TNG GOinvest vs. Time Deposit, which is better to deposit?
GOinvest is an investment feature of Touch ‘n Go eWallet that will allow users to invest in Money Market Funds directly through Touch ‘n Go eWallet. The money currently invested by users in GOinvest will be invested in the Principal Islamic Money Market Fund (Class D).
The Principal Islamic Money Market Fund (Class D) fund is managed by Principal Asset Management and is expected to yield 2.85% p.a. for the next 12 months. If the National Bank continues to raise interest rates, the yield for the next 12 months will also increase.
When you see this, many people compare GOinvest with time deposit. What is the difference between GOinvest and time deposit and which is more worthy of investment?
GOinvest has an investment return of 2.85% p.a. for the next 12 months. If the same amount is deposited into a 1-month time deposit, the yield is only 2.00%p.a., while when deposited into a 12-month time deposit, the yield is only 2.35%p.a.
When depositing money into a time deposit it is also tied to a specific term, such as 1 month or 12 months, and the user can only withdraw the money at the end of the term, losing interest if withdrawn early. If you withdraw your money early, you will not lose interest.
In addition, the minimum deposit amount for a normal time deposit is RM500, while the minimum deposit amount for GOinvest is RM10.
Conclusion, if you can find a time deposit with a higher yield than 2.85% p.a., then it is definitely more worthwhile to deposit your money in a time deposit. However, if the money you are holding is short term money and maybe you will need that money after 1 month or 3 months, then investing into GOinvest is a good choice.
Attention! The information is for reference only and there is no recommendation to buy or sell.
