ERROR - For Versa fees, the 2.4% projected returns are after fees, NOT before. So the net projected return is actually ~2.1%

In this video, we compare 3 of the best high-interest savings/money market funds.

Want to start using these high-interest savings accounts? Use these links:

StashAway MY ► http://themillennialfinance.com/stash
StashAway SG ► https://themillennialfinance.com/stas...
(FREE 6 months management fees)

Versa Malaysia ► Use code: TMFXVERSA (limited to first 400 people) (Get RM10 after depositing RM100)

GO+ ►Use code: x86b86 (stand a chance to win freebies)

When it comes to high-interest savings accounts in Malaysia, you have 3 options - Versa, StashAway Simple and GO+

We'll be comparing each of them in terms of ease of use, fund performance, liquidity and extra features.

VERSA MALAYSIA REVIEW

Versa is a relatively new service, but then again they all are but they’re the only pure Money Market Fund product among the 3.

Launched in Jan this year, after 3 months they had RM10m in deposits which isn’t too bad.

Their average deposit amount is RM2.7k which is surprisingly high, but probably skewed by large investors.

Since they literally only do money market funds, their interface had to be simple - everything you need to know is on the app

Your money is essentially deposited into the Affin Hwang Enhanced Deposit Fund - Its a low risk fund that doesn’t have much volatility in price
and is capped at over RM1b.

YTD Return is 0.8%, assume its from the dividends because the NAV of the fund shouldn’t really move at all.

Versa projects a 2.4% annual return with interest is calculated daily and paid out bi-weekly which is great. This is good because it compounds more often and the minimum investment is only RM1.

Versa themselves don’t charge any fees. Affin Hwang themselves do charge fees of up to 0.55% but the 2.4% projected returns should be after these fees.

Deposits are as simple as using FPX or bank transfer with any bank.

Withdrawals are the best part and why I like Versa.
If you withdraw before 230pm on a business day, you get it the next business day.

If after 230pm on a business day, you get it in the next 2 business days
Very fast, perfect for liquidity and emergency funds.

I tried withdrawing, submitted Friday and got it Monday.

STASHAWAY SIMPLE (UPDATED) REVIEW

StashAway’s interface as we mentioned before is very clean too

There's more stuff compared to Versa since they do other products too, but still easy to navigate.

To start a Simple portfolio, its the same as creating any other portfolio on StashAway.

They used to use the Eastspring Investments Islamic Income Fund but have recently changed to AM Income fund which has been around since 2,000 with over RM5b in assets under management.

They don’t just put the money in FD’s or deposit related products
They go for corporate bonds as well, at just under 50% of the asset allocation. This is still very safe, but slightly riskier than Versa or TNG

Even with this change, StashAway is still projecting a 2.4% annual return, which is pretty much in line with the fund factsheet.

With this change, interest will now be calculated daily but will only reflect in our account on a monthly basis.

Like Versa, StashAway Simple doesn’t charge any fees. Their main plan for Simple is probably for people to get a feel of the platform before moving the money to their core products.

The underlying fund manager behind Simple does charge fees as well, but its also factored in when calculating the 2.4% projected returns.

Deposits are their standard ways, there’s FPX or manual deposit, but withdrawals are slightly slower compared to Versa.

Their FAQs mention that its 4-5 business days, substantially longer than Versa.

Did try it once, submitted withdrawal request on 24th April and money reached my bank on the 28th.

Hey! Thanks for reading the description. We can't fit everything in here, so make sure to watch the whole video to find out more :)

Timecodes:

00:00 - Versa vs StashAway Simple vs GO+ (Best High-Interest Savings Malaysia)
0:56 - Versa Malaysia review
5:10 - StashAway Simple review (new fund)
9:50 - Touch n Go (Go Plus) review

Follow us on social media for more content:

Instagram:   / themillennialfinance_  
Facebook:   / themillenialfinance  
Twitter:   / themillennialf_  

Tell us in the comments if you liked this video and what other kinds of videos you would like to see.

These videos are for entertainment purposes only. We are not financial advisors and this is not financial advice. You (and only) you are responsible for your financial decisions.

Some of the links in this video description are affiliate links, meaning, at no additional cost to you, we may earn a commission if you click through and make a purchase and/or subscribe. We only promote products that we 100% believe in and use ourselves.

#TheMillennialFinance