Boost Bank is set to launch next week and they are Malaysia’s third digital bank licensed and regulated by Bank Negara Malaysia. Ahead of its official launch, the digital bank formed by a consortium of Axiata’s Boost and RHB has dropped some details including its Savings Account and Savings Jar product.
Up to 3.6% p.a. interest when you deposit money into Savings Jar
According to the download page, Boost Bank is offering up to 2.5% p.a. daily interest for its Savings Account. However, if you deposit funds into the Savings Jar, you can earn up to 3.6% p.a. daily interest.
The Savings Jar is essentially a sub-account to help you save up towards a goal, which is similar to GXBank’s Savings Pocket and Aeon Bank’s Savings Pot.
As a comparison, GXBank currently offers 3.0% p.a. interest for both Savings Account and Savings Pocket, and the interest earned is credited on a daily basis. Meanwhile, Aeon Bank currently offers 3.88% p.a. Profit Rate (Promo until 31st August) which is credited to your account on a monthly basis.
Although Boost Bank offers daily interest, the interest earned is credited weekly on the anniversary of the savings account or Savings Jar opening.
Higher interest for Platinum President tier users
However, if you level up your tier to “Platinum President”, Boost Bank allows you to enjoy higher interest, 3x Boost Stars and exclusive partner benefits. There’s no mention of the actual interest rate and we reckon that Boost Bank will reveal more during its launch event.
According to the T&C, your Boost Bank Savings Account will be upgraded to the Platinum President tier once your deposits reaches a total of RM2,000.
To maintain the “Platinum President” status, you must maintain a minimum of RM2,000 for at least 25 calendar days within a month. If you don’t meet this requirement, your status will be downgraded to the Basic tier at the start of the following month.
Boost Bank users can earn back the Platinum President Tier by depositing at least RM2,000 and maintain that balance for 25 days.
Boost Bank to offer Red or Black Debit Card
To enable users to spend locally and worldwide, Boost Bank is also offering a Mastercard Debit Card as shown above. At the moment, they are asking users to vote on which card design they prefer best. We reckon that there’s a possibility that Boost Bank may offer both options for users when they request the card.
So far there’s no mention of annual fees apart from the RM10/year for dormant accounts.
