28th July 2022 - 2 min read
Digital cash management platform Versa has notified users that it is bumping up the projected net return (after fees) for its Versa Cash feature to 2.5% p.a.. This is set to take effect starting from 1 August 2022.
Prior to this, Versa Cash had a projected gross return (before fees) of 2.46% p.a., and a projected net return of 2.1% p.a.. Unsurprisingly, this latest update is good news for Versa Cash users as it means improved earnings – but also especially since Versa has a feature that enables users to receive rebates (calculated based on their account balance) if the daily returns received fall below the advertised earnings.
In fact, in the notice sent to users, Versa explicitly stated that “[i]n the event that the daily returns you earn is below 2.5% p.a., Versa will credit rebates to your account to make up for the amount difference!” Note, however, that the projected net return of 2.5% p.a. is only applicable for 2022; it is subject to change in the future, depending on the performance of the underlying fund for Versa Cash: the Affin Hwang Enhanced Deposit Fund.
Versa Cash was first announced in 2020, and officially launched in early 2021 with the opportunity to originally earn interest rates of up to 2% p.a.. Advertised as “the alternative to fixed deposits, but better”, you can tap into the perks of Versa Cash to earn a stable projected rate with daily compounding of interest and monthly payouts. Additionally, there is no minimum balance requirement, no limit on the amount earned from the projected rate, and no withdrawal or deposit fees. There is, however, a management and trustee fee of 0.3% p.a. and 0.05% p.a., respectively.
Investors who have enquiries regarding this latest development can contact Versa by calling 03-7890 3500, or sending an email to [email protected]. Alternatively, you can reach out to them via the app itself.
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