POEMS (Phillip Securities) Review (2026)
*Phillip Securities Pte Ltd (Member of PhillipCapital) is licensed by the Monetary Authority of Singapore (MAS, CMS License No. CMS100014) and is a clearing member of the Singapore Exchange (SGX). Lifetime 0% commission on US equities applies specifically to the Cash Plus Account (custodian structure) and excludes statutory US regulatory pass-throughs (SEC and FINRA TAF). Singapore Depository (CDP) direct-linked trading is available via the Cash Management account tier. Capital at risk.
The Vibe Check
"POEMS (Phillip's Online Electronic Mart System) is the grandfather of Singapore retail brokerage, anchoring local household wealth for over five decades under parent group **PhillipCapital**. In response to discount neobrokers, Phillip Securities made a major competitive move: on their **Cash Plus Account**, they launched **lifetime 0% commission on US stocks and ETFs with zero platform fees**, while dropping SGX equity commissions to **0.08% with no minimum ticket barrier**. That eliminates the traditional S$10 to S$25 minimum commission toll on small Singapore share orders. For local accumulators, its retirement utility is unmatched: you can invest your **CPF-OA and SRS funds into low-cost global index unit trusts (like Amundi Prime USA and MSCI World) with a 0% sales charge**. You also retain the choice to use their **Cash Management account to keep Singapore shares in your own personal CDP account**. But examine the custodial fine print: if you pick the low-cost Cash Plus tier, POEMS charges a **S$15 quarterly account maintenance toll if you place zero trades in a quarter**, levies a **1% dividend handling fee on cash dividends (capped at S$50)**, and transferring shares out from custody to your personal CDP account costs **S$20 per counter**."
The Fine Print: Valerie's POEMS Fee Audit
POEMS maintains distinct pricing schedules depending on whether you choose a low-cost custodian structure (Cash Plus) or direct legal CDP custody (Cash Management / Classic):
| Account Tier / Market | POEMS Pricing Schedule | Valerie's Audit Notes |
|---|---|---|
| US Equities (Cash Plus Tier) | 0.00% Lifetime Commission ($0 Platform Fee) | Zero trading commissions and zero platform ticket fees on all US-listed stocks, ADRs, and ETFs on Cash Plus. Standard SEC/TAF fees pass through. |
| SGX Shares (Cash Plus Starter) | 0.08% / Trade (No Minimum Commission) | Billed at 0.08% with zero minimum ticket hurdle on asset balances under S$30,000. Drops to 0.06% for Privilege tier (S$250k+ AUM). |
| SGX Shares (CDP Cash Account) | 0.28% / Trade (S$25.00 Minimum Commission) | ⚠️ Legacy direct-to-CDP trading. Shares settle directly into your personal Central Depository (CDP) account, but carries old-school bank commission minimums. |
| Hong Kong Equities (Cash Plus) | 0.08% / Trade (Min. HKD 30) | Direct exchange trading on HKEX shares. Minimum drops to HKD 20 (Premier) and HKD 15 (Privilege tier). |
| Unit Trusts (Cash, CPF & SRS) | 0.00% Sales Charge (Zero Platform Fee) | 100% free of front-end loads or recurring platform charges when investing cash, CPF-OA, or SRS into mutual funds. Agent bank fees apply. |
| Quarterly Maintenance Toll | S$15.00 / Quarter (Cash Plus Inactive) | ⚠️ Charged on Cash Plus if you execute zero trades within a calendar quarter. Fully waived if you place at least 1 trade during the quarter. |
| Cash Dividend Handling Toll | 1% on Net Dividend (Min. S$1, Max. S$50) | ⚠️ Assessed on cash dividends received for shares held in Cash Plus custody. Waived for Cash Management Privilege tier clients. |
| Custody Transfer Out (to CDP) | S$20.00 / Counter (+ GST) | Administrative custodial fee levied per stock line if transferring Singapore shares from Cash Plus custody into your personal CDP. |
| Foreign Share Transfer Out | S$100.00 / Stock Counter | ⚠️ Steep exit friction to transfer US or foreign equity positions out to an external competing brokerage. |
*Standard SGX regulatory clearing fees (0.0325%), trading access fees (0.0075%), and prevailing GST (9%) apply to all Singapore exchange transactions.
The Core Edge: Institutional CDP vs. Custodian Flexibility, 0% US Trades & CPF-OA Indexing
POEMS maintains an enduring advantage over both legacy Singapore banks (DBS Vickers, OCBC Securities, UOB Kay Hian) and venture-backed challenger apps through three structural pillars:
The primary differentiator is **dual custody freedom: direct CDP ownership vs. low-cost custodian execution**. In Singapore, investors generally face a binary trade-off: pay high S$25 minimum commissions at traditional bank desks to hold shares under their own personal Central Depository (CDP) account, or surrender legal ownership to an app's omnibus custodian nominee. POEMS gives you both options under one login: you can maintain a **Cash Management account linked to your personal CDP** for local blue-chip dividend compounders, and run a **Cash Plus account** for low-cost overseas trading and small-parcel investing.
Second, the **Cash Plus Account pricing upgrade delivers true zero-commission US investing**. In May 2026, Phillip Securities eliminated brokerage commissions, settlement fees, and platform fees on US exchange-listed stocks and ETFs. Paired with an SGX rate of **0.08% with no minimum ticket requirement**, an investor purchasing S$500 of a local Singapore REIT pays just **S$0.40 in commission**, compared to the standard S$10 to S$25 minimum commission charged by legacy bank brokers.
Third, POEMS is Singapore's premier low-cost bridge for **CPF-OA and SRS retirement investing**. Most digital brokers (like Moomoo or Tiger Brokers) provide limited CPF integration and charge fees on mutual funds. POEMS provides complete, fee-free access to institutional-grade, low-cost index unit trusts—such as the **Amundi Prime USA Fund (tracking the Solactive US Large Cap Index) and the Amundi Index MSCI World Fund**—with a **0.00% platform fee and 0% sales charge**. This allows Singaporeans to compound idle CPF-OA balances into global equities at institutional expense ratios.
Pros and Cons Breakdown
What We Love
- Lifetime 0% commission on US-listed stocks and ETFs on the Cash Plus account tier
- SGX share trading at 0.08% with zero minimum commission hurdle on Cash Plus
- Direct CDP account linkage available via the Cash Management account option
- 0% sales charges and zero platform fees on CPF-OA and SRS unit trust index investing
- Direct access to retail fixed-income and OTC corporate notes via Bond Express
- Phillip Share Builders Plan (SBP) enables regular monthly share dollar-cost averaging
- Multi-market global reach spanning 26+ international exchanges from a single login
- 50-year operating pedigree regulated by the Monetary Authority of Singapore (MAS)
Where It Falls Short
- S$15.00 quarterly maintenance fee on Cash Plus if zero trades are executed in a quarter
- 1% handling fee on net cash dividends (min. S$1.00, capped at S$50.00) on Cash Plus
- Legacy CDP Cash account carries steep 0.28% commissions with a S$25.00 minimum ticket
- S$20.00 per-counter fee to transfer Singapore shares from custody into your personal CDP
- S$100.00 per-counter fee to transfer foreign equity positions out to an external broker
- Mobile app interface (POEMS Mobile 3) remains utilitarian compared to slick neobroker designs
Valerie's Final Verdict
"POEMS is an institutional wealth pillar in Singapore that has modernized its fee schedule to beat neobrokers at their own game. By offering lifetime 0% commission on US shares and dropping SGX trading to 0.08% with no minimum ticket on the Cash Plus account, it eliminates the expensive commission drag that historically plagued small Singapore investors. For CPF-OA compounding into Amundi global index funds, it is the most cost-effective broker in the country. However, you must manage its account mechanics carefully: **ensure you place at least one trade per quarter on Cash Plus to waive the S$15 inactivity toll**, be mindful of their 1% dividend handling fee on local high-yield dividend stocks, and avoid the legacy CDP Cash account where old-school S$25 minimum commissions still apply. If you want institutional MAS safety, dual CDP flexibility, and zero-fee US execution, POEMS delivers exceptional multi-asset utility."
Open An Account If:
You want zero-commission US trading backed by a 50-year Singapore institution, buy small SGX parcels without S$25 minimums, invest CPF-OA/SRS into unit trusts, or require direct CDP linkage.
Skip It If:
You leave accounts completely dormant for quarters at a time (triggering the S$15 toll), trade high-yield SGX dividend shares on Cash Plus (1% dividend toll), or demand gamified app interfaces.
Phillip Securities Pte Ltd is a licensed capital markets services entity regulated by the Monetary Authority of Singapore (MAS). All investments carry financial risk.