I have been looking for alternative for Fixed Deposit for a long time. I don't think FD is a good option due to the long lock-up time. I heard about Stashaway Simple, but I think the process to get into it was tedious thus, I didn't do anything with it.
Then, I came across Versa and after using it for a while, I find it very easy to use. Furthermore, the returns that I am getting it great.
A bit of information about Versa:
- Established in 2021
- Regulated by Securities Commission of Malaysia
- Earn up to 2.46% interest per annum (on par with FD)
- Any Malaysians aged 18 and above can start saving/invest via Versa from as low as RM1
- Can withdraw anytime without being charged any penalty fee.
How it works:
- Versa help investor to put their money into the money market (short-term debts issued by bank in order to accumulate a short-term cash-pile to make up for their shortfall in their daily deposit reserve).
- Versa invest the money they got from investors into Affin Hwang's Enhanced Deposit Fund and earn similar interest rate to FD as returns.
- Versa give the earning back to investors.
Versa is a safe place to use as it is under the regulation of Securities Commission of Malaysia. The cash deposits from investors are held by HSBC (Malaysia) Trustee (a third party trustee).
What else you need to know about Versa:
- Withdrawal will take 1 or 2 days, depending on the time of withdrawal.
- It is not Shariah-compliant.
As long as you have a smartphone that can download the app, you can sign up as a investor with a minimum deposit of RM 1 only. And if you use my referral code (X3Q3UGR8), both you and me will be able to get a bonus of RM 10 as bonus once you deposit RM100 into your account.
Versa: https://versa.com.my/