FinTech apps allow Malaysians to invest in money market funds (also known as cash management funds) instead of savings account or fixed deposit (FD). Which apps are these? How do they compare?
Updated: Jul 28, 2022
FinTech Cash Alternatives to Traditional Choices
While many once preferred to keep cash in savings accounts or in fixed deposits, nowadays a new alternative (hence the nickname FD killers) is to place your cash in cash management funds or also known as money market funds.
Pros:
- Low/no min investment amount/balance requirements
- No lock-in period (unlike fixed deposits)
- Platforms may offer lower charges, rebates or promotional rates
Cons:
- No PIDM protection of RM250,000 per depositor per member bank
- Returns are projected and may change without notice
- While relatively liquid, it may still take 1-2 days from funds to transfer back from app to your bank account
There are a growing number of FinTech online platforms and apps which offer Malaysians access to cash management funds.
Let’s take a look at how they stack up against each other, in no particular order, to help you better understand your options.
StashAway Simple
Key Details
- Projected Returns: 2.50% p.a.
- Promotional Returns: 3.00% p.a. up to 3.20% with successful referrals (up to RM20,000 until Dec 31, 2022)
- Returns Frequency: monthly
- Min Investment: RM1
- Underlying Investment: AmIncome Fund
- Launch Date: June 15, 2020
More Info
.
Versa Save
Key Details
- Projected Returns: 2.1% p.a. (2.46% gross before fees) > Increasing to 2.5% p.a. from Aug 1, 2022
- Returns Frequency: daily
- Min Investment: RM1
- Underlying Investment: Affin Hwang Enhanced Deposit Fund
- Launch Date: January 29, 2022
More Info
.
TnG GO+
Key Details
- Projected Returns: 1.73% p.a.
- Returns Frequency: daily
- Min Investment: RM10
- Underlying Investment: Principal e-Cash Fund
- Launch Date: March 29, 2021
More Info
.
KDI Save
Key Details
- Projected Returns: 2.25% p.a.
- Promotional Returns: 3.00% p.a. (up to RM200,000 until Dec 31, 2022)
- Returns Frequency: daily
- Min Investment: RM100
- Underlying Investment: Kenanga’s own Cash Management Fund (FD, money market, cash, short term notes, etc. – undisclosed)
- Launch Date: February 15, 2020
More Info
.
Comparing Between StashAway Simple VS Versa Save VS TnG GO+ VS KDI Save
| Platform | Returns | Promo Returns | Returns Frequency | Shariah-Compliant | Min Investment | Underlying Investment | Launch Date |
|---|---|---|---|---|---|---|---|
| StashAway Simple | 2.50% | 3.00% | Monthly | No | 1 | AmIncome Fund | Jun 15, 2020 |
| Versa Save | 2.10% (2.50% from Aug 1, 2022) | Biweekly | Yes | 1 | Affin Hwang Enhanced Deposit Fund | Jan 29, 2022 | |
| TnG GO+ | 1.73% | Daily | Yes | 10 | Principal e-Cash Fund | Mar 29, 2021 | |
| KDI Save | 2.25% | 3.00% | Daily | No | 100 | Kenanga's Cash Management Fund | Feb 15, 2022 |
More Info
- Fixed Deposits Malaysia
- Savings Alternatives to Fixed Deposits
- [New Users] Signup to Versa for FREE RM10 upon Investing RM100 (Referral promo code: ASCSW2HC)
- [New Users] Signup for StashAway with FREE Investing for 6 months for up to RM100,000
- [New Users] Signup for KDI Save with FREE RM10 for investing RM250 (Referral promo code: 100131)