Moo Moo Cash Plus: My High-Yield Savings Account with No Strings Attached
Navigating the world of personal finance often feels like balancing on a tightrope, but in the first half of 2024, I found a steady anchor with Moo Moo's Cash Plus. In my earlier half-yearly review of my diversified portfolio, I highlighted a solid return of 9.20% ![]()
. However, this figure doesn't account for the 4.70% yield I earned from Moo Moo's Cash Plus, a money market fund that has become a cornerstone of my financial strategy.
High-interest savings accounts often lure us with attractive rates, but they come with strings attached. Credit card spending, salary deposits, and other conditions. Typically, meeting these requirements nets you an interest rate between 2.7% and 3.38%. Moo Moo's Cash Plus, on the other hand, offers a straightforward alternative. With yields ranging from 3.48% with $Fullerton SGD Cash Fund (18000222.FD)$ to 5.18% with $CSOP USD Money Market Fund (18000597.FD)$, and promotional rates that can soar to 6.8%, it's been a game-changer for me ![]()
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As an avid user of Moo Moo's Cash Plus, I've reaped substantial benefits. Over the past year, I've enjoyed $2,467.17 in "interest" returns and an additional bonus of $2,784.67 (USD 2062.72) for my usage in Cash Plus ![]()
. This consistent performance has prompted me to gradually transfer funds from my high-interest savings accounts at $UOB (U11.SG)$ and $OCBC Bank (O39.SG)$ into Moo Moo's Cash Plus, effectively making it my new go-to for high-interest savings.
In the first half of 2024 alone, my cash parked in Cash Plus yielded an "interest income" of $764.03, translating to a 3.06% return. On top of that, Moo Moo rewarded me with a fund investment bonus of $410.73 (USD 307.10), pushing my total return to 4.7% ![]()
. This outpaces the returns from most high-interest savings accounts, without the hassle of meeting specific criteria ![]()
. Of course, it's important to acknowledge that the risk profiles differ—Cash Plus is a fund, while traditional savings accounts are cash-based.
Consider $UOB (U11.SG)$'s high-interest UOB One account. According to UOB's website, spending $500 monthly on their credit card and depositing a $1,600 salary (after CPF deduction) yields $1,500 in annual interest on a $50k balance, equating to a 3% rate ![]()
. For a $100k balance, the rate increases to 3.38%.
Similarly, $OCBC Bank (O39.SG)$'s 360 account offers an interest rate of 2.7% for a $50k balance under the same conditions, rising to 3.21% for a $100k balance ![]()
. The more criteria you meet, the higher the interest rate.
However, if we fail to meet any of those criteria, the interest rate drops to a mere 0.05% ![]()
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This is where Moo Moo's Cash Plus shines. It offers high interest rates with no strings attached—no minimum spending, no salary deposit requirements, just a straightforward, high-yielding fund ![]()
. However, it's crucial to understand the difference in risk; Cash Plus invests in Money Market Funds, which in turn invest in Treasury Bills. The current high-interest environment allows these funds to offer substantial returns, but when the Federal Reserve starts lowering interest rates, the yields from Cash Plus will inevitably decline ![]()
.
This is why I eagerly anticipate promotions like the 6.8% Cash Plus event returning ![]()
. Such events provide an extra boost to our earnings, making Moo Moo's Cash Plus an even more attractive alternative to traditional savings accounts.
As we look to the future, the question remains: will Moo Moo bring back the 6.8% Cash Plus event?
I certainly hope so, and I'm sure many of you do too. For now, I'll continue to leverage Moo Moo's Cash Plus, confident that it's a smart, flexible tool in my financial toolkit. If you're looking for a hassle-free way to maximize your interest income, you could consider giving Moo Moo's Cash Plus a try. Here's to making our money work harder for us, now and in the future ![]()
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Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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MonkeyGee : You should check out Etarde ridiculously low interest rate return
Thy GoD : I still have a grudge on dbs after they happily told me I gained 0.01% in interest (annual) but charges me 1% on every single fund purchase, very nice dbs
doctorpot1 OP MonkeyGee : run run run![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
come use moo moo instead ![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
doctorpot1 OP Thy GoD : ya sia all these big bank will likely lose out in this market to moo moo man. once moo moo can link our personal CDP, then those bank's brokerage like worthless le
Thy GoD doctorpot1 OP : fr, deposit and withdrawel between dbs and moomoo is free too so now we just need a moomoo debit card then win liao
MonkeyGee doctorpot1 OP : The only reason I haven't put more into Moo is because you are required to disclose personal bank passwords to make a transfer. Even etrade is not like that.
Thy GoD MonkeyGee : For sg users we don't need to do that, not sure why it's a thing for you guys.
p sure that goes against data/privacy laws too so I'd dbl check w the support team.
doctorpot1 OP Thy GoD : hehehe need to have rewards points like how a credit will have then shiok
doctorpot1 OP MonkeyGee : har? that shouldn't be the case though. I transfer into moomoo via bank transfer and all I need to do is to login my bank app and transfer to moo moo as per normal. even if using the DDA, there is no need for any password.
please check if you have downloaded the moomoo app from the appstore and not from some other links. also do check with CS why is this happening. this is weird
doctorpot1 OP Thy GoD : yes agreed. need to check with CS. this is very weird
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