In the Amanah Saham: 4 Advanced Strategies You Should Know article, I mentioned how useful the myASNB app is, for both new and existing ASNB investors. As someone who has personally spent hours commuting and waiting for my turn at the ASNB branch to open an account and conduct a transaction, the ability to do the same thing from my phone is definitely appreciated.
In this article, I’d like to expand on the myASNB app – what other features do they have, and what can you use them for? And most importantly, how can they help you achieve your financial goals?
Feature #1 – Target Labur
“A dream without a plan is just a wish”
Do you have a financial goal you’re working towards? Then the first feature is for you – let’s make your dream a reality.
For example, let’s say you want to have RM3000 in your Emergency Fund. You aim to complete this goal in 8 months, starting in January 2022 and ending in August 2022. How much do you need to save monthly to achieve that goal?
You don’t need to do the calculation yourself, let the app do the work. While return expectations may vary – the final amount depends on the fund you choose – but saving RM375 per month is a good starting point.
The awesome thing about the Target Labur feature is it is great for long term goals, because it factors in compound interest in the calculation.
Let’s try another example just to show what I mean: let’s say you want to finance your own business, and give yourself 2 years and 2 months (26 months) to raise the initial RM10,000 capital.
- If you save the money using a bank account (or a literal tabung in your house), you need to save RM384.62 per month (RM10000 divided by 26 months)
- However, if you save using myASNB Target Labur, then the amount you need to save per month becomes… RM376 per month*
*Expected return of 4.15% per annum used as a guide; actual returns will vary
The Target Labur feature comes preset with 8 common financial goals, such as saving for retirement, purchasing a house, purchasing a car, planning a holiday and more, plus Custom Goal option for anyone who, I don’t know, wants to buy a horse or something.
Watch the Target Labur tutorial below.
Protip #1: Set up as many goals as you want – it’s common to want it all – but prioritise what’s most important for you, especially if financial resources are limited.
Protip #2: Notice that Paying Off Debt is not included as a financial goal above. If you have high-interest consumer debt such as credit cards and personal loans, then please prioritise paying those off first.
Feature #2 – Auto Labur
Imagine one day you check back your myASNB account, and find out that wow, you have RM10,000 in your account! Then you remember, oh yeah, you have set up the Auto Labur feature some time ago but forgot all about it. Good job, Past Self!
That’s pretty much the function of the Auto Labur feature. Set it up. Then forget about it. One day, get pleasantly surprised by ‘bonus’ money that compounded over the years.
To set up Auto Labur, simply click the Enrol Now button during myASNB operation hours (7am to 6pm) and fill up the particulars:
- Which fund (there are 16 funds. Learn more in ASNB product page or see next section)
- Which bank the deduction is from
- How much to deduct (the minimum amount is RM30 per month), and
- Date of deduction (choice of 2nd, 25th or 28th of every month)
Protip #3: Combining Target Labur with Auto Labur is a GREAT idea. Target Labur tells you how much to save monthly, and Auto Labur does it for you automatically. It’s the perfect combination!
Feature #3 – ASNB Wakaf
The next feature I’d like to highlight in this article is ASNB Wakaf, a super cool application of fintech in making contributions and donations. Usually, donations are made on a one-off basis. How’d you like getting that pahala/good karma on an ongoing basis?
How it works is:
1) Apply for WAKAF via MyASNB app
You can find it right in the main page of MyASNB app
Select Click to Wakaf
2) Select the fund and the WAKAF amount (min RM1000)
If you have multiple funds with ASNB, then select the one you want to make the contribution from. If you don’t have money in the fund, then you can easily top up via the MyASNB app as well.
Important: Only the return on the investment will be distributed for wakaf projects, thus maintaining the principal intact to generate returns for subsequent years. For example, let’s use Amanah Saham Bumiputera’s 5% dividend for 2021 as a benchmark. Therefore, RM50 (5% ROI on RM1000) will be your contribution under Wakaf ASNB for the year. This method ensures your contribution lasts FOREVER.
Where does the contribution go? It will be channeled towards Wakaf Projects benefiting Health, Education, Community Empowerment and Humanitarian Missions.
3) Confirm your application and done
Read and understand the T&C and Wakaf Statement and if you’re happy with your decision, complete the Confirmation page and you’re done!
Aside from the features mentioned above, you can also perform these transactions on the myASNB app:
- Create a new ASNB account without going to the branch
- Perform balance enquiry for ASNB unit trust funds
- Perform additional Subscription to ASNB unit trust funds
- Access recent transactions
- Access account statement
- Read prospectuses
- Register for any ASNB unit trust funds, and
- Search for ASNB branches nationwide
Protip #4: It’s cheaper to do additional subscriptions of variable price ASNB unit trust funds from myASNB app rather than through the counter. The latter’s sales charge can go up to 5%, as opposed to 1.5-2% through the former.
Download myASNB App today
What do you think of myASNB app’s features? What other features do you want them to add? Let them know – drop a comment below!
If you’re a new myASNB user, follow these steps to sign up:
- Step 1: Download the myASNB app. It is available on Android, iOS, and Huawei.
- Step 2: Click on Sign Up
- Step 3: Enter in your personal details
- Step 4: Upload your IC
- Step 5: Finalise account information
- Done! The whole process only takes minutes
You can read more about the online account opening process here.