The investment yield on TNG eWallet GO+ may exceed 2% if Bank Negara boost IR on July.
The investment yield of Touch ‘n Go eWallet GO+ may exceed 2 percent per year if Bank Negara hikes interest rates by 25 basis points the next month!
In July, a rate increase announcement from Bank Negara is generally anticipated. To reduce domestic inflation and keep foreign money in the country, the Bank Negara is expected to directly increase interest rates by 0.50 percent, according to several economists and analysts.
The rate increase by Bank Negara will undoubtedly result in greater borrowing costs, but fixed deposit rates will also increase, which is good news for those who have fixed deposits.
Time deposit interest rates will increase, and so will yields on other financial instruments like money market funds. The GO+ Micro Investing feature of Touch ‘n Go eWallet invests depositors’ money in money market funds.
Since Bank Negara increased interest rates by 0.25 percent in May, the yield on Touch ‘n Go eWallet GO+ has increased from 1.50 percent to 1.80 percent p.a. The yield on GO+ will surpass 2 percent if Bank Negara boosts interest rates in July.
With an RM500 investment into GO+, you will earn roughly RM0.80 per month at a 2 percent interest rate. You would receive RM3.33 per month if you put RM2,000 with GO+.
Depositing your money in GO+ is the ideal choice if you frequently use the Touch ‘n Go eWallet to make purchases at retailers or pay tolls.
