I have been using Versa for more than six months. In this article, I am going to share my experience of using this digital cash management platform.
My return
As on 30 November 2021, my return is 1.95% per annum. I am using internal rate of return for the calculation. It is lower than the 2.46% stated by Versa.
Rebate
So my return does not reach the stated rate, but it is still slightly better than Maybank 12-month fixed deposit (FD) interest rate (1.85%). Furthermore, the 2.46% is inclusive of fees. These fees are 0.30% per annum management fees and 0.05% per annum trustee fee. After deducting these fees, the return would be 2.11%, which is very close to my actual return.
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 daily return is below 2.46% (inclusive of fees). 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.
Withdrawal
To withdraw the fund, the minimum withdrawal amount is RM50. It takes one business day to process the withdrawal request. If the request is submitted before 2.30pm on a business day, it will be processed on the same day. The fund will appear in the bank account on the next business day. However, request submitted after 2.30pm and on non-business days will only be processed on the next business day. We have to count from the processing day to estimate the day when the money will appear in the bank account.
For more information, you can click on this link.
Conclusion
After using Versa for a while, I think it is a good place to keep extra money. The main attraction is its interest rate, which is higher than FD. It promises a net return of around 2% per annum (for now). Furthermore, the deposit and withdrawal process is easy. We also do not have to worry about penalty when we withdraw the money as there is no lock-in period.
One drawback that I find is that we can only use Versa through a smartphone. Another minor disadvantage is that it takes slightly longer than FD to get back the money. However, if we plan in advance by keeping some cash in FD and the remainder in Versa, I think this would not be a major issue.
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!
