Digital wealth management app Versa has bumped up the promotional net return rate of its Versa Cash and Versa Cash-i features from 4.0% p.a. to 4.3% p.a. (after fees) via a refreshed campaign. The new rate will take effect immediately, and is expected to continue until further notice.

On its promotion landing page, Versa clarified that the 4.3% rate will be applicable to the first RM30,000 deposit in its clients’ accounts, with the condition that they maintain a minimum amount of RM1,000 within the account. The calculation of the updated campaign reward – as of now – are as follows:

• Versa Cash: Versa Cash base net return rate (3.84% p.a.) + promotion net return rate (0.46% p.a.)
• Versa Cash-i: Versa Cash-i base net return rate (3.06% p.a.) + promotion net return rate (1.24% p.a.)

Accordingly, subsequent amounts above RM30,000 in your Versa Cash or Versa Cash-i account will earn you the base net return rate, without including the promotion net return rate of 0.46% p.a. or 1.24% p.a. – depending on which fund you tap into.

Versa further noted that clients can opt to have funds in both Versa Cash and Versa Cash-i at the same time to enjoy the 4.3% p.a. rate in each fund respectively. This is as long as you abide by the campaign mechanics (maintain a minimum RM1,000 in both accounts). You are also not required to deposit fresh funds of RM30,000 to enjoy the promotion rate.

Finally, note that your rebates from the campaign will only be credited to your account in the following month. So for instance, rebates that you earn for the month of July will only be credited to your Versa Cash and/or Versa Cash-i account in August. The campaign rewards will be paid on a first-come first-served basis; in the event that the total allocation for the campaign has been fully utilised, then you’ll continue to earn the base net return rate.

Versa first began running its Versa Cash campaign back in September 2022 with a promotional rate of 3.2% p.a.. The promotion was then extended and enhanced all the way until today, and also saw the inclusion of Versa Cash-i as well, when it was rolled out in early 2023. Prior to the latest 4.3% p.a. promotional rate for Versa Cash and Versa Cash-i, Versa had offered a rate of 4.0% p.a. (extended in May 2023, and was originally slated to end on 31 August 2023).

(Source: Versa)

• TAGS:
• Cash Management Solutions
• Promotional Campaigns
• Versa
• Versa Cash
• Versa Cash Payouts
• Versa Cash-i