Versa is currently running an offer for its Versa Cash clients, allowing them to enjoy a promotional net return rate of 3.2% p.a. on the funds within their accounts. Already ongoing, it is set to continue until 31 December 2022, and is open to all clients with an active account.

In the campaign’s FAQ, Versa explained that the 3.2% p.a. net return rate is achieved by tallying up Versa Cash’s base net return rate (2.5% p.a.) and the promotion net return rate (0.7% p.a.). The rate is, however, applicable only to the first RM30,000 balance in each user’s Versa Cash account. If you have more than RM30,000 into your account, the excess amount will earn Versa Cash’s base net return rate of 2.5% p.a..

So for instance, if you have RM32,000 within your Versa Cash account, your first RM30,000 will be eligible for the promotional return rate of 3.2% p.a., while the remaining RM2,000 will earn 2.5% p.a.. Note as well that you do not need to specifically deposit RM30,000 of fresh funds to enjoy this promo; as long as you have funds in Versa Cash, you will automatically be able to tap into the promotional rate.

Versa also clarified that users will receive their returns from this campaign on a monthly basis, with the return earned for each month to be deposited into their Versa Cash account in the following month. In other words, your earnings in September will only be credited into your Versa Cash account in October, and so on. Do also be aware that you will not receive returns that amount to less than RM0.01.

Finally, note that the campaign reward is paid on a first-come first-served basis; in the event that the total reward allocated for this campaign has been fully utilised, Versa Cash users will continue to earn the base net return rate of 2.5% p.a.. That said, Versa did not share its budget allocation for this particular campaign.

Versa Cash is Versa’s cash management solution, which allows Malaysians to tap into low-risk money market funds and earn interest rates, with its underlying fund being Affin Hwang’s Enhanced Deposit Fund. Versa also possesses an investment solution called Versa Invest – rolled out recently in May 2022.

(Source: Versa)

• TAGS:
• Affin Hwang Asset Management
• Affin Hwang Enhanced Deposit Fund (EDF)
• Cash Management Solutions
• Promotional Campaigns
• Versa
• Versa Cash
• Versa Cash Payouts
• Versa Invest