Is GOinvest in Touch ‘n Go eWallet worth investing in?
The Touch ‘n Go eWallet officially added the GOinvest investment feature in early July, allowing users to invest in money market funds (MMFs) through the Touch ‘n Go eWallet. Unlike GO+, funds invested in GOinvest cannot be used for online or offline payments.
All funds invested in GOinvest are invested in the Principal Islamic Money Market Fund (Class D) managed by Principal Asset Management.
The fund published data in July that showed an annualized return of 2.70% p.a. for the last 12 months, but the latest data shows an annualized return of 2.85% p.a. for the last 12 months. This is due to the recent increase in interest rates by the national banks, which has led to the interest rates of various financial products in the country following suit.
Seeing this many people will have a question about whether GOinvest will be worth investing in or not. It really depends on the rate of return you want to get from your investment. If you are looking for a high yield, such as 3% or more, then GOinvest will definitely not satisfy you.
Conversely, if your goal is not to use the money within 1 month and you don’t want to risk losing your principal, and you are also satisfied with an investment yield of about 2.85% p.a., then GOinvest is the right investment for you.
GOinvest is invested in a Money Market Fund and therefore offers a slightly higher investment yield than a time deposit, and is more flexible than a time deposit in that it can be withdrawn at any time.
