6th July 2022 - 4 min read
Touch ‘n Go (TNG) eWallet has once again partnered with Principal Asset Management Berhad to introduce a second investment feature for its users, this time dubbed GOinvest. Essentially an investment platform housed within the eWallet, it allows you to invest in unit trust funds with Principal, with the first fund being a money market fund with a competitive projected return of up to 2.70% p.a. (excluding fees).
According to the FAQ on GOinvest, users who are aged above 18 years old can begin investing via the platform with a minimum deposit of RM10. Currently, there is only one fund that is available for you to tap into, namely the Principal Islamic Money Market Fund (Class D), but there are plans to include more funds – both shariah-compliant and conventional ones – in the near future future.
GOinvest is also marketed as a goal-based investing platform as you’re required to create or select an investment goal when you are setting up your account. If you do not wish to create a specific goal, you can opt for a pre-set “General Savings” as your goal instead. You may also keep multiple financial goals at all times, although you are only allowed to create one goal at a time.
As we’ve mentioned earlier, you can begin investing on GOinvest by cashing in a minimum amount of RM10, either via your TNG eWallet or FPX online banking. There is no maximum limit to the amount that you can invest – although you will be restricted to a limit of RM30,000 for each transaction if you use FPX online banking to perform your cash-in transactions.
Unlike GO+ which has features instant cash-in, it may take up to one business day to process and credit your cash-in payments to the GOinvest platform. Specifically, if you successfully cash in by 1pm, your payment will be processed using the net asset value (NAV) per unit for that business day, while payments made after 1pm will be processed using the NAV per unit for the next business day.
Meanwhile, cash-out transactions can be performed starting from a minimum of RM10, which will then be credited back to your bank account (currently, all cash-out transactions can only be made into bank accounts). There is also no maximum limit to the amount that you can cash out either, but you should be aware that GOinvest will proceed with a full cash out if your cash-out request results in a unit balance that dips below the minimum unitholding balance threshold.
As for how long it takes to process your cash-out request, GOinvest will credit your money to your bank account within two working days upon receiving your request (with any fees to be shouldered by the investor). Similar to cash-in transactions, the NAV per unit used to process your cash-out request will depend on whether you submit your request by or after 1pm.
Another interesting detail about GOinvest is that there is a cooling-off period of six business days. Applicable only to first-time investors of the fund and the first cash-in amount, you are given the right to request for a full refund of your first cash-in amount (in the event that you have a change of heart about investing via GOinvest).
If you’d like to give the new GOinvest platform a try, go ahead and tap on the GOinvest tile in your TNG eWallet, then follow these steps:
Finally, note that funds invested in GOinvest cannot be used for any TNG eWallet payments; it is allocated solely for investing purposes. This is different from funds in stored in GO+, which can be tapped into for payments such as toll, parking, and retail purchases if your eWallet balance is insufficient.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world