Syfe Cash+ Flexi new user promo - 4.1% p.a. fixed returns for 90 days

What happened?

Options to earn a decent yield are becoming more scarce as interest rates trend lower.

The most recent T-bill auction saw yields drop to 2.05%, and banks have begun slashing rates on their once-attractive high-yield savings accounts.

That’s what prompted me to start looking for alternatives, especially for investors who want to park their spare cash without locking it up for too long.

One option I came across recently is Syfe’s Cash+ Flexi, a cash management account that offers a projected return of 2.8% to 2.9% p.a, as of 10 June 2025. 

However, at the time of writing, Syfe is offering new users 4.1% p.a. fixed returns for 90 days on the first S$20,000 invested in Cash+ Flexi. 

But what exactly is Cash+ Flexi? How does it differ from other options like Cash+ Guaranteed, fixed deposits, or Singapore Savings Bonds (SSBs)? And what are the conditions of the 4.1% p.a fixed return promotion?

Here, I share what I found out. 

What is Cash+ Flexi?

Cash+ Flexi is a cash management account by Syfe, a MAS-regulated digital wealth platform. 

The cash management account aims to provide investors with better returns than bank savings accounts and fixed deposits. 

It does this by investing in money market funds and short-duration bond funds, offering daily accrual of returns and allowing investors to withdraw their funds anytime.

However, since Cash+ Flexi is an investment product, your principal is not guaranteed, and like all investments, it involves risk.

There are two versions of Cash+ Flexi, which are SGD and USD. 

The version I’ll cover here is the SGD portfolio, which is also the one eligible for the 4.1% p.a. fixed returns promo.

What is Cash+ Flexi made up of?

Cash+ Flexi SGD invests your money in two funds managed by Lion Global Investors, which is part of OCBC. 

Cash+ Flexi is comprised of the institutional share classes versions of the fund, meaning they usually come with lower expense ratios compared to what regular retail investors pay.

As of 10 June 2025, the projected return on Cash+ Flexi SGD is 2.8% to 2.9% p.a, after all fees. 

Your money will be invested in the following funds:

• 30% in the LionGlobal SGD Money Market Fund, and
• 70% in the LionGlobal SGD Enhanced Liquidity Fund (Class I).

The LionGlobal SGD Money Market Fund invests in high-quality short-term debt instruments, including government and corporate bonds, commercial bills, and deposits.

As of 30 April 2025, the fund’s weighted yield to maturity (YTM), or the estimated annual return if held to maturity, is 3.13%. 

The fund’s weighted duration is 0.32 years. This is a measure of interest rate sensitivity, where a lower value typically means less risk. 

Finally, the weighted credit rating is A+. This is an average rating indicating high credit quality and low default risk. 

As of 30 April 2025, the fund is mainly invested in Singapore government bonds, with Singapore making up 48.91% of its overall country allocation.

The LionGlobal SGD Enhanced Liquidity Fund invests in a broadly diversified portfolio of high credit quality debt securities. These are spread across different issuers and tenures, helping to manage risk while aiming for stable returns.

As of 30 April 2025, the fund’s weighted yield to maturity (YTM) is 3.13%, its weighted duration is 0.36 years, and it has a weighted credit rating of A+.

As of the same date, Singapore makes up 45.27% of the fund’s country allocation, with a significant portion held in MAS bills and other Singapore-based instruments.

The total fees of the underlying funds charged by LionGlobal come to 0.29% p.a. Rebates that Syfe receives from LionGlobal will be credited back to your account. 

The management fee of Cash+ Flexi is between 0.05% to 0.15% p.a, charged by Syfe based on the amount invested. 

Again, do note that the projected return of 2.8% to 2.9% p.a. is net of all fees, meaning fees have already been deducted.

How is Cash+ Flexi different from Cash+ Guaranteed?

Cash+ Flexi and Syfe Cash+ Guaranteed are both cash management products from Syfe, but they work quite differently.

Syfe Cash+ Guaranteed invests your money in SGD fixed deposits, and provides a fixed return over a set period, with lock-in terms of 1, 3, 6, or 12 months. You won’t earn the interest if you withdraw your funds early. 

As part of Cash+ Flexi portfolio is invested in short-term bond funds, its returns will be affected by changes in market interest rates. 

Cash+ Flexi offers more liquidity compared to Cash+ Guaranteed, as you can deposit and withdraw at any time, and your returns accrue daily. 

That said, during the current promotion, new Syfe customers can earn a fixed return of 4.1% p.a. for 90 days on the first S$20,000 deposited in Cash+ Flexi.

But do note that outside of the promo, returns on Flexi may fluctuate depending on market conditions, and are not guaranteed.

How is Cash+ Flexi different from savings accounts and fixed deposits?

Cash+ Flexi works differently from traditional bank savings accounts and fixed deposits.

With most savings accounts, you often need to meet certain conditions, like crediting your salary or spending on a linked credit card, to enjoy the higher interest rates. 

With Cash+ Flexi, there are no hoops to jump through. You can deposit any amount and withdraw anytime, with no minimum balance required.

Compared to fixed deposits, Cash+ Flexi offers more flexibility. 

Fixed deposits usually require you to lock in your money for a set period and may have penalties for early withdrawal. 

In contrast, Cash+ Flexi allows you to withdraw your funds at any time  without penalties.

One thing to note is that the 4.1% p.a. fixed return promotional rate only applies to the first S$20,000. 

Any amount above that will earn the regular projected returns, which may vary depending on market conditions.

Also, unlike savings accounts, which are protected under the SDIC (Singapore Deposit Insurance Corporation), Cash+ Flexi is not capital guaranteed and not SDIC-insured.

How is Cash+ Flexi different from T-bills and SSB?

Cash+ Flexi is also quite different from Singapore Savings Bonds (SSBs) and Treasury Bills (T-bills).

SSBs are backed by the Singapore government and are designed for long-term savings. 

You can invest for up to 10 years, and you’ll earn interest that typically increases the longer you hold. 

The minimum investment is S$500, and the current first-year yield is around 2.06%. 

While you can redeem your SSB early, the process isn’t instant, it takes about a month to get your funds back.

T-bills, on the other hand, are short-term government securities, usually with 6-month or 1-year terms. 

You need to go through an auction process to get them, and the minimum investment is S$1,000. 

Like SSBs, T-bills are backed by the government and considered very safe, but your money is locked in until maturity unless you sell it on the secondary market.

Cash+ Flexi allows you to withdraw your funds at any time, and you can receive your funds within 2 business days, and you don’t have to deal with auction processes or lock-in periods. 

While the underlying funds may be invested in Singapore government bonds, it’s important to note that your capital isn’t guaranteed because the Net Asset Value of the underlying funds may fluctuate due to market conditions. 

What is the 4.1% p.a fixed return promotion?

From 1 May 2025 to 30 June 2025, new Syfe users can enjoy a 4.1% p.a. fixed return for 90 days on the first S$20,000 deposited into a Cash+ Flexi SGD portfolio.

To qualify, you’ll need to:

1. Sign up for a Syfe account
2. Create a Cash+ Flexi SGD portfolio
3. Apply the promo code BSFIXED4 before funding your account. 

If you forget to apply the promo code at sign-up, you’ll still have 14 calendar days after funding to contact Syfe’s support team to get the code applied manually.

You can make multiple deposits, as long as they go into the same first Cash+ Flexi SGD portfolio, and you’re also free to withdraw your funds anytime.

The 4.1% return is calculated daily based on your portfolio balance using the following formula:

Daily Bonus = Amount Held × (4.1% – Cash+ Flexi SGD’s actual yield on the day) ÷ 365

This daily bonus makes up the difference between the promotional rate and the portfolio’s actual performance, and it’s credited in a lump sum within 30 business days after the 90-day promo ends.

After the 90 days, your returns will go back to the usual projected yield of the fund, which may vary based on market conditions. 

Keep in mind:

• The promo only applies to the first S$20,000 in your Cash+ Flexi SGD portfolio.
• Any amount above S$20,000 will earn the regular projected yield of the fund, which is not guaranteed and not covered by the top-up.
• The promo is only valid for cash-funded SGD portfolios. SRS (Supplementary Retirement Scheme) funds are not eligible.
• To receive your cashback bonus, you are recommended to maintain a minimum balance of at least S$0.10 in your portfolio until the bonus is credited to facilitate a smooth crediting process. Once that happens, you're free to withdraw your funds at any time.

Get the full T&Cs of the promotion here, and you can sign up with Syfe through our link here. 

Use the promo code BSFIXED4 before funding your account to lock in the 4.1% for the first 90 days.

What would Beansprout do?

Looking at the underlying funds, Cash+ Flexi invests in a diversified mix of money market funds and short-duration bond funds managed by Lion Global Investors. 

As of 10 June 2025, the projected return on Cash+ Flexi SGD is 2.8% to 2.9% p.a, after all fees. 

While these aren’t guaranteed returns, the portfolio remains relatively lower-risk compared to bond funds with lower credit quality. 

On top of that, the 4.1% p.a. fixed return promo for 90 days on the first $20,000 for new users allows us to get a decent return at the start, and the flexibility to withdraw before 90 days. 

Of course, beyond the 90-day promo, returns are no longer fixed and not guaranteed. 

For me, this is an option I’m looking into to park some funds while I wait for the next investment opportunity or decide where to allocate my longer-term capital.

You can check out our review of Syfe here and our review of Syfe Cash+ Guaranteed here. 

If you're planning to give it a try, you can sign up for Syfe here. 

Don't forget to use the promo code BSFIXED4 before funding your account to lock in the 4.1% for the first 90 days.