uSMART - The SMART-er Plan for the uncertainties ahead!
In our previous article from April, we covered how uSMART is a fuss free trading platform suitable for investors. Recently, uSMART has further upped the ease in which a young adult can invest through their new SMART Plan feature.
It is our belief that the best way to learn about investing and financial markets is through putting your own money to work. However, as a new investor starting out, you have experienced:
- Minimum fees being charged forming a huge proportion of your investment quantum and
- The inertia of logging into a trading platform at regular intervals, and manually keying in orders each time you want to make an investment.
The SMART Plan helps you overcome these 2 main hurdles to enable a smoother and more efficient investing process.
- Investment Amount (SGD): This is the amount that will be deducted every month from your account (Note that the amount cannot be lower than 1 lot of the selected share, in our example, Raffles Medical is currently trading at SGD 1.380 per share, with a SGX-defined lot size of 100 shares. Hence the minimum amount you can set will be SGD 138, we used SGD 200 in our example for illustration purposes)
- Fund Deduction Method: There will be 3 options, “eGIRO”, “uSMART Account”, and “eGIRO or uSMART Account”. We recommend choosing “eGIRO or uSMART Account” so that any amount gets deducted first from within the uSMART platform, and any remainder should there be insufficient funds then gets deducted from your eGIRO-linked bank account
- Investment Time: The first box allows you to indicate the frequency and date of deduction (Every Month, Week or Day), while the second box allows you to dictate the time of the day the investment will be performed.
- Bank Account: This option will only appear if eGIRO is included as one of the Fund Deduction Methods. Indicate your specified bank account for the deduction to take place.