Versa Cash Update 2022

Recently, I have received an email from Versa about its new interest rate. Versa Cash net interest rate now is 2.5% per annum, instead of 2.1%. This is effective from 1 August 2022.

My return

As on 9 August 2022, my return is 2.75% per annum, based on internal rate of return formula. This is slightly higher than the return advertised.

Rebate

Versa offers a rebate if the return does not hit the advertised interest rate. It will make up for the amount difference by crediting rebates into the account if the net return is below 2.5%. The platform will credit the rebate anytime in the following month. Versa will notify the user in the app and it can be seen as a form of bonus in the transactions tab and notifications tab.

Nonetheless, if the user’s rebate is less than RM0.01, Versa will not rebate the user.

Conclusion

The interest rate of Versa Cash has increased following the rise in overnight policy rate. The 12-month fixed deposit (FD) rate of Maybank is 2.35% (Link). I think it is a better place than FD to hold some extra cash. Versa Cash is where I put part of my emergency fund. The majority of my emergency fund is in the ASNB fixed price funds and the remainder is divided between Versa Cash and FD. I still have some money in FD as it can be accessed the quickest. However, FD also offers the lowest interest rate.

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 more worthwhile before signing up.