Local e-wallet platform Boost has collaborated with UOB Asset Management to launch BoostMyMoney, a shariah-compliant unit trust investment feature. The collaboration aims to offer flexibility and affordability for beginner investors, as it has no lock-in periods with a minimum deposit of only RM1.
The company says that the feature is offering earning rates of up to 3.8% p.a., but this is not guaranteed and is based on historical data as of September 2024. However, when taking into account the 0.5% management fee and the trustee fee that can go up to 0.04%, the projected net return rate is 3.275% p.a.
Another fee that the feature has is a dormant fee, where accounts that are dormant for more than one year without any transactions will be charged RM8. However, this fee is being waived until further notice. Investing in BoostMyMoney can also give you up to 3x Boost Star point for every RM1 saved with a minimum monthly average balance of RM500, although the actual amount of Stars earned depends on how long you keep your money in the feature.
To be eligible for the feature, you have to be a Premium user, which requires you to verify your identity. Qualified users can start using BoostMyMoney by creating a profile making your first deposit.
(Source: Boost Press Release)
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