As part of the launch of Kenanga Digital Investing (KDI), the asset management firm also introduced KDI Save, a savings product under the KDI platform. KDI Save is absolutely free to use, and offers a promotional rate of 3% p.a. from now until the end of the year.
Despite being a cash management fund, KDI Save aims to differentiate itself in a few ways. Returns are currently projected at 2.25% p.a., but from now until the end of this year, KDI will be bumping the rates up to 3% p.a., making it one of the highest among cash management funds in the market. Note that the promotional return rates of 3% p.a. is only entitled for the first RM200,000 saved in KDI Save – any amount above that will only be entitled to the base return rate of 2.25% p.a..
As expected of a cash management fund, there are no fees and zero lock-in periods, restrictions, or penalties. In addition, the minimum investment amount for KDI Save is only RM100, and KDI claims that withdrawals take only one day.
“We are proud to launch KDI Save, a cash management product with one of the highest returns in the market, while KDI Invest provides gateway to the global markets at an affordable fee,” said Ian Lloyd, Group Chief Digital Officer of Kenanga Investment Bank Berhad.
As a complementary product to the new KDI Invest roboadvisor, KDI Save is also hosted on the Kenanga Digital Investment platform, meaning investors need only open one KDI account to have access to both products. You can check out the KDI platform here to get started, or download the KDI mobile app on Google Play. The app will also be made available on the Apple App Store soon.
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