Best Places to Grow Your Savings Right Now

Updated monthly.

Author

The Futurizts
October 26, 2023

This article has been updated as of 2 January 2025.

1. Versa Cash (~3.50% pa)

Simple, sleek, and efficient. Versa is designed to enhance your experience in growing your savings.

There are two products that offer stable returns: Versa Cash and Versa Cash-i.

  • Versa Cash has a higher return but is NOT Shariah-compliant.

  • Versa Cash-i has a lower return but is Shariah-compliant.

✅ Earn interest/profit daily.

✅ Earn up to +7% pa by completing quests.

✅ Deposit/withdraw in 2-3 business days.

❌ Not Shariah-compliant (Versa Cash).

❌ Not insured by PIDM.

🎁 Referral Code: THEFUTURIZTS (Get RM10 for first deposit of RM100 and above)

2. MooMoo Cash Plus (5.00% pa)

Apart from investing in US and local stocks, MooMoo allows you to earn ~3.5% pa on your idle cash. Though redemption takes 1-3 business days, the balance can be used to trade stocks and IPO shares immediately.

What’s more: new users will receive a 30-day 5% pa guaranteed reward for their first RM10,000.

✅ Earn profit daily.

✅ 30-day 5% pa guaranteed reward for new users.

✅ Balance can be used to trade stocks instantly.

✅ Deposit/withdraw in 1-3 business days.

✅ Shariah-compliant.

❌ Not insured by PIDM.

🎁 Referral Code: YLQEE3DM (RM100 cash rewards for first deposit of RM1,000)

3. BoostMyMoney (3.80% pa + RM15 cashback)

BoostMyMoney is a Shariah-compliant fund that helps users earn and save with higher returns. The profits are paid daily and you’ll also receive bonuses in Boost Stars for every ringgit maintained in the account.

The stars are credited into your Boost eWallet every month and can be claimed as cashback (1,000 Stars = RM1).

Until 18 February, you’ll receive 15,000 Boost Stars (worth RM15) if you deposit and maintain RM500 in the account for at least 5 days. That’s a juicy 3% reward on your first deposit.

✅ Earn profit daily.

✅ Shariah-compliant.

✅ Earn Boost Stars for cashback.

✅ Withdraw up to 95% of funds to e-wallet instantly.

❌ Needs significant improvement on customer service.

❌ Not insured by PIDM.

🎁 Referral Code: shi57gv2

To be clear, BoostMyMoney is different from Boost Bank, which offers 3.60% pa and is protected by PIDM. Think of this product as something similar to TNG GO+.

4. Fixed Deposits (3.70-3.80% pa)

FDs are becoming attractive again because their returns are higher than most digital banks now.

✅ Shariah-compliant.

✅ Insured by PIDM.

✅ Guaranteed returns.

❌ 1 year lock-in.

❌ No profit paid for early withdrawals.

5. AEON Bank (3.00% pa + 0.50% cashback)

Dubbed as Malaysia’s first Islamic Digital Bank, AEON Bank allows users to earn up to 3.00% pa with interest compounded daily and paid at the end of each month.

To be clear, the balance in your main account will earn 0.88% pa, while savings pots will earn 3.00% pa.

You can create up to 20 savings pots with different goals, and the money can be deposited/withdrawn instantly.

You’ll also receive 1 AEON point for every RM1 spent using the debit card, which can be claimed for cash (1,000 points = RM5.00).

This makes the cashback 0.50%.

✅ Shariah-compliant.

✅ Savings account, insured by PIDM.

✅ Deposit/withdraw instantly using DuitNow.

✅ 0.50% cashback on most spending with debit card.

❌ Profit payout occurs at the end of each month.

🎁 Referral Code: AB403017 (Get 3,000 AEON Points worth RM15)

6. Touch n’ GO+ (3.45% pa)

GO+ offers superb flexibility and pays daily profit based on the balance in your account at the end of each day.

It will not affect your e-wallet payments.

Whenever you make a deposit or transfer, the funds will automatically be added or deducted from your GO+ account.

✅ Earn profit daily.

✅ Shariah compliant.

✅ Deposit/withdraw instantly with DuitNow.

❌ Maximum deposit limit of RM20,000.💡

❌ Not insured by PIDM.

💡 You’ll still earn daily profit beyond this limit, but you won’t be able to deposit more funds.

7. Rize (3.30% pa)

It’s a love-hate relationship with this one. Though Rize offers a competitive payout, the quality of their customer service is questionable.

We spent 3 months to open our account previously, and many users have voiced out their unpleasant experience with the app.

The 3.30% pa profit is compounded daily and paid at the end of each month.

✅ Shariah compliant.

✅ Savings account, insured by PIDM.

✅ Deposit/withdraw instantly using DuitNow.

❌ Needs significant improvement on customer service.

❌ Profit payout occurs monthly.

8. ASB & ASM (4-6% pa)

Amanah Saham Bumiputera (ASB) and Amanah Saham Malaysia (ASM) are unit trust funds managed by Amanah Saham Nasional Berhad (ANSB).

The funds are always fixed at RM1.00 per unit, giving you the flexibility to plan your investments without worrying about market volatility or price swings.

Unfortunately, as the name suggests, ASB is only available for Bumis. For non-Bumis, ASM is the next alternative, but the units are limited and often hard to purchase.

✅ Shariah compliant.

✅ Stable, consistent returns.

✅ Deposit/withdraw in 1-2 business days.

❌ Limited units for non-bumis (ASM).

❌ Profit payout occurs once a year.

❌ Not insured by PIDM.

“Got so many options, I can’t decide.”

Most cash apps are relatively new and often go under emergency maintenance.

As such, it’s best to use multiple apps so you won’t be locked out from accessing your funds.

We use AEON Bank and TNG for daily spending and saving. For emergency funds, we like to keep them in a separate place (Rize, ASB/ASM, Versa) so we won’t see them and be tempted to spend.

Growing your savings has never been easier.

At a 4% annual compound rate, you’ll achieve RM50,000 in 5 years if you set aside roughly RM755 per month.

This is much faster than saving manually without investing (RM833/month).

Of course, saving RM50,000 may not be feasible for everyone, but think of it this way: It’s better to have some money set aside rather than none at all.

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DISCLAIMER: Investing in cash apps or unit trusts has its own risks as they are different from opening a deposit account with a financial institution. You should speak with a financial planner before making any investing decisions. ⚠️

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