Are you using Touch ‘n Go eWallet regularly? Why not earn some money while spending at the same time? The company has introduced a new investment product for the masses.
GoInvest is a brand-new investing offering from Touch ‘n Go eWallet. This new investment differs from the Go+ that was previously introduced. The goal-based investment platform GoInvest is marketed as having a greater anticipated return of up to 2.70 percent annually. According to Touch ‘n Go, the fund is based on Principal’s Shariah-compliant Islamic Money Market Fund (Class D).
GoInvest operates differently and separately than Go+, which is connected to your primary Touch ‘n Go eWallet. The only option to cash out is to your bank account, which can take two business days, even if you can top-up using FPX or with your current TNG eWallet value. This also means that the eWallet won’t deduct any money from your GoInvest fund if you’re conducting an eWallet, PayDirect, or RFID transaction with insufficient funds, preserving your investment at all times.
GoInvest is designed for long-term investments and can be used to build up savings for a specific financial objective, while Go+ is for those looking for short-term savings.
The portfolio’s current gross yield, less the costs for Management and Trustee fees for the period, is used to compute the predicted return rate of 2.70%. Go+ currently offers a listed nett daily return rate of 1.8% yearly, for reference.
The FAQ states that the minimum cash-in amount for GoInvest is RM10 and there are no cash-out restrictions. The transfer cap on your Touch ‘n Go eWallet or bank account, however, governs the maximum amount you are able to withdraw. The cap for FPX is RM30,000 per transaction. The Cash-In feature on Touch ‘n Go eWallet or FPX must be used manually because there is currently no automatic monthly deduction or standing instruction feature to fund your investment. There is a 6-business-day cooling-off period for new investors in the fund.
GoInvest is available to all Malaysian Touch ‘n Go eWallet users over the age of 18 and has no maximum investment amount or lock-in period.
If you want to know more about this, in the Touch ‘n Go eWallet app, select GoInvest and then read through the FAQ carefully. Make sure you understand what it is that you are investing in.