Last week, we touched on SRS account benefits and perhaps what most people were looking to find, what SRS money can be invested in.
But hey, whenever we can choose to buy investments like stocks or unit trusts, don’t we need a broker?
Yep, and you’re right!
There are limitations on the brokers that you can pick! Not all brokers can be linked to your SRS account. And sadly, none of our favourite low cost brokers fall into this approved list 🙁
But fret not, we have just one broker change your perception on SRS brokers!
A Bit on Phillip Securities
Now, some of you, maybe the older ones, would’ve definitely heard of Phillip Securities. But for many youth like myself and probably many of you too, this might be a new name to you. Phillip Securities was founded in 1975, making them, well, almost double my age HAHA.
More importantly, this means that Phillip Securities and their brokerage service, POEMS, aren’t just a random broker that popped out to capitalise on the increased interest in investing. They’re the real deal.
But Hmm, Aren’t Their Comms Pricey?
Well, it used to be that way like most traditional brokers, but wait…
* From 1 April to 31 Dec 2021
Take a look at their new commissions schedule for their POEMS Cash Plus account!
And with this switch, it makes them the cheapest broker for SRS investing, just edging out FSMone which used to be in this position.
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Huge Fund Selection
Not only does POEMS provide the lowest commissions for SRS investing, POEMS also supports unit trusts on their platform as well. POEMS supports more than 2,000 (yes, two thousand) different unit trusts on their platform.
Whether you like to take big risks and sleep through volatility in a full on tech unit trust or whether you prefer to sleep easy with fixed income, corporate grade bond funds, POEMS has it all set out for you. Just give the Fund Finder what you want, and the Fund Finder will give you a fund that suits your needs.
Not just that, POEMS also does not charge any platform fees, sales charges or switching fees when it comes to using their platform.
All of these combined, makes POEMS a top choice for an SRS broker doesn’t it?
But hey, that’s not all…
If you know any of our local brokers, most of them are charging at least $20 minimum per order on any US exchange, not to mention crappy custodian fees of ~$2 per month.
So, what’s POEMS charging, you ask?
USD3.88 flat fee trading.
For real. And if you have more than SGD30k in your account, the comms are cut to USD2.88! (Of course, if you’re a whale, then you might qualify for the USD1.88 commissions hehe).
And this is not to mention the custody fee that has now been waived for POEMS which means more gains for you!
Opening an Account
And this brings me to a special deal that I have for you today.
POEMS is currently running a special deal where you can get
- 1 month of US free trades
- 2000 POEMS rewards points (which can be used to market data, market depth or publication subscriptions through the POEMS site)
with a deposit of $3,000 within the first week of opening your account with my unique link!
With so many new brokers on the scene, it’s becoming increasingly tough for traditional brokers to compete. But if you like the security and having all of your investments in the same broker (including your SRS, CPFIA and CPFSA assets), POEMS should be your top choice.
Moreover, knowing that Phillip Securities is almost as old as Singapore and their office is just an MRT ride away will definitely give you the peace of mind when you invest with them. (I see you, all you Seedly commenters who keep asking what if XXX broker closes down hehe)