Rakuten Trade (RT) interest rate is reduced again on 5 May 2020. This is the third time of reduction in this year alone. It means that the interest on our cash account balance is going to reduce once more.
Reason of reduction
Bank Negara Malaysia (BNM) has announced the reduction of the overnight policy rate (OPR) from 2.50% to 2.00% on 5 May 2020. RT also follows suit and reduces its interest rate.
New interest rate
The RT interest rate reduction is 0.50%, thus the current interest rate is 1.25% per annum.
Conclusion
RT interest rate on the cash account has been reducing sharply since the beginning of the year. Its interest rate reduction generally follows the reduction in the OPR by BNM. However, as pointed out in a previous article, this interest rate reduction would not cause me to abandon this trading platform. After all, no one would seek profit from interest in a trading account. It is better to find an alternative such as fixed deposit or peer-to-peer lending if interest is the priority.
Referral link
Below is the referral link to Rakuten Trade. As I am involved in Rakuten Trade Educator Program, by clicking on this link, I may gain referral rewards from your registration with the platform once certain condition is met. (2022: I am not longer involved in the Educator Program).
If you think I have done a good service in explaining the topic, please click on the link below if you are interested to register. Otherwise, you can always search Rakuten Trade Malaysia with Google and register yourself.
Rakuten Trade: Link here
*You may earn 500 RT points when you open an account or other account opening rewards being offered by Rakuten Trade. You may choose only one of them.
