This article has been updated as of 2 May 2024.

Versa is a Digital Cash App to Grow Your Savings

It is regulated by the Securities Commission Malaysia and offers a variety of investment options, each with a varying degree of risk.

For today’s purposes, we’ll only talk about the options with the lowest risk: Versa Cash and Versa Cash-i.

Both funds are managed by AHAM Capital Asset Management and have a few similarities:

✅ Low-risk.

✅ RM10.00 deposit requirement.

✅ Interest paid and compounded daily.

✅ No lock-in, zero deposit/withdrawal fees.

Versa Cash is NOT shariah compliant but has higher returns (3.77% pa).

Versa Cash-i is shariah compliant but has lower returns (3.33% pa).

How does Versa offer competitive returns with low risk?

According to Versa, your funds pooled into the Affin Hwang Enhanced Deposit Fund (EDF), which AHAM Capital uses to negotiate better FD rates from banks.

A small portion of the funds is used to honor withdrawals.

At first glance, this came off as a tad bit shady for us…

This is because using newer customer deposits to pay for withdrawals is unsustainable, especially during a bank run.

We contacted Versa on Instagram and were impressed with their quick and comprehensive response.

Read it here:

Additional things to note:

• Versa automatically reinvests your profits every month, helping you earn more overtime.

• The minimum withdrawal amount is RM50.00.

Comparisons to TnG’s GO+?

✅ Daily payout.

✅ Shariah compliant.

✅ Deposit/withdraw instantly using DuitNow.

❌ Maximum deposit limit of RM9,500.

How about StashAway Simple?

✅ Shariah compliant.

✅ Extremely low deposit/withdraw requirements of RM0.

❌ The 3.6% APY offered is PROJECTED, not fixed.

❌ Withdrawal speed loses out to Versa Cash-i as it takes 3-4 business days.

What about KDI save?

✅ Interest paid out daily.

✅ Truly 0 fees, 4% APY is fixed.

❌ Not Shariah compliant.

❌ Requires initial deposit of RM100.

What are the common risks/cons of all these cash apps? ⚠️

❌ APY fluctuates from time to time depending on the OPR.

❌ Not insured by PIDM, since this is considered an investment.

❌ Returns vary based on fund’s performance and are not guaranteed.

Our verdict:

While Rize and KDI offer high rates of return, Versa remains our top choice due to its impressive user experience and flexibility.

It is an amazing option for investors who prefer simplicity and ease of access.

For those who are interested in trying out Versa, be sure to sign up with our referral code!

You’ll get RM10.00 for your first deposit of RM100 and above – that’s an instant 10% return on your investment!

Download the app from the app store and enter “THEFUTURIZTS”.

If the referral code above doesn’t work, you can use our default code “QMVRYPRT” instead.

DISCLAIMER: This article contains an affiliate code that grants us a tiny commission if you choose to sign up with it. Investing in a money market fund has its own risks and is different from opening an account with a financial institution. You should speak with a financial planner before making any investing decisions. ⚠️

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