Do you know how the interest rate of Touch ‘n Go eWallet GO+ is calculated?
With two interest rate increases by the National Bank, the interest rate on Touch ‘n Go eWallet GO+, a small investment feature, has been raised to 2.02% p.a. If you have money saved in GO+, then you will earn more interest every day.
The interest rate on GO+ is calculated in a similar way to time deposits, with the so-called 2.02% being the annual interest rate, which means you get 2.02% a year. The so-called p.a. is the abbreviation of Per Annum.
Here is an example to make it easier for you to understand how GO+ interest is calculated. Xiao Ming puts RM2,000 in GO+, with 2.02% p.a. interest, Xiao Ming can earn about RM0.11 per day.
RM2,000 X 2.02% = RM40.40
RM40.40 / 365 days = RM0.11
Example 2: Xiao Ming puts RM8,000 in GO+, with 2.02% p.a. interest, Xiao Ming can earn RM0.4427 per day.
RM8,000 X 2.02% = RM161.60
RM161.60 / 365 days = RM0.4427
It is important to note that GO+ can deposit up to RM9,500 and if you deposit the full RM9,500, the daily interest will be credited to the Touch ‘n Go eWallet balance and not to GO+. It may take several days for the interest to be remitted.
Therefore, it is recommended that you do not put in the full RM9,500, but rather RM9,400. This way the daily interest will go directly to GO+ instead of the eWallet balance.
*The interest rate of GO+ changes daily, not necessarily 2.02% every day, but with the interest rate increase by the national banks, the interest rate of GO+ may increase again. The information is for reference only and there is no investment advice.
