Just last year, The Federal Reserve made the bold move of slashing interest rates by 150 basis points in two weeks to combat the impact of the pandemic to the economy. Even though lower rates are supposed to be beneficial to the economy, banks’ net interest margin have been pressured and resulted in cutting of interest rates in hopes of saving its own NIM. Savers are at the mercy of the banks when it comes to interest rates. Recently, several savings products popped up to meet the needs of high yield savers.
In this article, we will discuss the feasibility in using such products as an alternative to your usual savings account.
High Yield Savings Account
Be it DBS Multiplier, OCBC 360, UOB One or Standard Chartered’s Bonus$aver. You have chosen your high yield savings account because it meets your daily needs.
I would actually recommend you to stay on as the reduction in interest rate is across almost all accounts. As readers have different needs, it will be difficult for me to recommend the specific accounts. Therefore, you might use an online tool such as the savings account calculator by Seedly. You can use this tool to determine whether you would like to stay on with your current savings account or to try out another savings account that gives slightly higher interest based on your needs.
However, depending on how much more interest you can eek out from trying out another savings account, it is all about whether the change is worth and also whether it caused any additional inconvenience such as shortage of ATMs for withdrawal and deposits. So, it is not necessary for one to change for better savings but cause additional inconvenience.
P.S: Get up to $250 in cash or Airpods Pro if you open a Standard Chartered’s Bonus$aver Account by 5 May. For more information, please read more here. Please do your own due diligence when deciding whether this savings account is suitable for your banking needs!
Understand Cash Management
You might have heard of the saying “do not put all your eggs in one basket”, this saying is relevant in the context of where to keep your cash. Before Cash Management became popular among retail investors in Singapore, almost all will have their money in different banks.
A report explains the risk of depositing money in a bank. In the case of a bank were to fail, depositors will face credit risk from the insolvent bank when they are not able to get back their deposits. After the Global Financial Crisis, Singapore Deposit Insurance Corporation was introduced after the Global Financial Crisis to prevent future bank run. It insures up to $75,000 in the event a Deposit Insurance member fails. For an individual to be covered under SDIC for more than $75,000, it has to open many bank accounts with other DI members and spread the deposits into different DI members.
However, in this low interest rate environment, where many banks have already started reducing its interest rate on savings accounts, Cash Management comes into handy as an alternative for yield hungry savers.
Cash Management in Singapore got popular recently when Stashaway introduced its own called Stashaway Simple. Roboadvisors such as Stashaway, Syfe, Endowus and Moneyowl invest in clients’ funds in Cash Fund, Money Market Fund and Short Duration Bond Fund.
The underlying asset of Cash Fund like the one being invested in Endowus Cash Smart and MoneyOwl invests in a diversified portfolio of institutional bank fixed deposits. It has the lowest risk among the funds mentioned above with a maximum drawdown of 0.01% using historical data.
Both Endowus Cash Smart and Stashaway Simple invest in Money Market Fund where its underlying assets consist of institutional bank fixed deposits, high quality investment-grade and very short duration government and corporate debt instruments. Money Market Fund carries slightly higher risk compared to Cash Fund where its maximum drawdown based on historical data is 0.05%.
With the arrival of EndowUs Cash Smart, it exposes retail investors to investing in Short Duration Bond Fund. As the name implies, Short Duration Bond Fund invests in a diversified portfolio of institutional bank fixed deposits, high quality and investment-grade short duration government and corporate debt instruments. Short Duration Bond Fund carries the highest risk among the three funds with a maximum drawdown of around 2% based on historical data.
Funds used by Cash Management Solutions
The image below shows an overall breakdown of the funds used by Cash Management Solutions that will be discussed in the later section. We will dive into each individual fund for more information such as their underlying funds, credit rating, yield to maturity.
Fullerton SGD Cash Fund
Fullerton SGD Cash Fund aims to provide investors with liquidity and a return that is comparable to Banks Savings Deposits rate in Singapore. It places deposits in banks in Singapore such as Qatar National Bank Singapore, Bank of Tokyo-Mitsubishi UFJ and National Commercial Bank Singapore, with 46.7% of the deposits park in banks for less than 1 month. The 1 year return of this fund is about 0.58% as at February 2021.
UOB United SGD Fund
UOB United SGD Fund invests all its assets in the money market and short term interest bearing debt instruments and bank deposits with the objective of achieving a yield enhancement over Singapore dollar deposits. The fund’s weighted Yield to Maturity and weighted duration stand at 1.77% and 1.29 years respectively. The fund is well diversified with 127 issues and in terms of country allocation. The total percentage of top 5 holdings is only 8.76% with Indonesia Asahan Alumini the top holding at 1.88%.
LionGlobal SGD Money Market Fund
LionGlobal SGD Money Market Fund invests in high quality short-term money market instruments and debt securities. Some of the assets owned by this fund include government and corporate bonds, commercial bills and deposits with financial institutions. The fund’s weighted Yield to Maturity and weighted duration stand at 0.99 % (from 1.18% 3 months ago) and 0.38 years respectively. The weighted credit rating of the fund is A where 100% of its assets are Investment Grade rating (BBB- or Baa3 or better). Among the top 10 holdings, the fund holds medium term notes from Mapletree Treasury, Ascendas Reit, MAS Bill and Singapore Airlines. These 3 local MTNs constitute about 11.9% of the fund.
LionGlobal SGD Enhanced Liquidity Fund
LionGlobal SGD Enhanced Liquidity Fund invests in a broadly diversified portfolio of high quality debt instruments diversified across varying issuers and tenures while maintaining a weighted average portfolio credit rating of A- and a weighted average duration of around 12 months. The fund’s weighted Yield to Maturity and weighted duration stand at 1.60% (from 1.94% 3 months ago) and 0.87 years respectively. The fund’s weighted credit rating is A. Among the top 10 holdings, the fund holds Capitaland 2.95% convertible bond maturing next year June and a couple of MAS Bill maturing this year. These notable mentions constitute 18.4% of the fund.
LionGlobal SGD Short Duration Fund
LionGlobal Short Duration Bond Fund invests in a portfolio of Singapore and international bonds, high quality interest rate securities and other related securities. The fund generally invests in bonds with investment grade quality, though the fund might be exposed to sub-investment grade securities. The fund’s weighted Yield to Maturity and weighted duration stand at 1.95% (from 2.41% 3 months ago) and 2.15 years respectively. The fund’s weighted credit rating is BBB (investment grade). Among the top 10 holdings, it holds bonds and perpetual from Capitaland, Singapore Tech Telemedia, Ascendas Reit and Keppel Land. These notable mentions constitute 6.1% of the fund.
Fullerton Short Term Interest Rate Fund
Fullerton Short Term Interest Rate Fund hopes to achieve medium-term capital appreciation for investors. The fund invests in fixed income securities and money market market instruments with no specific industry or sectoral emphasis.
Yield to worst is a measure of the lowest possible yield that can be received on a bond that fully operates within the terms of its contract without defaulting. The fund’s Yield to Worst and Average duration stand at 1.8% and 2 years respectively. The fund’s average credit rating is BBB, which is second to the lowest rating of an investment grade bond rating. This is due to the fact that about 67% of its holdings have a credit rating of BBB while only 30% of its holdings have a credit rating of A. Among the top 5 holdings of this bond fund, it holds Keppel Corp 3.145% bond, which constitutes 2.2% of total fund holding. 40.4% of funds originated from China and Singapore each with the rest originated from Hong Kong, India, France and Malaysia.
Nikko Shenton Income Fund
Nikko Shenton Income Fund aims to provide regular income distributions while seeking to achieve returns in excess of 4% per annum over the medium to long term. The fund will invest in a portfolio of bonds, money market instruments and currencies both in Singapore and other global markets, while taking into consideration the need for capital preservation. The fund invests in investment grade bonds, non-investment (junk) grade bonds, local currency denominated bonds and convertible bonds, that are primarily issued by governments and corporations within the Asia Pacific region. The fund may also at manager’s discretion invest into Nikko AM Asia Investment Funds, mainly the Nikko AM Shenton Asia Bond Fund to achieve its investment objective.
The fund’s weighted Yield to Maturity and weighted duration stand at 4.14% and 3.39 years respectively, with the fund’s weighted credit rating at BBB.
The top 5 holdings of the fund constitute 45% of total fund holdings, out of which, 35.4% of its total holdings are invested in Nikko AM Shenton Asia Bond Fund Class B (20.5%) and Nikko AM China Onshore Bond Fund (14.9%).
Nikko AM Shenton Asia Bond Fund aims to provide investors with medium to long term capital appreciation and to make regular income distributions during the investment period. The fund invests primarily in transferable debt securities issued by issuers based in the Asia Pacific region. The Managers, at their sole discretion, may invest not more than 30% of the Fund in regions other than the Asia Pacific region. The Fund may also invest in real estate investment trusts (“REITs”) listed or traded on a regulated market.
The fund’s weighted Yield to Maturity and weighted duration stand at 2.97% and 6.24 years respectively, with the fund’s weighted credit rating at A. Some notable mention of the top 5 holdings of this fund includes the fact that it invests in bonds issued by South Korea, Malaysia and Philippines. These government issued bonds make up 15.6% of total fund holdings. Besides, the fund also invests in Nikko AM China Onshore Bond Fund which constitutes 7.1% of total fund holdings.
Nikko AM China Onshore Bond Fund aims to provide a total return of capital growth and income over the medium to long term. The fund invests primarily in Onshore RMB Income Instruments and at the absolute discretion of the Managers, invest in fixed income instruments issued offshore outside of the PRC and that are denominated in RMB as well. The Fund may also invest in fixed income instruments issued by Chinese entities that are denominated in currencies other than the RMB. The Fund may also invest in investment grade bonds and non-investment grade bonds, all of which will be subject to a minimum credit rating of “B-” by Standard & Poor’s or an equivalent rating by Moody’s Investors Service or Fitch Ratings.
The fund’s weighted Yield to Maturity and weighted duration stand at 3.82% and 6.20 years respectively, with the fund’s weighted credit rating at A-. Among the top 5 holdings, the fund holds bonds issued by China State Railway, Bank of China perpetual securities and Industrial and Commercial Bank of China Limited. These notable mentions constitute 22.9% of the fund.
PIMCO Low Duration Income Fund
PIMCO Low Duration Income Fund seeks to deliver attractive income by tapping into multiple areas of the global bond market, while maintaining relatively low interest rate exposure, with a secondary goal of capital appreciation. The fund does not aim to have the highest yield but to provide the most favourable risk-adjusted returns and balances downside risks, thus providing good exposure to investors looking for relatively safe and attractive income and capital gain opportunities. Since inception in 2004, the fund has managed to generate returns that outperform the benchmark (Bloomberg Barclays US Aggregate 1-3 Years Index) and most of its peers.
PIMCO Low Duration Income Fund has a gross yield to maturity and effective maturity at 3.43% and 2.09 years respectively. About 47% of its holdings mature in less than 1 year while 23.76% of its holdings will mature in 3-5 years time.
Best Alternative Savings Product – Insurance Savings Plan
#2 Singlife (on waitlist)
Singlife Account is an insurance savings plan that credits interest and offers flexibility to make top ups and withdrawals with no lock-in and charges. The Singlife Account also provides insurance coverage to policyholders in the event of death and terminal illness. You will also receive a Singlife Visa Debit Card for any contactless payment where you can use it overseas too.
Singlife is the only insurance savings plan where its returns aren’t guaranteed. For the first $10000, you will get 1.5% per annum (from 29 January 2021) and for the next $90000, you will get 1% per annum. You will not receive any returns for the next $100000. The effective rate of return for $100k is 1.05%. Returns are calculated daily and credited to your account on the first day of the following policy month. The initial sum to activate the policy is $500 via FAST transfer. Thereafter the activation, you can start earning so long your account balance is above the minimum account value of $100.
Out of all insurance savings plans discussed in this post, Singlife is the most flexible in terms of withdrawal. It does not have any lock up period like the ones from Elastiq. Singlife accepts a minimum withdrawal of $1 to your designated bank account without any fees like the ones from Dash EasyEarn. Withdrawal is done using FAST and funds are credited almost instantly.
In addition, you get a complimentary Singlife Visa Debit Card where you can make contactless payment and even overseas transactions. For overseas transactions, you can choose to pay in foreign currencies, in which Singlife Visa Debit Card offers Visa’s competitive exchange rate with no FX fees or charges. You can also choose to pay in SGD for overseas transactions. Transactions will be converted to SGD via dynamic currency conversion, offered at selected merchants or websites.
Besides being functioned as an alternative to high yield savings accounts, Singlife provides life insurance coverage of up to 105% of Singlife Account Value and retrenchment benefits. One is eligible for retrenchment benefits for a period of three months, up to a total payout of S$10,000, provided you have been retrenched and remain unemployed for at least four months following the date of retrenchment.
My thoughts: Singlife will not be the top best savings product from 29 January 2021 after it slashed its rate of return. However, there is no withdrawal fee which can still be an option for savers who prefers to use it as liquid savings account. Unfortunately, application for Singlife is closed for the time being. If interested, please leave your contacts with them so that you can be notified when the app reopens for new customers in 2021.
#1 Singtel Dash PET
Singtel’s Dash PET is an insurance savings plan by Etiqa Insurance that is open to eligible Dash users to earn higher returns while enjoying the flexibility of anytime top-ups, withdrawals with no lock-in period of penalty. Dash PET also offers insurance coverage in the event of death.
With Singtel Dash PET, you can earn as high as 1.3% per annum (since 27 April 2021) on your savings. Interest is calculated based on the daily Account value and credited into the Account value at the end of each calendar month. If the average daily Account value for the month falls below S$50, no interest will be credited for the month.
From 27 April 2021, Singtel Dash PET will be introducing a new tranche that will still let you save at a high return rate of up to 1.3% p.a. for the first year. Existing Dash PET users who sign up before 27 April 2021 will continue to enjoy up to 1.7% p.a. for the first year starting from your policy start date, including subsequent top-ups.
The 1.3% per annum returns is applicable for the first $10k while the minimum initial sum to open Dash PET is $50, in multiples of $1. The maximum aggregate amount for all Top-up(s) per policy is S$30,000 less the single premium paid, plus all partial withdrawal(s) and transaction fee(s). All top up can be done using Dash Wallet, Bank Account via PayNow or Bank Account via eNets (minimum $50 required).
Dash PET like its predecessor Dash EasyEarn does not have lock-up period. One can partial withdrawal any amount from their plan anytime. They can either withdraw to their Dash wallet account with no charges or to their bank account via PayNow at a fee of $0.70 per transaction, deducted from Dash PET plan. The minimum amount to withdraw is $1, and in multiples of $1 per withdrawal. It is important to note that one has to maintain at least $50 average daily account value to enjoy the returns and benefits of the plan and the entitlement of interest crediting at the end of the policy month.
Besides being functioned as an alternative to high yield savings accounts, Dash PET has a death benefit of 105% of Account Value. Once this payment has been made, the policy ends.
My thoughts: First of all, Dasy PET like its predecessor Dash EasyEarn is capital guaranteed as it is protected under the Policy Owners’ Protection Scheme, administered by the SDIC. There is no lock-in period which I really like about it.
I do not mind mixing some of my day-to-day-expenses fund with my emergency fund in Dash PET as I can withdraw a minimum $1, in multiples of $1 every month to my virtual Dash Visa Card for contactless payment.
Therefore, I decided to rank Singtel Dash PET as the best insurance savings product to consider as an alternative to bank savings accounts, on the fact that it has guaranteed rate of return for the year.
Best Alternative Savings Product – Cash Management Solutions
#3 Endowus Cash Smart
Endowus joined Stashaway to introduce Cash Management service to retail investors. Endowus Cash Smart consists of three subproducts – Core, Enhanced and Ultra. The only fee that is charged by Endowus will be the Access Fee of 0.05% per annum, which I believe is reasonable. Like Stashaway, Endowus rebates the entire trailer it receives thus lowering the fund expense ratio it invests with clients’ funds. The projected return for Core, Enhanced and Ultra after fees are 0.8% to 1.0%, 1.2% to 1.5% and 1.8% to 2.0% per annum respectively.
Endowus Cash Smart Core
Endowus Cash Smart Core is the safest out of the subproducts offered under Endowus Cash Smart. This is because 50% of what’s invested in Core is in Fullerton SGD Cash Fund where the fund invests in institutional fixed deposits placed in banks in Singapore such as Qatar National Bank Singapore with a short deposit duration of about 1 month. Core yield is further enhanced by investing the remaining 50% in LionGlobal SGD Enhanced Liquidity where the fund invests in high quality short term debt instruments and aims to maintain a portfolio credit rating of A-. Furthermore, it has the lowest maximum drawdown of 0.05% recorded in January 2019 and only took 6 days to recover.
Endowus Cash Smart Enhanced
Endowus Cash Smart invests half of its portfolio in LionGlobal SGD Enhanced Liquidity Fund and invests the remaining in UOB United SGD Fund. The former invests in high quality short term debt instruments while the latter invests in money market and short term interest bearing debt instruments and bank deposits. Without the disclosure of UOB United SGD Fund’s credit rating, I strongly believe that the YTM of 1.77% is too low to compensate for the risk of holding the top 5 holdings which are unfamiliar to most retail investors. On the flipside, I much prefer LionGlobal SGD Enhanced Liquidity Fund for its “A” credit rating and its top 10 holdings, constituting 18.4% of the fund holds familiar bonds and bills from CapitaLand and MAS.
Endowus Cash Smart Ultra
The Endowus Cash Smart Ultra is a dynamically managed cash management portfolio that aims to have a targeted yield of 1.8-2% by maximising yields while minimising volatility and downside risk through the careful selection of underlying funds and optimising the portfolio covariance. Endowus has carefully selected best-in-class short duration bond funds and money market funds available from the leading money managers such as Fullerton Fund Management, Lion Global Investors, Nikko AM, PIMCO, UOB AM to create a low volatility and high yielding cash management solutions portfolio.
The Endowus Cash Smart Ultra consists of five short duration bond funds such as LionGlobal Enhanced Liquidity Fund, Fullerton Short Term Interest Rate Fund, LionGlobal Short Duration Fund, Nikko Shenton Income Fund and PIMCO Low Duration Income Fund. All of the funds used in Endowus Cash Smart Ultra invest in a broadly diversified portfolio of high quality debt instruments and some funds have higher returns than others to compensate for the risks of holding foreign issued bonds or lower investment grade bonds. They are investment grade, though most of the funds credit rating are near the bottom of investment grade bond credit rating of BBB-. Any rating below BBB- will be junk bonds.
With the introduction of Endowus Cash Smart Ultra, we might be tempted to opt for the Ultra so that our funds can yield a projected annual return of 1.8-2%. The question one should ask themself is whether they are taking on too much risk just to improve their funds returns by 0.5-0.6%. A look at the image below shows the maximum drawdown ever recorded since funds inception. Cash Smart Core, with a projected annual return of 0.8-1.0%, has a maximum drawdown of 0.05% and took 6 days to recover from the trough. Cash Smart Enhanced, with a projected annual return of 1.2-1.5%, has a maximum drawdown of 0.92% and took 57 days (about 2 months) to recover from the trough. Cash Smart Ultra has a maximum drawdown of 2.59% and took 100 days (about 4 months) to recover from trough and its projected annual return is 1.8-2.0%.
I believe that investors should not be taking too much risk on investing their cash in cash management solutions. However, to each their own, as it depends on the individual’s risk appetite on such a product. It is important to identify which Endowus Cash Smart is suitable for which particular funds’ needs. Taking note of the number of days to recover and receive cash upon withdrawal, I would put funds that I need in the short term in Core and my excess cash in Enhanced.
For all Cash Management Solution products, it takes about 3 business days for the funds to be credited into our bank account upon submitting a withdrawal request. I will not recommend putting your day to day expenses into any Cash Management but would suggest putting funds needed in the near future in Core or Enhanced. I believe that the risk to returns ratio of Ultra is too high for one to consider, unless they do not need the cash in the short term.
Therefore, I decided to rank Endowus Cash Smart as the third best cash management solutions product in the market.
#2 Stashaway Simple
Stashaway is the first robo-advisor in Singapore to introduce Cash Management to retail investors. Stashaway Simple invests half of its clients’ funds into LionGlobal SGD Money Market Fund and the remaining into LionGlobal SGD Enhanced Liquidity Fund for further yield enhancement. The similarity between Stashaway Simple and Endowus Cash Smart is the use of LionGlobal SGD Enhanced Liquidity Fund. You may refer to the previous section for explanation.
I would compare Stashaway Simple with Endowus Cash Smart Enhanced due to the similarity in projected annual return of about 1.0-1.2% for both. The difference between Stashaway Simple and Endowus Cash Smart Enhanced will be that Stashaway Simple uses LionGlobal SGD Money Market Fund while Endowus Cash Smart Enhanced uses UOB United SGD Fund. I much prefer the holdings of former as there are familiar names in their top holdings such as Mapletree Treasury, Ascendas Reit, MAS Bill and Singapore Airlines. Though the latter has the same credit rating as the former, my personal preference would be to invest in companies that I know, thus my preference in the former. For all Cash Management Solution products, it takes about 3 business days for the funds to be credited into our bank account upon submitting a withdrawal request. I will not recommend putting your day to day expenses into any Cash Management
Therefore, I decided to rank Stashaway Simple as the second best cash management solutions product in the market.
#1 Syfe Cash+
Lately, Syfe joins its other Robo-Advisors competitors to introduce its own cash management portfolio called Syfe Cash+.
Features about Syfe Cash+
- Projected returns: 1.5%
- Provides daily accrual of returns – you will be able to see your savings grow every day.
- No lock up periods, you can withdraw anytime and get to keep all returns accumulated during the period you invest in Cash+. Withdrawal takes about 2-3 working days to process.
- No Syfe management fees
Syfe uses funds from LionGlobal, the largest asset managers in Southeast Asia, owned by OCBC to construct its Syfe Cash+ portfolio. It allocates 30% of its portfolio into LionGlobal SGD Money Market Fund, 35% into LionGlobal SGD Enhanced Liquidity Fund and the remaining 35% into LionGlobal Short Duration Bond Fund. Underlying portfolio of Syfe Cash+ is similar to Stashaway Simple but the difference between the both products is that Syfe Cash+ invests 35% into LionGlobal Short Duration Bond Fund for further enhancement to its returns. You may refer to the previous section for further explanation on the funds used by Syfe Cash+.
If comparing among cash management solutions, I believe that Syfe Cash+ is the best cash management solutions available in the market. The projected returns currently stands at 1.5%, the highest for cash management solutions. However, there is no guarantee that Syfe will be able to maintain the projected returns as seen on Endowus Cash Smart and Stashaway Simple. Upon withdrawal request, it takes about 2-3 business days for it to be credited into a bank account so it is not advisable for day to day expenses fund to be parked in cash management.
Therefore, I decided to rank Syfe Cash+ as the best cash management solutions product in the market.
Frugal Youth Invests X Syfe
Readers who are interested to sign up for an account with Syfe to invest their funds into Syfe Cash+ or their investment portfolio (Syfe Equity100 etc) may do so by using my referral code – FYINVESTS. A minimum deposit of at least $1000 will allow you to enjoy a fee waiver of 6 months on the first $30,000 invested in their investment portfolio!
The above screenshot shows where you should include the referral code to enjoy fee waiver of 6 months when you deposit and invest a minimum amount of $1000 with Syfe!
For readers who failed to enter a referral code upon registration, they have up to 14 days to enter the referral code – FYINVESTS directly through the “Account Settings” tab of their Syfe dashboard. You may refer to the screenshot above on where you can include the referral code.
The referral code will help keep the site financially sustainable.
How do I stash my cash?
Singlife continues to be undefeated in terms of liquidity even with the introduction of Syfe Cash+. I will move some money to GIGANTIQ (the amount that I will not touch) and keep some in Singlife.
Even though Standard Chartered’s Jumpstart has cut its interest rate for the second time, I am still keeping some money in the account as this is where I keep my capital for investments. This is because I still require the liquidity of what a bank can offer which other alternative products (even for Singlife) cannot replicate yet. If all my capital for investment has been fully deployed, then I will consider GIGANTIQ or Singtel’s Dash PET.
I will prioritise cash management solutions last as the time taken to receive the payout is longer than the ones offered by insurance savings plans. If you were to let me choose between Cash Management Solutions, I will definitely put some money in Syfe Cash+. The money you should put in cash management solutions should not be used for everyday’s life as its purpose is not to replace your ordinary bank account. Therefore, I recommend putting money you are not going to use for the short term in it and that you will not need to use it urgently when needed (in view of the time taken to receive the payout).
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