wouldn't have used CPF for penny stock like FCT.

 

[henrylbh]

My CPFIS was filled up during the last GFC with STI ETF, CDG, and FCT


I know Henry says that the $2 per 1000 shares charge was in existence since the last GFC, but I distinctly remember that my CPFIS transaction charge was only $2 per trade which is why I used CPF to buy FCT (23k at $0.56).

If the charge were for each 1000 shares, I wouldn't have used CPF for penny stock like FCT.

$x per lot per counter subject to a max of $xx has been in place from the time CPFIS was introduced in 1988. I don't know about reit. Perhaps reit is like insurance premium paid by CPFIS. Whether the premium is $1k or $50k, the charge is $2 per quarter as there is no lot to talk about.