Raya is around the corner!

Even if you’re not a Muslim, the festivities will certainly prompt you to dig into your wallets and spend more than usual.

Don’t get me wrong, a little more spending is totally fine, as long as we do not permanently inflate our lifestyle.

To help you cover some of the costs, here are three platforms running Raya promotions that will increase your passive income.

1. GXBank (5% pa on first RM50,000)

This is the bank that never stops giving.

After opening an account, you’ll earn 3% pa on your savings by default, with interest paid and compounded daily.

The debit card also gives you unlimited 1% cashback on all expenses and supports overseas spending.

What’s more: you can create up to 10 savings pockets for specific goals (ie. retirement, rainy-day, emergency funds, etc.) and schedule a monthly automatic transfer or a lump sum transfer.

These pockets will earn daily compound interest and is also flexible - you can close the pockets, deposit, or withdraw any amount, anytime.

GXBank Raya promotion: Earn 5% pa for your first RM5,000 in each savings pocket from 10 April to 9 May.

• Base interest rate is 3% pa plus 2% bonus.

• Bonus interest rate is for savings pockets only.

• Bonus only applies to the first RM5,000 in a savings pocket.

• You can create up to 10 savings pockets.

The Base Interest and Bonus Interest are calculated at the end of each day based on the end-of-day balance in each Savings Pocket.

So, with 10 savings pockets, you can effectively earn 5% pa for RM50,000.

Here's how much interest you'll earn from 10 April to 9 May if you have:

• RM5,000 (1 savings pocket): RM20.55

• RM7,500 (2 savings pockets): RM30.82

• RM15,000 (3 savings pockets): RM61.64

• RM30,000 (6 savings pockets): RM123.29

• RM50,000 (10 savings pockets): RM205.48

5% pa is enticing, but never put all of your eggs in one basket. ⚠️

It may be very tempting to cash out your other investments (ie. Versa, Rize, TnG GO+) to maximize GXBank’s Raya promo.

Please consider your options very carefully before doing this.

GXBank is still a relatively new app and therefore prone to encounter bugs and issues, which will only become more adamant with this new promo.

Earlier this month, users have reported that their accounts have been abruptly frozen, so use the app at your own risk.

Read the TnCs of GXBank’s Raya Promo here.

2. Touch n’ GOINVEST (Extra 3% pa on any product)

Investing has never been easier with Touch n’ GOInvest.

The platform offers 15 different types of funds, each with a varying degree of risk. You can decide what sort of exposure you would like to have, including assets from Japan, US, UK, Europe, and even China.

• Min. deposit of RM100.

• Up to 1.5% sales charge upon investing (versus up to 5.50% for Public Mutual).

• Annual fees of 1.00-1.90% based on the Net Asset Value (NAV) of the fund.

A few months ago, I deposited ~RM2,500 across two different funds to give things a try. Here’s how they performed:

i) Principal Islamic Global Selection Aggressive Fund

• Holdings: Global mixed assets (equities, sukuk, gold ETF, MMFs)

• Deposit details: RM1,031 since 28 February

• Earnings: RM1.81 (+0.18%)

ii) Principal Global Titans Fund

• Holdings: Mainly US - Apple, Microsoft, Amazon, Nestle, etc.

• Deposit details: RM1,000 since August 2023, and RM501 on 29 March.

• Earnings: RM143.18 (+9.54%)

At one point, the unrealized profit for (ii) went as high as 16% before the new deposit in March.

GOINVEST Raya Promotion: Earn extra 3% pa from 27 Mar to 9 May.

The campaign offers two distinct rewards:

Reward 1: Extra 2% p.a. bonus rate

• Invest a min. of RM500 in any GOINVEST product with promo code ‘GOSANTAI’ before 9 May.

• Maintain your investment for 60 days (until 9 July).

• Extra 2% bonus rate will be given as cash back before 23 August.

Reward 2: Extra 3% p.a. bonus rate

• Activate Auto Cash In to any GOINVEST product.

• Cash in a min. of RM500 before 9 July.

• Extra 3% bonus rate will be given as cash back before 23 August.

To be eligible for both rewards, you must not redeem/cash out any funds throughout the Post Campaign Period (until 9 July). ⚠️

Read the full terms and conditions here.

3. BoostMyMoney (Extra 1.3% pa on first RM500)

A relatively new feature added to the Boost app, BoostMyMoney is somewhat similar to TNG GO+.

You’ll earn daily interest (~3.98% pa) and can withdraw up to 95% of your funds to the e-wallet anytime.

For a full cash out, you have to withdraw to your bank, which will take 3-4 business days.

• Start from as low as RM1.00.

• Daily payout.

• Shariah-compliant.

• Earn points as you save.

What’s attractive about this feature is they’re running quite a few promotions right now:

i) Maintain >RM100 for 5 days: Free Chagee voucher (worth RM15).

ii) Maintain >RM500 for 5 days: Get 6,500 Boost Stars.

These stars can be claimed as e-wallet credits and cashed out: 5000 stars = RM5.00

So you’re guaranteed to get an extra 1.3% return in 5 days, not bad at all!

iii) Maintaining the funds inside longer (ie. >1 month) will give you tiered Boost Stars rewards.

The bonus stars will be credited to your account during the 3rd day of the subsequent month.

So, if you maintained RM5,000:

1st - 4th month: Bonus 20,000 Stars (equivalent to RM20)

5th - 8th month: Bonus 40,000 Stars (equivalent to RM40)

9th - 12th month: Bonus 60,000 Stars (equivalent to RM60)

Total bonus rewards = RM20 + RM40 + RM60 = RM120

Remember, these rewards are on top of the ~3.98% pa daily interest that you’ll be receiving.

Therefore, the effective return rate would be 6.38% excluding annual fees. 😮

Read the full terms and conditions here.

Disclaimer: Investing in any of the products listed above has its own respective risks as some are different from opening a deposit account with a financial institution. You should always speak to a financial planner before making any investing decisions. ⚠️

Thanks for reading till the end!

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