Wan Nurul
13 hours ago
ShopeePay is promoting Money+ at up to 5% p.a. with the returns credited daily, and the campaign is advertised as running until 30 November 2026. That headline figure is doing a lot of work in the app banner, so I read the fine print before moving anything across. The 5% is not one payout. It is the Eastspring Investments Islamic E-Duit money market fund running at around 3% p.a. plus a 2% p.a. bonus that ShopeePay itself is funding. To earn the bonus you need to keep at least RM200 in the account every single day, and the bonus only applies to the first RM10,000. Anything above that earns the normal fund rate, even though the holding limit has just been raised to RM30,000. The promo also sits on a RM1.7 million pool on a first come, first served basis, which means it can end quietly before the stated date. It is also not a bank account, so there is no PIDM protection, and top ups made after the 2pm cut off only get confirmed on the next business day. So the honest question is whether this beats a plain fixed deposit or a normal money market fund for the cash you keep for the next few months. Has anyone here moved a real balance in, and did the daily credits end up matching what the banner promised?
Replies (6)
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What caught me out was the RM200 floor. One ordinary week of paying for things dropped me under it on a Tuesday and that whole day earned nothing, so I now keep a small buffer sitting above the line.
The 2% is promo money, not fund performance, so the headline rate can disappear the moment that pool is used up. I would not move a large balance in on the assumption that it lasts until the end of November.
No PIDM is the part I keep coming back to. A fixed deposit you can at least plan around, while this is a fund and the base rate moves with the market, so it only makes sense for money you might need within the month anyway.
The 2pm cut off matters if you are timing a transfer around payday. Anything later in the afternoon only confirms the next working day, so you lose a day of credit for no reason.
I treat it as a holding place for the money I was going to spend on the app anyway, so the funds are never really locked. The daily credit looks tiny in the app, but it does add up over a month if the balance stays put.
Does the daily credit show separately from the fund value, or is it all rolled into one number? I would want to see the two lines apart before I trust that the bonus is really being paid.