Cash Plus. A better option?
Recently cashplus option is available on MooMoo with 3 options.. 2 MYR options and a USD option with various yields.
Money market funds is nothing new but with the appearance of various digital banks.. money market fund doesn’t look like a good option anymore.
The only option that makes sense among the 3 options is the United USD cash fund for those with idle USD and don’t want to convert yet in view of the poor exchange rates (strengthening of MYR against USD)
whereas the other 2 options isn’t that good. Unless you have money locked in pending IPO subscriptions/huge stock orders.
What are the other options? You can put your money with RIZE (3.8% pa, daily calculation, monthly payout) or AEON bank (3.88% pa, daily calculations, monthly payout). Not only does the rate better the two MYR money market fund options.. Both these has PIDM protection up to RM 250k. Capital guranteed!! Another advantage is you can transfer your money as you wish.. No need to wait for settlement date.
Other options are TnG Go + (rates varies) and also VERSA save (4.04% pa, daily calculation daily payout). These 2 however doesn’t have PIDM coverage.
But having said that, cashplus is a good place to park money for pending IPO/large stock orders.
Make an informed decision, always.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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victorywp : May I know what does it means "Unless you have money locked in pending IPO subscriptions/huge stock orders."?
If our money locked there, how do we use it for Cash Plus?
千里一醉 OP victorywp : When you subscribe for IPO/huge stock order beyond your margin.. you will need actual cash in your account..
If you are Malaysian and you subscribe to cash plus in MYR.. the money can be used directly for your transaction automatically by the system.
Munkaa 千里一醉 OP : This only works for margin trading right? If buy IPO using cash, this can apply?
千里一醉 OP Munkaa : Your money can be in the MYR money market fund while you awaiting the IPO balloting results.. basically earn a bit of profit while waiting.. cause subscribing and ballot and results takes a few days.. sometimes 1 week+
This is based on my understanding from the TnC.
Only the USD money market fund can’t because got T+1 settlement date
千里一醉 OP Munkaa :
Munkaa 千里一醉 OP : Ahh I see. Thanks for the detailed explanation. Will try this next time!
victorywp 千里一醉 OP : Means need to subscribe Cash Plus first, then only use it to subscribe IPO? If vice versa cannot already right?
千里一醉 OP victorywp : You are right.
103143732 千里一醉 OP : Oh that’s nice info, thanks!