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1.75% Sales Charge

>> Monday, March 14, 2011

Competition is really heating up among unit trust distributors.

I recently logged in to my DBS internet banking and realized that one can actually purchase unit trust online through this portal.

The sales charge is 1.75% for all unit trust! Even those traditionally 5%. Furthermore, one can RSP up to $500/month at 0% sales charge!

Seems like the best way to start is to enter the minimum, normally $1,000 and subsequently RSP $500/month, the effective sales charge will be the $17.50 on the initial amount only and one can enjoy the benefits of dollar cost averaging.

Not sure if other banks have this function available on their i-banking platform and are the charges competitive?

This saves the hassle of even opening a separate account with other platform providers like fundsupermart which comparatively, charges a platform fee. Although I do remember that fundsupermart does run some promotions occasionally for their funds in focus that gives attractive sales charges.

Well, doing a little home work does save one unnecessary charges that erodes the profits, since all essentially offer the same outcome, i.e. to purchase unit trust.

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