Versa - Affin Hwang Asset Management

Versa lets you save your hard-earned cash and earn competitive interest with the flexibility of no lock-in periods. Get started with only RM1.

Versa - Affin Hwang Asset ManagementNo lock-in period
Min. Deposit
RM1
Auto-renewal
No
Daily Interest
Yes
Early Withdrawal
Yes
Type
Conventional

Get a FREE
Lazada E-Voucher
worth RM10
when you apply through RinggitPlus
Terms and conditions apply

Lazada E-Voucher

Calculator

*Calculations are for illustration purposes only based on 2.4% p.a. The Projected Interest Rate for Versa is up to 2.4% p.a.

Interest Rate

What you earn based on the amount that you have in your account

Deposit PeriodProjected Interest Rate
no lock-in periodUp to 2.4% p.a.

Fees & Charges

Management fee
0.3% p.a.
Trustee fee
0.05% p.a.

Requirements

Minimum Age
  • 18 years old
Who can apply
  • Malaysians

More Information

Versa Account Campaign FAQs:

For a limited time only, approved eligible applicants of Versa account will get a guaranteed sign-up gift of RM10 Lazada E-Voucher.

This promotion runs from 1 September 2021 to 30 September 2021, subject to campaign's terms and conditions.

Who is qualified for this promotion?

This campaign is open to new customers only. Existing Versa account holders and those who open any participating Versa account via alternative channel except at RinggitPlus, are not eligible.

How to be eligible for the free gift?

You will need to first download the App, register for a new account with the campaign code " RPXVERSA10", and make a minimum deposit of RM30 upon registration to qualify for the free sign-up gift.

Where can I reach out to for more information?

For any questions, please get in touch with us via email at [email protected], or phone at +603 7890 0808 (Mon-Fri, 10AM to 7PM) or DM our FB page.

What do I need to know about Versa?

Oftentimes, we found ourselves contemplating putting our savings in a fixed deposit account because the minimum placement is high. Plus, you will be missing out on life since you can withdraw your money along with the interest you earned only when the account matures. So in the end, we let our savings sleep in our savings account without earning much interest.

With Versa, you can Duit Your Way™! Managed by Affin Hwang Asset Management, Versa is a digital cash management platform that works the same as a fixed deposit and you can deposit as low as RM1.

What's even more awesome is that your cash will be put into money market funds, thus providing you the opportunity to broaden your regular income stream and giving high returns to meet your cash flow requirements.

Once you’ve parked your money, you can start earning interest daily and watch your money grow as you go with Versa.

But what is a money market fund?

Put simply, a money market fund is a fixed-income investment that invests in safe assets such as deposits and lets you park your money in a short time.

It is not just safe and low-risk, but a money market fund is also highly liquid with the flexibility of no lock-in periods. This way, you have easy access to your money no matter when and where.

How high is the interest rate?

Annually, you get to earn an interest rate as high as 2.4% with your idle funds in Versa.

Even so, please do note that your earnings may vary or change on the valuation of debentures or money market instruments/investments. On the event when the interest rate increases, the investment prices generally decreases resulting in the low market value of the investment.

Can I withdraw my funds anytime I want?

Yes most definitely!

What’s cool about Versa is that you have easy access to your cash whenever you want it, as compared to other fixed deposits in the market. You won’t get charged any penalty fees for withdrawing before maturity.

No hidden fees, no extra charges guaranteed.

How is interest calculated?

For Versa, the interest is compounded daily and it fluctuates based on the market of the funds. At the moment, the net interest is approximately 2% to 2.1% p.a.

So let's say your compounded interest is 2.1% p.a., the non-compounded interest rate will be slightly less and is 2.078% p.a.

The daily interest rate is 0.0057%.

For you to get the idea, here's an example of how your interest will be calculated:

You deposit RM1,000
Daily interest 0.0057%
First day interest 0.0057% x RM1,000
= RM0.06
Second day interest [(1+0.0057%) x (1+0.0057%) x RM1,000] - RM1,000
= RM0.11

The interest is compounded daily and is calculated based on your deposit, including your accrued interest.

However, the daily interest that you have accumulated will only be credited to your account every two (2) weeks in the form of payout.

Is my money in Versa safe?

Yes, your deposited money in Versa is safe as this platform is licensed by the Securities Commission Malaysia under the following guidelines -- Recognized Markets SC-GL/6-2015(R5-2020).