Last Updated on July 2, 2024 by Chin Yi Xuan

Fixed Deposit, or FD, has always been people’s go-to way to save or deposit extra cash. The problem is, it locks your money in for a long time, or requires a high initial deposit to start with.

In this article, let’s look into Versa Cash and Versa Cash-i, a great alternative to FD in Malaysia. Personally, I’ve been using Versa since 2021 and I absolutely love it! In this post, let’s explore if Versa is for you! 

[NEW: Get 4.0% promo return rate with Versa Cash & Cash-i! Find out more at the end of this post!]

Highlights of Versa Cash & Versa Cash-i

Introduced in 2021 and 2023 respectively, Versa Cash & Versa Cash-i are digital cash management services that provide users competitive returns like FD, but without the troublesome restrictions:

  • Regulated: Versa is regulated by the Securities Commission (SC) of Malaysia.
  • Conventional & Shariah-compliant version: Versa Cash is a conventional fund, while Versa Cash-i is a Shariah-compliant fund.
  • Competitive Return: Through Versa Cash and Cash-i, users can earn a base net return between 3.24% – 3.69% per annum, which is on par with the rates of Fixed Deposit (FD).
  • Low Risk: The underlying funds of Versa Cash and Cash-i are money market funds from AHAM Capital (formerly known as Affin Hwang). These funds invest users’ money in highly liquid & low-risk cash instruments.
  • Flexible & Low Barrier of Entry: Malaysians aged 18 and above can start saving or investing via Versa from as low as RM1. Withdraw anytime without being charged penalty fees.
Versa Cash and Versa Cash-i provide competitive returns on par to FD.

How do Versa Cash & Versa Cash-i work?

So, how exactly are Versa Cash and Cash-i able to deliver returns that are on par with FD?

This is possible because Versa helps invest users’ cash into money market funds (MMF). MMFs are funds that invest in Fixed Deposits and highly liquid, short-term cash equivalent instruments called Money Market Instruments:

  • Essentially, Money Market Instruments are short-term debts issued by banks to accumulate short-term cash-pile to make up for the shortfall in their daily deposit reserve.
  • Simply put, MMFs are lending money to banks when they buy these Money Market Instruments.  

These instruments are relatively low-risk as they are backed by the banks. Moreover, they are highly liquid with short maturity periods. Regular redemption of matured Money Market Instruments allows MMF to provide a similar rate to FDs without having to lock up users’ capital.

For Versa Cash & Cash-i, the underlying MMFs that they invest in respectively are:

In short, through Versa Cash and Cash-i, you can earn a similar rate to FD through low-risk MMF without having to lock up your funds, unlike conventional FDs.

It is a great choice if you are looking for a competitive and flexible alternative to FDs.

Versa Homepage
Versa Cash and Cash-i provide competitive returns on par with FDs. (Source: Versa’s website)

Is Versa Cash Safe to Use?

When it comes to regulation, Versa is regulated by the Securities Commission (SC) of Malaysia. This ensures that Versa is always operating in Malaysia as per the guidelines from the local authority. 

As for the safety of funds, the cash deposits from users are held by a third party (trustee), which is HSBC (Malaysia) Trustee.

In other words, your deposits to Versa are separate from Versa’s company finances. As such, this ensures no deposits can be used for fraudulent purposes and you will always have full access and claim to them no matter what happens to Versa.

Versa Cash Fees & Charges

As a digital cash management platform, Versa Cash and Cash-i do not charge a fee to users. That said, both underlying MMFs do charge reasonable annual fees, as shown below:

Versa Cash (% per annum)Versa Cash-i (% per annum)
Management fee per annum



Trustee fee per annum



Base net return per annum (AFTER fees)



Next question: Are there any fees on fund withdrawal via Versa?

Unlike FDs, there are no charges when you withdraw your funds from Versa. Withdrawals are expected to be reflected:

  • Versa Cash: Within 1 business day if withdrawal is done before 3pm
  • Versa Cash-i: Within the same day if withdrawal is done before 10am

At this point, perhaps a question that you have in mind is “So how does Versa make money?”.

Aside from Versa Cash and Versa Cash-i (which is free to use), Versa also offers investment services via Versa Invest. Through Versa Invest, Versa will charge a small management fee which is their key income source. 

READ MORE: Versa Invest Review

3 things I like about Versa Cash & Versa Cash-i

#1 Performance on par with conventional Fixed Deposits (FDs)

Through Versa Cash and Cash-i, interests are compounded daily and interest payout is made every month, which is re-invested into the user’s fund.

All of this combined, Versa Cash and Cash-i offer a base net return of 3.69% and 3.24% return per annum (AFTER fees) for users, as of December 2023.

Versa Cash and Versa Cash-i returns
*Returns as of Dec 2023 (please refer to Versa’s app for the latest base return figure)

#2 Flexible & Low barrier of entry

2 amazing features of Versa Cash and Cash-i are:

  1. Low barrier of entry: You can start investing or saving with Versa from as low as RM1. Even better, using my exclusive referral code VERSANML4, you can get RM10 credited into your Versa account when you make a minimum deposit of RM100!
  2. Flexible: There are no charges to open a Versa account. In addition, you can withdraw your funds anytime and there are no fees for withdrawal.

Combined, both these features make a compelling edge against conventional FDs. Reason being, FDs usually have higher minimum deposits & they tend to lock in users for a period of time (and charge a penalty for early withdrawals).

#3 Simple & clean user experience (suitable even for my retired mom!)

Perhaps my favorite experience with Versa is their simple and clean user interface.

As a simple financial platform, I enjoy the design of the app that clearly shows the capital invested and payout.

In fact, when my retired mom was looking for a better FD alternative to save her idle cash, I recommended Versa Cash without hesitation. This is because I know she can navigate the app with clarity & confidence.

Versa UI 2
Versa provides a simple and intuitive user experience that anyone can understand easily.

Risks + What You Need to Know Before Investing in Versa Cash & Cash-i

In this part, let’s look at 3 things that you need to be aware of while investing your money with Versa Cash and Versa Cash-i:

#1 Market risk

While being a relatively stable investment, investing in Money Market Fund (MMF) via Versa still presents exposure to market risk.

One such risk is the fluctuation in interest rates. As an example, if Bank Negara Malaysia (BNM) increases interest rates, MMF is likely going to generate higher returns. On the flip side, if BNM reduces interest rates, it’ll also affect the returns of MMF as a result. 

#2 Not protected by PIDM

While investing in Versa, it is important to remember that your fund is not protected by Perbadanan Insurans Deposit Malaysia (PIDM).

PIDM is an organization that protects deposits kept in banks and financial institutions that are a member of PIDM. Conventional bank FDs are usually protected by PIDM.

Eligibility + Is Versa Cash for You?

Versa is open to Malaysian citizens who are 18 years old and above with an NRIC/MyKad. This means that even young Malaysian adults can start building good financial habits by saving/investing from their phones – neat!

That said, are Versa Cash and Cash-i for you?

To answer this question, it is best to first know what Versa Cash and Cash-i are NOT:

  • Versa Cash and Cash-i do not invest in stocks/equities (ie. Higher risk assets). Hence, do not expect mutual fund/robo-advisors-like returns.
  • Versa Cash and Cash-i do not guarantee returns. Even though it invests in low-risk MMF, returns are still subjected to market fluctuation.

Hence, in my opinion, Versa Cash and Cash-i are great for:

  1. People looking for a flexible alternative to FD & typical savings account for general savings
  2. People looking to save for a specific goal (eg. house, car, wedding)
  3. People with extra cash and want to save it for the short-term

Versa Promo Code: VERSANML4

In collaboration with Versa, No Money Lah is bringing an exclusive deal for new users that are keen to start saving or investing with Versa!

Use my dedicated Versa referral code – VERSANML4, and you will get RM10 credited into your account* when you successfully make a minimum deposit of RM100 or more. That’s an instant 10% return on your investment.

Open a Versa account today!

Versa Promo Code - VERSANML4

How to open a Versa Account

Creating a Versa account is simple and straightforward:

Step 1: Click HERE to install the Versa app.

Remember to apply referral code ‘VERSANML4‘ for an exclusive RM10 account-opening reward!

Open a Versa account today!

Step 2: Start your account opening process by keying in the necessary details such as a new display name, email address, and password. 

Versa Account opening
Versa Account Opening process is simple & straightforward

Step 3: You’ll go through a simple identification process where you’ll be asked to verify your mobile number, IC, and personal details. This is a required process by the regulators to make sure it’s the real you that’s opening an account.

Step 4: It’ll take about 2-3 business days to verify your account. Once that’s done, you can start investing in Versa by making your first deposit!

Versa Deposit
Once your account has been verified, you can start depositing funds to Versa!

Versa Cash, StashAway Simple or KDI save?

In terms of offering, Versa Cash and Cash-i’s closest competitor is certainly KDI Save and StashAway Simple. Both offer users flexible and low-barrier access to MMF that pays competitive FD-like rates.

I think this comparison deserves a full article on its own so I’ll attach a link HERE when I come out with a comparison article real soon! 

Personally, I use both Versa, KDI Save, and StashAway Simple to save for different purposes and I am happy with them as an alternative to FD (I think you will, too!).

READ: The Ultimate FD-Killer Showdown: StashAway Simple vs Versa vs KDI Save vs TNG GOinvest

[LIMITED-TIME PROMO] Get an additional +1% p.a. return on your balance on Versa Cash OR Cash-i when you set up autodebit feature on eligible Versa Invest funds!

Starting May 2024 – 31st December 2024, Versa’s new Money Booster Campaign will enable you to earn potentially higher returns on your cash!

Set up Auto-Debit feature on eligible Versa Invest Funds, and enjoy the Base Nett Return + 1% p.a. booster reward on your balance in Versa Cash or Cash-i!

Example: Using March 2024’s base nett return rate, your returns could look like 3.77% p.a. + 1% p.a. = 4.77% p.a.


How it works:

  1. Set up an auto debit plan into any Versa Invest funds (except for Versa Gold)
  2. Auto debit plan of min. RM200 per month: +1% p.a. for your first RM10,000 available balance in Versa Cash or Versa Cash-i or
  3. Auto debit plan of min. RM500 per month: +1% p.a. for your first RM30,000 available balance in Versa Cash or Versa Cash-i. 
  4. Eligible Versa Invest Funds:
    •  Versa Global-i,
    •  Versa SGD,
    •  Versa Growth,
    •  Versa Growth-i,
    •  Versa Moderate,
    •  Versa Moderate-i and
    •  Versa REITs.
  5. Refer to the full T&C for more info.

I think this is GREAT news if you are looking for a higher rate for your savings! Remember, there is no lock-in period for Versa Cash and you are free to withdraw your funds anytime!


Open a Versa account today!

No Money Lah’s Verdict

So there you have it, my review on Versa Cash and Versa Cash-i! If you are looking for an FD alternative to invest/save your cash, Versa is a platform that I can wholeheartedly recommend you to try.  

Personally, I enjoyed using the platform and I think you will, too! 

Open a Versa account today!


Investment in a money market fund is not the same as placement in a deposit with a financial institution. There are risks involved and investors should consult a financial planner before making any investment decisions.

This post contains affiliate links/code that afford No Money Lah a small amount of commission (and help support the blog) should you sign up through my affiliate link/code.


Chin Yi Xuan

Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.

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