TNG GO+ will also raise it’s interest rates.
Touch ‘n Go’s GO+ will follow Bank Negara’s lead and provide higher interest rates to depositors as the bank negara boosts interest rates.
On May 11, the National Bank announced a 25 basis point (0.25%) increase in the Overnight Policy Rate (OPR). Interest rates on a variety of financial products, including fixed deposits, have been raised by all domestic banks. Interest rates will almost certainly follow GO+, which is based on money market funds.
Touch ‘n Go eWallet introduced GO+, a minor investment function.
Users can earn daily deposit interest by simply depositing money into the Touch ‘n Go eWallet’s GO+. The Principal e-Cash Fund will hold all GO+ deposits (Class A).
According to the Principal e-Cash Fund (Class A official )’s website, the interest rate for the entire month of April fluctuated from 1.50 percent to 1.58 percent. This income is comparable to the bank’s one-month ordinary time deposit interest prior to the interest rate hike, which is merely 1.50 percent per annum.
The bank’s 1-month time deposit has now been raised to 1.75 percent p.a. as a result of the interest rate increase, therefore the GO+ interest rate is highly likely to be raised to the level of 1.60 percent to 1.75 percent.
The interest rate was 1.61 percent on May 16, 1.65 percent from May 13 to 15, and 1.61 percent from May 10 to 12, according to statistics provided by the Principal e-Cash Fund (Class A).
GO+ has also announced that promotions will be launched soon, providing depositors with additional preferred interest rates. Last year, GO+ offered an additional 4% off, and this year, an additional 2% off from February through April.
