In November, Versa Cash will begin a 4% p.a. promotion.
Exciting news! In November, Versa Cash will begin a 4% yearly yield promotion.
Versa Cash is a financial savings product offered by Versa, a Malaysian platform for smart investments that has been authorised by the Securities Commission of Malaysia (SC). Versa Cash is a financial savings programme comparable to KDI Save and Touch ‘n Go eWallet GO+. Users’ money will be placed in the Money Market Fund, or MMF for short.
Money market funds (MMF) are highly favoured by investors who seek low risk and have replaced fixed deposits as the second option. MMF’s advantages include low risk and users who settle interest and distribute it daily.
The most recent Versa news states that starting in November, individuals who invest money in the Versa Cash platform will receive a 4% yearly yield. The user will be eligible for a preferential interest rate of 4% p.a. on the first RM30,000 invested, which is the interest rate after all fees have been removed and also refers to the interest rate that the user can obtain directly.
The Versa Cash 4% prime rate will be in effect for three months, from November 1, 2022, to January 31, 2023. Versa Cash money will be put to use via the Affin Hwang Enhanced Deposit Fund.
Versa Cash users can deposit and withdraw funds at any time, with no fees associated; however, withdrawals take 1 to 2 business days to process. Versa is registered with Bursa Malaysia, although PIDM does not guarantee Versa.
In order to encourage clients to deposit money, a number of domestic banks and financial institutions recently increased the interest rates on time deposits and savings products. The KDI Save rate has also increased from 3% to 3.50%p.a., and the maximum annual interest rate for a fixed deposit at the moment is 3.55%p.a. Versa Cash has increased to 4% from 3.2%.
Note that the data is provided for reference purposes only and does not constitute investing or trading advice.
