Versa has announced that Versa Cash interest rate will increase to 4% per annum starting 1 November 2022 until 31 January 2023. The current interest rate is 3.2%.
Terms and conditions
The 4% interest rate only applies to the first RM 30,000 balance in the account. Any amount over this value will continue to earn 2.5% per annum.
Conclusion
For a clear comparison, let’s take a look at the fixed deposit (FD) interest rate of CIMB and Maybank. The 12-month FD rate of both CIMB and Maybank is 2.60%. Thus, the rate offered by Versa Cash is very attractive. Nonetheless, I think the rate will revert to 2.50% once the promotion period ends. It is slightly lower than the rate offered by banks. But for the flexibility Versa Cash offers, I think it is still a better choice to park extra cash.
Referral code
If you are interested to open an account with Versa, do use my referral code (993Q8XD2). Both of us will receive a RM 10 reward if you make a first minimum deposit of RM 100. Go to this link to register now!
You can also check Versa website to see if there is any other promotion that you think is a better deal before signing up.
