Now that three digital banks have already launched in Malaysia, there’s one important question to be addressed: Which one should you download?
Here’s a breakdown of the top USPs each digital bank offers so you can make your pick more wisely.
Best for spending: GXBank
Powered by Grab, GXBank was the first digital bank in Malaysia to launch to the public late last year. You can read our more in-depth review here.
One of the biggest USPs of GXBank is its unlimited 1% cashback, which is why I deem it to be the best if you’re specifically looking for a new way to spend. The cashback is deposited daily.
Another great perk is that the ATM fees are waived for all MEPS ATMs nationwide. For context, usually, if you’re withdrawing money from another bank operator’s machine, there’s a fee of RM1.
As for the interest rate, though, it’s currently the lowest amongst the three options at 3.0% p.a. daily interest.
Another perk is that users get 1.5x GrabRewards when paying with GXBank for Grab services or to shop at Jaya Grocer.
What is the interest rate? 3.0% p.a. daily interest.
Is there a card? Yes.
Is there an ATM fee? No, it’s waived until December 31, 2024.
Is DuitNow QR transfer supported? Yes.
Best for savings: AEON Bank
Out of the three digital banks available right now, AEON Bank has the highest returns with a profit rate of 3.88% p.a. for its savings account and Savings Pots. Keep in mind that this rate is just for the promotional period until August 31, 2024.
However, it seems like AEON Bank doesn’t incentivise spending as much. That’s not to say it doesn’t incentivise it at all, though. With support for DuitNow QR, AEON Bank also offer perks such as 3x AEON Points collection when you spend with its debit card.
However, it’s currently quite tricky to add money to the bank, compared to GXBank and Boost Bank, which both have an “Add Money” button. Instead, you’d need to DuitNow transfer from the bank account you’re transferring from.
Read more about their features here.
What is the profit rate? 3.88% p.a. daily interest, paid at the end of the month.
Is there a card? Yes.
Is there an ATM fee? Yes, RM1.
Is DuitNow QR transfer supported? Yes.
Best for financial inclusion: Boost Bank
Boost Bank might be the latest to join this party, but it’s also a first in its own right. The first homegrown digital bank to launch in Malaysia, that is.
One of the top pulls of Boost Bank is that it specifically serves the unbanked, not just the underbanked.
What this means is that even people who don’t have a traditional bank account opened under their name can open a Boost Bank account online.
It also incentivises saving by offering up to 3.6% p.a. interest rate after you deposit a minimum of RM2,000 in your Boost Bank savings account or Savings Jar, which ranks you up to Platinum President.
This is a promotional interest rate valid from now until August 31, 2024, though. After that, it will go to a 3.2% p.a. rate.
Platinum President users also get to receive 3x Boost Stars when they spend pay with the bank through Boost eWallet.
The digital bank has also been teasing partnerships with well-known names like MYDIN and CelcomDigi, which will offer possibly higher interest rates or other promotional rewards.
You can learn more about their features in this article.
What is the interest rate? Up to 3.6% p.a. (depending on your account rank).
Is there a card? Not yet.
Is there an ATM fee? N/A
Is DuitNow QR transfer supported? Not on the app, so you’ll have to use Boost eWallet.
Something for everyone
Like all financial solutions in general, the “best” one might differ from person to person depending on your own preferences and lifestyles.
For example, if you’re already a loyal user of Grab, GXBank makes complete sense. As mentioned, it lets you earn 1.5x GrabRewards points on Grab services if you pay with the digital bank. You also get 1.5x GrabRewards when you shop at Jaya Grocer.
Meanwhile, if you always buy your groceries from AEON, having AEON Bank would be ideal as it lets you collect 3x AEON points when you spend with the Debit Card. Users also get 3,000 AEON points off bat for their introductory campaign, which is worth RM15.
As for Boost Bank, if you’re already a frequent user of Boost’s eWallet, it may make sense to use the digital bank as well. Once you’re a Platinum President user, you’ll earn 3x Boost Stars when you spend with the Boost eWallet, after all.
So really, the answer for which bank is the best one isn’t set in stone. It’s great that there are multiple options in the market now for Malaysians to choose based on their own needs and wants. And hey, you can always try out all three to see for yourself.
But as someone who is trying out all three digital banks currently, I’ll report back on which bank is the best fit for me, and why. Stay tuned!
- Read other articles we’ve written about digital banking here.
