Touch ‘n Go eWallet GO+ paid out interest of up to 1.76% in May, which is comparable to a regular time deposit.
GO+ is a micro-investment feature launched by Touch ‘n Go eWallet. Deposits to GO+ are invested in the Principal e-Cash Fund (Class A).
According to the official website of the Principal e-Cash Fund (Class A), the interest rate for the entire month of May ranged from 1.50% p.a. to 1.76% p.a. Since the interest rate increase by the National Bank on May 11, the interest rate paid by GO+ has also increased to a maximum of 1.76% p.a., which is comparable to the interest rate paid by banks for a 1-month regular time deposit, which is only 1.75% p.a.
If the National Bank announces another interest rate hike in July, the interest rate paid out by GO+ will definitely increase again and could reach 2.00%p.a. by then.
Here is an example of depositing RM1,000 in GO+, at 1.75% p.a., you will get about RM1.458 a month, and at 2.00% p.a., you will get about RM1.67 a month.
GO+’s micro-investment feature is suitable for users who use Touch ‘n Go eWallet to spend money from time to time, and they can enjoy interest while putting their money in Touch ‘n Go eWallet.
Let’s take a look at the comparison between Touch ‘n Go ewallet GO+ and time deposit.
Touch ‘n Go eWallet GO+ is more flexible, meaning that you can withdraw your money at any time without losing interest. A time deposit loses interest when it is withdrawn before it expires. If your funds are needed for a short period of time (within a few weeks or 1 month), then choosing Touch ‘n Go eWallet GO+ is the best choice because the minimum deposit period for time deposits is 1 month.
Another major difference between these two investment programs is that the minimum starting amount for Touch ‘n Go eWallet GO+ is RM10, while the minimum starting amount for a normal time deposit is RM1,000 to RM5,000. eWallet GO+ is a good choice.
* Purely for sharing, no investment buying or selling advice.
