What do I need to know about Versa Cash?
Oftentimes, we find 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 returns you earned only when the account matures. So in the end, we let our savings sleep in our savings account without earning much return.
With Versa Cash, 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 start as low as RM10.
What's even more awesome is that your cash will be put into money market funds, thus providing you with the opportunity to broaden your regular income stream and give high returns to meet your cash flow requirements.
Once you’ve parked your money, you can start earning returns daily and watch your money grow as you go with Versa Cash.
Is there a Shariah-compliant Versa account?
Yes, there is. Referred to as Versa Cash-i, the cash that you put into this Shariah-compliant account will be put into low-risk Islamic money market funds with other features that work quite similar to its conventional counterpart. Want to find out more? Click here to view the Product Highlights Sheet.
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 return rate?
Annually, you get to earn a return rate as high as 4.3% per annum (after fees) for the first RM1,000 to RM30,000 funds in Versa Cash. By after fees, we meant that the Management Fee of 0.30% and the Trustee Fee of 0.05% (For Versa Cash-i, it is 0.02%) have already been deducted.
If you deposit an amount lower than RM1,000 or if you exceed RM30,000, you'll earn a Base Net Return of 3.41% per annum (after fees). For Versa Cash-i, meanwhile, you'll get a Base Net Return of 2.89% per annum (after fees) instead.
| Versa Cash | Versa Cash-i |
| RM10 - RM999 Base Net Return for September 2023: 3.41% p.a. (After fees) | RM10 - RM999 Base Net Return for September 2023: 2.89% p.a. (After fees) |
| RM1,000 - RM30,000 Promotional Net Return: 4.3% p.a. (After fees) | RM1,000 - RM30,000 Promotional Net Return: 4.3% p.a. (After fees) |
| RM30,001 and above Base Net Return for September 2023: 3.41% p.a. (After fees) | RM30,001 and above Base Net Return for September 2023: 2.89% p.a. (After fees) |
Additionally, that doesn't mean that you have to deposit RM30,000 to get the high return rate, so long as you maintain an RM1,000 balance and above in your Versa Cash account, then you will get to enjoy the 4.3% per annum rate. You can find more details about it here.
Even so, please do note that your earnings may vary or change on the valuation of debentures or money market instruments/investmenIfthat the return rate increases, the investment prices generally decrease 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 Cash 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 and no extra charges are guaranteed.
Is my money in Versa Cash 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).
I’m interested in applying. What are the next steps?
The steps are simple and you only need your IC to apply. Please follow the steps below.
Step 1: Download the Versa App and create your account
- Prepare your IC for the e-KYC and onboarding process on the app
Step 2: Make your first deposit
- Once your registration is successful, you’re all set to make your first deposit
