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SHOULD WE KEEP OUR EMERGENCY FUNDS IN TOUCH & GO e-WALLET?
Touch & Go e-Wallet currently pays an interest of approximately 3.49% (at the time of writing) paid daily if you deposit your money through the GO+. The underlying fund for GO+ is Principal e-Cash, a Shariah-compliant Money Market Fund. Conceptually, it sounds great depositing our emergency funds in Touch & Go e-Wallet. It seems better than depositing our money into Fixed Deposit because it would provide better liquidity at a rate which is better than the 1-month Fixed Deposit. The 12-month Fixed Deposit may be on par with regards to the interest rate but loss hands down in terms of liquidity. Any withdrawal before the tenure ends, could be forfeited. However, since Touch & Go e-Wallet is an on-the-go wallet, administratively or operationally, does it make sense to stash our emergency funds there? How discipline are we not to accidentally spend the emergency fund? This has nothing to do with the quantitative side of finance but the behaviorial side of finance (the one which...
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