Touch 'N Go GO+ Touch N Invest with CIMB Principal Money Market Fund - 1.43% 👛 - Shariah Compliant Now
Touch N Go eWallet just did a pre launch of their latest feature called GO+. It's basically a investment account inside TnG eWallet. We know that CIMB group has a stake in TnG and both companies have collaborated to launch GO+ to allow TnG eWallet users to but eWallet money into GO+ account which gives daily interest returns by investing in CIMB Principal's e-Cash Fund (Class A). This fund is basically a money market fund and sometimes known as cash management fund. CIMB Principal is the unit trust arm of the CIMB Banking group.
The minimal amount to start a GO+ account or top up goes as low as RM10. Money Market funds are more flexible than fixed deposits as withdrawal anytime is does not incur loss of previously earned interest, interest on amount invested are calculated daily. For fixed deposits, early withdrawal out of the term period will cancel all interest promised.
The estimated returns is around 1.47% per annum. Interest is earned daily (overnight interest) and will be reflected in the app.
Registration is done from TnG eWallet and the GO+ account can be topped up using TnG eWallet money or standard bank FPX transaction. TnG is promoting the GO+ account as an account that can cash out to banks as TnG eWallet money cannot be cash out to bank accounts.
This TnG GO+ style of using a mobile app to allow customer to dig into money market funds is quite similar to what Versa/AffinHwang is doing. I wrote an article about the Versa app here :
When your TnG balance is low, funds from GO+ will be automatically used to pay. This is quite useful feature for me as I use TnG ewallet to pay for my tolls, groceries and online shopping. While the returns are quite low, I recommend everyone to enable TnG GO+ to put their funds in TnG ewallet to good use, at least earn a few cents on idle money that is just sitting on the TnG ewallet.
While TnG GO+ does not have 1st mover advantage, TnG GO+ has an advantage over other similar apps as TnG eWallet is widely used in Malaysia. I believe there will be future options to allow investing in other funds like equity, balance and conservative funds from CIMB Principal.
Some other important notes is
- there's no cost of withdrawal to bank
- not protected by PIDM insurance
- maximum RM9,500 for a GO+ account
Updates 20210327
After parking some money into TnG GO+ for 1 day, I've just received my 1st overnight interest of RM 0.03. Yes, it's not a lot because this is a money market fund, however it's always better than nothing and puts your TnG ewallet balance into good use while it's idle sitting there.
Updates 20210328
I've topped up more now since it's really convenient way to park TnG ewallet balance into something a little more productive. However, I feel the interest received is quite low and money that can be invested can be best invested elsewhere.
Updates 20210514
A friend of mine explained how he made some spare change using TnG GO+ . I think this is quite grey area and might not work in future.
He uses his credit card that gives cashback to topup his TnG GO+ wallet, maxing out at RM9,500 (TnG limit). He earns cashback already on the top up. After topup he will leave the cash in TnG GO+ running for a few days to get some interest. Finally he withdraws it to bank (no fees). To be frank, it's peanuts earnings but some people really got time to use this method to earn a few moolah.
Updates 20210820
TnG GO+ is now shariah compliant by popular demand. No need to worry on this for all muslim friends. TnG GO+ is also giving special interest rates until 31/1/2022.
📍Links
🧑🤝🧑Referral Link / Invite Link
Touch N Go now has a referral for GO+, they call it the KAWAN+ member get member program.
Here's my invite sign up link for Touch N Go GO+ :
Did you know TnG Wallet's GO+ funds can be directly transferred to normal bank account also. Here's how it's done screenshots. The processing time is around 1 day.
