Yes.
Hugosave accounts are subject to limits under the Payment Services Regulation:
- Storage Limit: S$20,000 with balances assessed at the end of each day
- Annual Flow Limit: S$100,000 over a rolling 12-month (365-day) period
The Storage Limit is the maximum total cash balance you can hold in your Hugosave account, subject to your account type:
- Premium users (Trust accepted): The limit applies to the Spend Account balance only.
- Plus users (Pending Trust acceptance): The limit applies to the combined balances across the Save Account, Spend Account, Roundups balance, and Pots balance.
The Annual Flow Limit is the total amount of money you can withdraw, make payments to merchants, or transfer out of your account over a rolling 12-month period.
You may hold funds in your Hugosave account up to the applicable Storage Limit.