Just a thought, new to versa or the whole mmf thing.

Since it takes Versa 2 business days to process deposit, there will be no interest for these days? (not overnight interest since not weekends)

Too difficult to explain by words, use example :

Mon - deposit 9am (processing)
Tue - processing
Wed - balance shown -> withdraw 9am
Thu - received in bank

So in the scenario above, there would be zero earnings?

Thank you for the clarification.

So in example, it means :

Mon - deposit @ 9am (processing)
Tue - processing
Wed - balance shown
Thu - withdraw @ 9am
Fri - receive in bank

Total earnings = 1 day interest only

Is this correct?

HI, thanks... I want to know the minimal amount of days needed for deposit to get 1 day interest prior to withdrawal.

I was just wondering which are the days that interest will be accrued, but now I'm a little confused. A few post earlier, I understand that 'processing' status does not accrue interest. Hence, in the scenario below, no interest will be accrued.

However, based your explanation, in this new example below, there will be 1 day (Tuesday) interest accrued.


Mon - deposit 9am (processing)
Tue - processing
Wed - balance shown -> withdraw 9am
Thu - received in bank

Total earnings = 1 day interest

*besides, since it's payout every fortnight, I can't experiment like I do with Go+

This post has been edited by shawnme: Apr 14 2021, 08:15 PM

Thank you for your detailed explanation. That's exactly what I want to achieve. Am trying to figure out the minimum number of days needed to achieve 1 day interest. (from deposit to bank excl weekend calculations)

As of now, I am comparing Versa to Go+.

With Go+ : (tbc, as of now, just assumptions)

Mon - deposit @ 9am
Tue - interest payout @ 1am -> cash out @ 3pm
Wed - receive in bank

This post has been edited by shawnme: Apr 14 2021, 09:21 PM

Frank :
I've been applying for for Frank since last year..what a mess..

They've been throwing me around various branches, end up require me to go all the way back to the branch nearest to my address in IC. Same thing with customer service, some says no issue, while some ghosted me. With the off and on MCO, been delaying since last year when I first tried.

Besides, for Frank, there's some annual fee or something incurred.. I did the calculations long time ago (sorry, forgot).. And i considered it cost incurred, and to recover that amount may cut into "profits/time" as well.

Go+ :
In terms of Go+, not much use for it anyway and it's a dilemma for my case. Not much use due to the 9.5k limit, and I'm not able to cash in via FPX, shows unsuccessful. Currently just playing around by reloading through FPX into ewallet then into Go+, but afraid of being flagged or whatever for withdrawal and stuff. I know it should be okay since I'm not using credit card for that, but who knows what they think. Besides, I do reload with credit card for ewallet transactions. So I'd rather not have issue with them as their customer support takes ages to reply, and I do depend on the app alot for tolls.

Anyway, thanks for all the replies, I'll assume for now that "Tuesday" incrues interest. So it's around 4 days for Versa, while Go+ is 3 days. Meanwhile, I'll reconsider Frank again if I have the motivation to go to the branch.

With the current projected inflation rate, I'm squeezing every bit just to stay.

This post has been edited by shawnme: Apr 14 2021, 10:18 PM

Damn.. Silly me.. I kept recalling it being RM 20+...thanks for the reminder.

Also, I thought Frank is 1.8%?

Versa:
Seems like overnight interest is given even on weekdays.

So judging from the return amount of RM 0.04 for RM 1000 deposit, by calculation, it's ~1.46% for that day.

Is that correct?



This post has been edited by shawnme: Apr 15 2021, 10:19 AM

Wow.. I'm lost.. Still learning to calculate..

Based on my experiment,

For Go+, I would've gotten RM 0.04 for RM 1000 deposit as well, for the day @ 1.47%p.a.

*I'm not saying which is better, just learning Versa. I'm just using Go+ as reference because I find it straightforward (Amount x %p.a. = payout per day). So I'm using it as reference to understand Versa.

This post has been edited by shawnme: Apr 15 2021, 11:03 AM

Oh, I'm seeing some say "plus something" every fortnight..

Do you mean that this "overnight interest" is like a bonus on top of that day's interest? Or just a goodwill from versa since that day will not accrue actual interest?

I agree with you. Thank you.

Meanwhile, I have some short term funds holding in savings account, too short for monthly FDs, while too long for daily 0.1%p.a. of the savings account. Yet I need it to stay liquid to a maximum of 3 days +/-. Just wondering if there's anything I can squeeze out of it.

Have been eyeing on Frank since last year, but with MCO and time constraints, it has been on hold till now. With the recent launch of Go+, it gave me a thought to look into MMF as an option, so I'm looking around and learning.

This post has been edited by shawnme: Apr 15 2021, 11:57 AM

One more question.

Is versa safe? The link in the FAQ is not working.

I don't mean in -ve ROI. More like, will my money just dissappear for whatever reason, say cease of operations or something.

Will my 100mil deposit just vanish into thin air? 😄

This post has been edited by shawnme: Apr 15 2021, 12:52 PM

OK.. Noted..Silly me..

Versa is just somewhat like an agent in between.
So the emailed receipts are very important I guess.

Thanks.

Versa:
I'm thinking it's a good time to deposit fresh funds today, since Nav may be lower due to payout.

But is it better to do it before cut off? (possible book today's Nav)

Or after cut off? (to get overnight interest for weekends and possibly Nav for Monday)

This post has been edited by shawnme: Apr 16 2021, 08:18 AM

You're right I guess. I don't know how unit trust dividends work.

Sorry is I asked a stupid question.

Let me try to rephrase if it makes a difference.

Versa:
I'm thinking it's a good time to deposit fresh funds today, since Nav may be lower. Also, I foresee that I will withdraw this fund in the near future, likely 3 weeks +/-

But is it better to do it before cut off? (possible book today's Nav)

Or after cut off? (to get overnight interest for weekends and possibly Nav for Monday)



This post has been edited by shawnme: Apr 16 2021, 10:15 AM

Seriously I have no idea I answered my own question. Still digesting on that. Anyway, thanks.

For Versa:
Based on the latest payout, my current final balance is RM 1000.20 after the recent payout and unit adjustments.

So from the dates in the attached image below, how to do calculate number of days since deposit till payout? In other words, how many days was taken into account, so that the total gains was RM 0.20?




The reason is I want to know how to calculate versa, so that I am clear on what's going on, say the current %p.a, in order to be able to compare with other avenues.

*From my tabulations, if it's :
2 days = 3.65%pa
3 days = 2.43%pa
4 days = 1.825%pa
5 days = 1.46%pa

Formula I used was :
((Deposit RM x %pa) /365) x No. of days = Gains RM

Thanks ahead.

This post has been edited by shawnme: Apr 18 2021, 12:43 PM

Best way I can explain.

1. April 8th, with RM 1000.04, you bought 853.20 units @ RM 1.1721 per unit.

2. Then on payout day (15th), you've gained RM 0.77, which is equivalent to 0.66 units at a price of RM 1.1716 per unit, on which is automatically reinvested on your behalf.

3. So now you have a total of 853.20 + 0.66 = 853.86 units, which at Apr 15th, is worth RM 1.1716 per unit, when converted to RM value, it's equivalent to RM 1000.38


I'm still figuring out this whole thing myself. So I'm not sure if I'm right. Apologies if I'm wrong.

This post has been edited by shawnme: Apr 18 2021, 03:20 PM

I'm still not able to figure out though, how to get the payout amount of +RM 0.77. I've tried multiple angles to calculate it, but just not abit to get, including the formula they've given in their FAQ page. If you manage to figure out, please share.

Because I made RM 1000 deposit as well, but on the 13th. However, my payout amount is similar to yours +RM 0.77.

Anyway, for rough projections of gains, for now, I'm using the estimate of 2.018%p.a. since I'm not sure of the variable.

This post has been edited by shawnme: Apr 18 2021, 06:09 PM

Embarrassing to say, so take it heavily salted.

I've yet to make sense of the +RM 0.77. Meanwhile, I need a figure to move on. So I resorted to Occam's razor. It's meant to project a ballpark "available balance" figure. Also, it seems to fall within the numbers mentioned here and also in the app. Will reevaluate again in the near future when I have more data.

You're right.. It does come out to be RM 0.77..thank you!

Meaning I've been looking at it with the wrong angle. "payout" amount depends on the units I have at the time.

Then what about the interest that versa is talking about?

Well.. Maybe it will be different if I have days prior to payout and since I only deposit on the 13th, most likely it's considered 0 days.

This post has been edited by shawnme: Apr 19 2021, 10:21 AM