Best Digital Banks in Malaysia 2026 — GX Bank, Boost Bank, AEON Bank, Ryt Bank Compared

Malaysia's digital banks pay 0.25% to 3% p.a. on an ordinary balance and advertise up to 4% p.a. with a condition. None charges a monthly fee, though Boost and AEON charge dormant-account fees and AEON asks for RM20. The headline rate rarely applies to all your money: it needs a six-month commitment (GX Bank), qualifying card or bill payments (Ryt Bank), partner spending (Boost Bank) or a promotion that will end (AEON Bank).

Last updated 28 October 2026 · money.com.my Editorial

What a Digital Bank Is (and Is Not)#

Malaysia has five digital banks licensed by Bank Negara Malaysia (BNM). "Licensed" matters. A digital bank holds a full banking licence under either the Financial Services Act 2013 (FSA) or the Islamic Financial Services Act 2013 (IFSA). That means:

• Your deposit is legally a bank deposit, not stored value
• You are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per bank
• The bank operates under the same capital adequacy, governance, and compliance requirements as Maybank or CIMB — just with no physical branches

The five BNM digital bank licence holders are: GX Bank, Boost Bank, AEON Bank, KAF Digital Bank, and Ryt Bank.

BigPay and TNG eWallet are not digital banks. BigPay is licensed as a payment service provider (e-money). Touch 'n Go eWallet is also e-money. Neither carries PIDM insurance. For everyday spending float, they are fine tools. For savings, they are not banks — full stop.

TNG eWallet's GoPlus+ product, which earns around 2.0% p.a., is a money market fund managed by TNG Digital — not a deposit account. It is not PIDM-protected. If GoPlus+ suits your needs, understand exactly what you own.

The Five BNM-Licensed Digital Banks at a Glance#

Boost Bank and AEON Bank rates and features were checked against each bank's own site and disclosure sheet on 17 October 2026, and Boost Bank's savings rates re-read on its own pages on 25 October 2026; the other rates were verified on 29 July 2026. They are variable and two are time-bound — AEON's 3.00% is a promotion, and GX's 6-month Bonus Pocket rate of 3.80% was checked on 11 October 2026 (GX's page shows no effective date). Verify current rates in each bank's app before making a decision.

All five banks carry PIDM insurance up to RM250,000. Every deposit at any of these banks is as legally protected as a deposit at Maybank.

GX Bank — The One Most Malaysians Have Heard Of#

GX Bank launched in October 2023, backed by GXS — a joint venture between Grab and Singtel. It was the first of the five BNM digital banks to go live, and the Grab connection gave it instant name recognition.

Savings rate: 2.00% p.a. on the main account and on Savings Pockets. That is the rate on any balance, with no minimum and no conditions.

To get more, you move money into a Bonus Pocket: 3.18% p.a. for a 3-month tenure, or 3.80% p.a. for 6 months. Three things to know about it. First, GX's own FAQ says the bonus rate is inclusive of the 2.00% base — it is not 3.80% on top. Second, each Bonus Pocket holds a maximum of RM12,500 and you can open four, so RM50,000 is the most you can earn the bonus rate on. Third, your money is not locked, but if you pull it out early you forfeit the accrued bonus interest. GX's wording: the 2.00% p.a. base interest already credited daily remains yours to keep.

Interest is calculated daily and credited monthly. Conventional (non-Islamic) structure — this is an interest rate, not a profit rate.

Licence: Financial Services Act 2013 (FSA) — conventional banking.

What GX Bank does well:

• Tight Grab integration. If you already use GrabPay, GrabFood, or GrabCar, your banking sits naturally in the same ecosystem. Transfers between GrabPay and your GX Bank account are seamless.
• No monthly maintenance charge. No minimum balance. No fee for DuitNow transfers. No account opening or closing fee. GX's FAQ says fees may apply for specific services such as debit card issuance or cash withdrawals.
• Instant account opening. MyKad + selfie via eKYC = under 10 minutes for most applicants. No branch visit.
• A credit card. GX Bank launched a credit card in 2024 — the first digital bank in Malaysia to do so. This gives it a product advantage over Boost Bank and AEON Bank, neither of which lists a credit card.
• PIDM-insured up to RM250,000.

What GX Bank does not do well:

• No physical branches. For cash deposits, cheque services, or face-to-face support, you are on your own.
• No home loans. GX's own FAQ lists personal loans (FlexiCredit) and business funds (FlexiLoan), so personal and business lending exist.
• Cash access is by debit card at ATMs (GX's debit-card page: "Withdraw cash anywhere at ATMs nationwide"); there is no branch for over-the-counter service.
• App-only customer support — escalation is limited.

Who should open GX Bank: Malaysians already in the Grab ecosystem, and anyone who wants conventional (non-Islamic) digital banking at a competitive rate. GX Bank, Boost Bank and Ryt Bank all hold conventional FSA licences; only AEON Bank and KAF Digital Bank are licensed under IFSA.

Boost Bank — Among the Highest Rates on an Ordinary Balance#

Boost Bank is a joint venture between Axiata Digital (parent of Boost eWallet) and RHB Bank. It is licensed under the Financial Services Act 2013 (FSA) — the conventional banking licence. BNM awarded the Boost/RHB consortium an FSA licence in April 2022, and PIDM lists Boost Bank Berhad among its Licensed Banks, not its Licensed Islamic Banks.

Savings rate: 2.5% p.a. on the Savings Account and 3% p.a. on Savings Jars (up to 8 Jars), which you can open from RM1 with no minimum balance and no lock-in. Boost's higher rates are on promotional Special Jars, and you do not simply open one — Boost's own wording is that you spend with its eligible partners to receive Special Jars with higher rates, and some jars set another condition instead. Each campaign runs to its own end date, so the rate is not stated here: it changes by campaign, and Boost's own pages give different ceilings, so check the Boost Bank app. So the extra rate is bought with spending, not paid on an ordinary balance. Terms and conditions apply. Interest is accrued and paid daily. Fees: no service charge, but RM10 a year on a dormant account.

Licence: Financial Services Act 2013 (FSA) — conventional banking, not Islamic.

What Boost Bank does well:

• Among the highest published rates on an ordinary balance. On money you can withdraw at any time with no strings, Boost's 2.5% p.a. on the Savings Account (3% p.a. on Savings Jars) beats GX Bank's 2.00% p.a. base and AEON Bank's 0.25% p.a. prevailing rate; Ryt's pages disagree on its base (2.05% on its savings page, 3% on its Rewards page), so Ryt may match Boost's Savings Jars. Its higher rates are on promotional Special Jars, which you get by spending with partners or meeting each jar's own condition, each with its own end date (the rate is not stated here because it changes by campaign).
• RHB Bank backing adds institutional credibility. This is not a pure-tech startup — it has an established Malaysian banking group as a partner.
• Boost eWallet integration. The banking and eWallet sit within the same app. Transferring idle eWallet float into a PIDM-protected deposit account is one tap. Most Malaysians who use Boost eWallet will find the integration natural.
• PIDM-insured up to RM250,000.

What Boost Bank does not do well:

• No fixed deposit is listed on Boost's site (as of 17 October 2026).
• No credit card or home loan is listed. Boost does list a Personal Loan (the page we read is for Government and GLC employees) and a Motorbike Loan.
• Cash access is through the Boost Bank Debit Card; we found no cash-deposit option on Boost's pages.
• No branch to walk into — support is by phone hotline (03-8658 3000, Monday to Friday, 9am to 9pm), email and the app.
• One source of confusion: the Boost eWallet balance is not a Boost Bank deposit. Boost says deposits with Boost Bank are protected by PIDM up to RM250,000 per depositor; do not assume a wallet balance is. These are two different products reachable from one app — make sure your savings are in the right place.

Who should open Boost Bank: Existing Boost eWallet users who want to upgrade idle float to a PIDM-protected, higher-yield deposit. Anyone comparing digital banks on the rate paid on ordinary, withdrawable money — Boost's 2.5% p.a. Savings Account and 3% p.a. Savings Jars are currently the top of the rates we could verify. If you require Shariah-compliant banking, Boost holds a conventional licence — see AEON Bank below.

AEON Bank — For the Regular AEON Shopper#

AEON Bank is backed by AEON Financial Service — the financial arm of AEON Co., Ltd., the Japanese retail conglomerate that operates AEON Mall, AEON Big, and AEON supermarkets across Malaysia. AEON Credit Service (M) Berhad, AEON's Malaysian subsidiary, has been listed on Bursa Malaysia since 2007.

Savings profit rate: AEON publishes two rates, and the gap between them is wide. The prevailing rate — what you earn once a promotion ends — is 0.25% p.a. on both the Savings Account-i and Savings Pots. The 3.00% p.a. figure AEON advertises is a promotional rate on Savings Pots only. You can open up to 20 Pots. AEON's FAQ says RM20 must be kept in Savings Account-i for the account to remain active; no minimum is needed in Savings Pots to earn the 3.00% rate. There is no lock-in, but read the promo rate as temporary: when it lapses, that money earns 0.25% p.a. unless you move it.

Licence: Islamic Financial Services Act 2013 (IFSA) — fully Shariah-compliant.

What AEON Bank does well:

• AEON retail integration. If you spend regularly at AEON supermarkets, AEON Big hypermarkets, AEON Wellness, or AEON Mall, the AEON Points tie-in to your banking is the primary reason to choose AEON Bank over Boost Bank. AEON's FAQ says Loyalty Programme members earn 2 points for every RM1 spent with the Debit Card-i at participating AEON outlets. We have not verified any cashback tiers.
• Support channels. AEON Bank has no physical branch, but its FAQ lists phone (+603-4816 8888), live chat and email support, and a Debit Card-i that withdraws cash at ATMs carrying the MEPS or Visa logo.
• Fully Shariah-compliant savings. AEON Bank is IFSA-licensed with Shariah Committee oversight — one of only two digital banks holding an Islamic licence, alongside KAF Digital Bank.
• PIDM-insured up to RM250,000.
• No monthly charge is listed. A RM20 charge applies if you close within 3 months, and RM10 a year if the account goes dormant (an account under RM10 is closed instead). Minimum balance: RM20 must be kept in Savings Account-i for the account to remain active; no minimum is needed in Savings Pots.

What AEON Bank does not do well:

• The lowest standing rate in the group by a distance. Once the 3.00% Savings Pot promotion ends, AEON pays 0.25% p.a. — against 2.00% p.a. at GX Bank and 2.5% p.a. at Boost Bank (3% p.a. in a Savings Jar) on money you can withdraw freely. If rate is the only criterion, AEON Bank is not the top pick.
• Term Deposit-i (RM200 minimum; full withdrawals only, no profit on early withdrawal) and Personal Financing-i (Malaysian citizens aged 18–55, RM2,500+ a month) exist but carry conditions; no credit card is listed.
• Cash comes out with the Debit Card-i at ATMs carrying the MEPS or Visa logo; money goes in by DuitNow.
• Relatively limited product range outside of savings and debit.

Who should open AEON Bank: Regular AEON shoppers who want AEON Points on their spending. Muslims who prefer Islamic banking and are already embedded in the AEON retail ecosystem. Anyone who wants phone and live-chat support rather than an app-only service.

If you do not shop at AEON regularly, Boost Bank pays a higher standing rate — 2.5% p.a. on its Savings Account (3% p.a. in a Savings Jar) against AEON's 0.25% p.a. prevailing — and has stronger institutional backing (RHB). Note the trade-off: Boost holds a conventional FSA licence, so if Shariah compliance is a requirement rather than a preference, AEON Bank and KAF Digital Bank are the only licensed digital banks that meet it.

Ryt Bank — The Newest Entry#

Ryt Bank launched in August 2025 — the last of the five BNM digital banks to go live. It is operated by YTL Digital Bank Berhad, backed by YTL Group (major Malaysian conglomerate with power, cement, and hospitality businesses) and Sea Limited (which also operates Shopee; we did not check Sea's own pages; Ryt's About Us page says YTL Digital Bank was established by YTL Digital Capital and Sea Limited).

Licence: Financial Services Act 2013 (FSA) — conventional banking, not Islamic.

Savings rate: Ryt's savings page shows a 2.05% p.a. base on the Main Account and Save Pockets and a +1.95% bonus (4.0% p.a. in total) on balances up to RM20,000 across all Save Pockets, unlocked by a stamp card (one stamp a day for each transaction of RM10 or more with the Ryt Card or a JomPAY bill payment); new customers get 4.0% for the first 30 days after activation. Ryt's Rewards page describes it differently (3% base plus 1% bonus), so confirm in the app which applies. For comparison context on rates we could verify: GX Bank pays 2.00% p.a. base and up to 3.80% p.a. on a 6-month Bonus Pocket; Boost Bank pays 2.5% p.a. on its Savings Account and 3% p.a. on Savings Jars; its promotional Special Jars, earned by partner spend, change rate by campaign and are not stated here.

Key features:

• Save Pockets (Ryt: "Grows like a fixed deposit, moves on your terms") and a Ryt Card; Ryt Credit offers up to RM100,000
• Ryt AI chat assistant and biometric face-matching verification, per Ryt (we did not test them)
• FSA-licensed: conventional banking, non-Islamic — as are GX Bank and Boost Bank. Three of Malaysia's five licensed digital banks hold conventional licences
• PIDM-insured up to RM250,000
• No minimum balance; RM0 service and dormant charges, RM12 for a physical card (Ryt fees page)

Who should open Ryt Bank: Malaysians who want a second conventional (non-Islamic) digital bank option. Tech-comfortable savers open to a newer institution — Ryt Bank is in its first year of operation as of April 2026, so an established track record does not yet exist. Start with a modest balance, not your full emergency fund.

KAF Digital Bank — Not for Most Consumers#

KAF Digital Bank is the fifth licensee. It operates under IFSA (Islamic) and is focused primarily on SME and business banking — not retail savings accounts. If you are a sole proprietor or small business owner looking for business banking products, KAF is worth following as it develops. For personal savings, it is not a relevant comparison.

BigPay — Useful Tool, Not a Bank#

BigPay is licensed as a payment service provider (e-money) by BNM — a different licence category from a bank. Capital A (formerly AirAsia Group) is the majority owner.

What BigPay is good for:

• No-annual-fee prepaid card for card payments at home and abroad
• International money transfers at competitive FX rates (lower markup than most Malaysian bank debit cards)
• Multi-currency spending overseas

What BigPay is not:

• Your balance earns zero return
• Balances are not PIDM-insured
• It is not a bank — it holds stored value, not deposits

Use BigPay for what it is: a multi-currency spending card and international transfer tool. Do not park meaningful savings in it — move that money to a PIDM-insured digital or conventional bank account.

For the full comparison of BigPay against Wise for international transfers, see our BigPay vs Wise guide.

Head-to-Head Comparison: All Four Retail Digital Banks#

On the Shariah row: of the four banks above, only AEON Bank holds an Islamic (IFSA) licence. GX Bank, Boost Bank and Ryt Bank are all conventional. KAF Digital Bank is also IFSA-licensed but is SME-focused, so for retail savings AEON Bank is the option if Shariah compliance is a requirement.

Rates are variable and subject to change. Verify current rates directly in each bank's app. On a narrow screen this table scrolls sideways — swipe to see all four banks.

Digital Banks vs Traditional Banks: What the Rate Gap Actually Means#

Basic and everyday savings accounts at the conventional banks we checked (CIMB, Public Bank, RHB, Hong Leong, AmBank and BSN, 11 October 2026) pay 0.00%–0.25% p.a.; some tiered, conditional or targeted accounts pay 1.5% or more. Digital banks pay 0.25%–3% p.a. on an ordinary balance and up to 4% p.a. if you meet a condition. The part of that gap that is structural, and therefore durable, is real — digital banks have no branches, no teller staff, and no physical infrastructure to fund, so they can pass those savings to depositors. But note that AEON's standing 0.25% p.a. is no better than a conventional savings account. The gap is not automatic; it depends which digital bank and which product.

Against the other alternative for higher returns — fixed deposits (FDs) — the picture is more nuanced:

• FD rates at conventional banks (12-month tenure): 1.80–1.90% p.a. board rates at CIMB, Hong Leong, AmBank, Public Bank and RHB, and 3.60–3.90% p.a. on time-limited campaigns at five banks (both 11 October 2026)
• Digital bank savings, no strings: 0.25%–3% p.a., withdrawable any time
• Digital bank savings, with a condition attached: up to 4% p.a., but the condition is real — six months of tenure at GX, stamp-card transactions at Ryt, partner spending at Boost, a promotional window at AEON

The key trade-off: a 12-month FD campaign rate pays more in absolute terms — but your money is locked, and the campaign has an end date. If you need to take the FD out early, Hong Leong (eFD terms), Public Bank and BSN (conventional Term Deposit) pay no interest under the terms we read; we did not read Maybank's or CIMB's current terms, so check those banks' terms before placing. Without a campaign, GX Bank's 2.00% p.a. on an ordinary balance is slightly above those 12-month board rates. A digital bank's base rate pays less, but you can withdraw at any time without penalty. A digital bank's bonus rate sits somewhere in between: GX's Bonus Pocket is not locked, but leaving early forfeits the accrued bonus interest, which makes it closer to an FD than the marketing suggests.

For money you can genuinely lock away for 6–12 months, a competitive FD still wins on rate. For your emergency fund or money you might need access to, a digital bank savings account is the better structure. See our fixed deposit guide for how FD rates work, and our fixed deposit rates list for products side by side.

Also worth noting: the Overnight Policy Rate (OPR) set by BNM directly affects both conventional bank savings rates and digital bank rates. If BNM cuts the OPR, digital bank rates will likely follow. These rates are not fixed forever.

Should You Use a Digital Bank as Your Main Account?#

The honest answer: not yet, for most people.

Digital banks excel at one thing — paying you a higher savings rate with no monthly fees. They are not yet full replacements for conventional banks because:

• No home loans or mortgages — you will still need your main bank for property financing
• Limited business banking — Boost (Boost SME), GX (Biz Account) and AEON (Biz Current Account-i) offer SME accounts, but salary crediting, supplier payments and corporate banking generally still sit with conventional banks
• No chequebook or cash deposit machines — for cash-heavy businesses or landlords receiving cash rent, no digital bank offers these
• Cash access is by debit card — AEON and GX describe ATM withdrawals; Boost says its Debit Card lets you spend and withdraw your money. We found no cash-deposit option at Boost or AEON
• No branch to walk into when things go wrong — support is by phone, chat, email or the app, depending on the bank
• Short track record — the oldest Malaysian digital bank (GX Bank) has been operating for under three years. For a brand-new institution holding your life savings, some caution is warranted

The practical setup most people run:

1. Main conventional bank for salary, bill payments, mortgage, and credit card
2. Digital bank savings account for emergency fund and medium-term savings

Your emergency fund (3–6 months of expenses) has to stay reachable, so judge it on the base rate, not the advertised one. At 2.00% p.a. (GX Bank) or 2.5%–3% p.a. (Boost Bank Savings Account and Savings Jars) it still beats the same money in a conventional basic or everyday savings account at 0.00%–0.25% p.a., and you can take it out on the day you need it. Do not put an emergency fund into a 6-month GX Bonus Pocket or chase a Boost Special Jar for it — the first forfeits your bonus if you withdraw early, and the second needs you to spend money to earn the rate.

Who Each Digital Bank Suits#

Open GX Bank if:

• You are already a Grab user (GrabPay, GrabFood, GrabCar) — the integration is seamless
• You want conventional (non-Islamic) banking
• You want a credit card product from your digital bank
• You want the first-mover with the longest operational track record among Malaysian digital banks

Open Boost Bank if:

• You want the highest rate on money you can withdraw freely — 2.5% p.a. on the Savings Account and 3% p.a. on Savings Jars are among the highest on offer, level with the 3% base that Ryt's Rewards page describes (its savings page says 2.05%)
• You already use the Boost eWallet and want your savings in the same ecosystem
• You value RHB's institutional backing alongside Axiata's tech infrastructure

Open AEON Bank if:

• You shop regularly at AEON supermarkets or AEON Mall — the AEON Points tie-in adds value
• You require Shariah-compliant banking
• You want phone and live-chat support from your bank (AEON lists both, plus email)
• The AEON loyalty ecosystem is where you already spend

Open Ryt Bank if:

• You want a Save Pocket structure with a stamp-card bonus and are happy to meet its qualifying spend
• You want another conventional (non-Islamic) option alongside GX Bank and Boost Bank
• You are comfortable being an early adopter of a newer institution

Do not open any digital bank if:

• You need cheque services, cash deposits, or business banking — none of the digital banks cover these adequately
• Your deposits exceed RM250,000 — PIDM caps at RM250,000 per bank; spread across multiple institutions for larger sums

How to Open a Digital Bank Account in Malaysia#

The process is the same across all four retail digital banks:

1. Download the app from the App Store (iOS) or Google Play (Android)
2. Prepare your MyKad — Malaysian IC for identity verification
3. Complete eKYC — the app will guide you to scan your MyKad and take a selfie. The system verifies your identity against the National Registration Department records
4. Set up your security — create a PIN, enable biometric authentication (fingerprint or Face ID)
5. Fund your account — transfer in via DuitNow or FPX from your existing bank

Total time: 5–15 minutes for most applicants. No branch visit required. No paperwork. Approval is usually instant if your eKYC passes.

Requirements: Malaysian citizen or permanent resident, aged 18 and above, valid MyKad, Malaysian phone number for OTP verification.

Are Digital Banks Safe? The PIDM Answer#

Yes — with the same caveat that applies to every bank: the PIDM limit is RM250,000 per depositor per bank.

All five BNM-licensed digital banks are mandatory PIDM members. If a licensed bank fails, PIDM pays out within 7 working days. Your money is not waiting in a queue behind institutional creditors — PIDM protection is statutory and ring-fenced.

PIDM covers: savings deposits, current account balances, fixed deposits.

PIDM does not cover: e-wallet balances (BigPay, TNG eWallet), unit trusts, money market funds (including TNG GoPlus+), investment products, or any balance held outside a licensed bank deposit account.

If you have more than RM250,000 in savings — use multiple banks. RM250,000 at GX Bank plus RM250,000 at Boost Bank gives you RM500,000 in PIDM-protected savings. This is standard financial planning practice, not a workaround.

For a deeper explanation of how PIDM works and what it covers, see our PIDM deposit insurance guide.

Adam Tan's Verdict#

Here is the trade I would take: open Boost Bank and hold your emergency fund in the Savings Account or an ordinary Savings Jar. Boost publishes 2.5% p.a. on its Savings Account and 3% p.a. in a Savings Jar, it is money you can withdraw the day you need it, and it is backed by Axiata and RHB — two institutions with real track records. If you require Shariah-compliant banking, take AEON Bank instead and accept the lower prevailing rate. I would ignore Boost's promotional Special Jars for this money. Those come from spending with Boost's partners, and spending to earn a savings rate is the wrong shape for an emergency fund.

If you need conventional banking (non-Islamic) or are already deep in the Grab ecosystem, GX Bank is the obvious pick — 2.00% p.a. on any balance, plus the credit card option and the longest operational track record among the five. GX's 3.80% Bonus Pocket is worth using, but for savings you have earmarked six months out, not for the emergency fund, and only up to RM50,000 (RM12,500 per pocket, four pockets).

AEON Bank is the one to be careful with. Its 3.00% is a promotion on Savings Pots. The prevailing rate underneath is 0.25% p.a. — no better than a conventional bank. If you open AEON, open it for the AEON Points, and diarise when the promotion ends.

The rest of your financial life — mortgage, salary account, investments, credit cards — stays at your main conventional bank. Use the digital bank as your savings layer, not a replacement for your existing setup.

Do not move everything to a digital bank in 2026. But do not leave an emergency fund earning 0.00%–0.25% p.a. in a basic savings account at your conventional bank when the same money, with the same PIDM protection and the same instant access, can earn 2% to 3% at a digital bank. The right move is running both.

Amendment — 31 July 2026. This guide has been corrected. The changes:

• Corrected Boost Bank's licence. This guide previously stated that Boost Bank is licensed under the Islamic Financial Services Act 2013 and is fully Shariah-compliant. That was wrong. Bank Negara Malaysia licensed the Boost Holdings and RHB Bank consortium under the Financial Services Act 2013, the conventional licence, in its announcement of 29 April 2022. PIDM lists Boost Bank Berhad among its Licensed Banks, not its Licensed Islamic Banks. Only AEON Bank and KAF Digital Bank hold IFSA licences.
• Removed the recommendation of Boost Bank to readers who require Shariah-compliant banking. The guide previously directed such readers to Boost. It now directs them to AEON Bank, the only licensed digital bank offering retail Shariah-compliant savings. We make no claim in either direction about whether Boost offers Shariah-compliant products through an approved window; we have not been able to read Boost's own disclosures.
• Corrected the conventional-bank count. The guide twice described GX Bank and Ryt Bank as the only two conventional digital banks. Three of the five are conventional: GX Bank, Boost Bank and Ryt Bank.

Related Guides#

• How to Choose a Savings Account in Malaysia — conventional savings accounts if you want branch access
• How Fixed Deposits Work in Malaysia — higher returns if you can lock your money for 6–12 months
• TNG eWallet vs Digital Bank Malaysia — is GoPlus+ a real alternative?
• AEON Bank Review 2026 — deeper dive into AEON Bank's features and AEON loyalty integration

Savings rates in this guide were verified against each bank's own website on 29 July 2026. Other details reflect information available as of April 2026. Savings rates, features, and bank terms can change — always verify current details directly with each bank before making a deposit decision. money.com.my is not a licensed financial adviser. This guide is for informational purposes only and does not constitute personal financial advice.

Amendment, 11 October 2026. This guide gave GX Bank's 6-month Bonus Pocket rate as 3.70% p.a. GX Bank's own page now says "Earn up to 3.80% p.a." and "3.18% p.a. for the 3-month tenure, or 3.80% p.a. for the 6-month tenure. This is inclusive of the 2.00% p.a. base rate", so the figure is now 3.80% p.a.; the 3-month 3.18% and the 2.00% base rate are unchanged. We checked GX Bank's page on 11 October 2026; it shows no effective date. The other rates in this guide keep the dates stated beside them and were not re-checked in this amendment. Confirm any rate on the bank's own page before acting on it.

Amendment, 11 October 2026 (fixed deposit rates). The "Digital Banks vs Traditional Banks" section gave the best 12-month FD rates at conventional banks as "typically 3.00%–4.00% p.a. as of 2026" and used a 12-month FD at 4.00% as its example. Our fixed deposit guide has corrected that range. It is now 1.80–1.90% p.a. for 12-month board rates at CIMB, Hong Leong, AmBank, Public Bank and RHB, and 3.60–3.90% p.a. on time-limited campaigns at five banks, both on 11 October 2026; the 4.00% example was removed. The section now also says that GX Bank's 2.00% p.a. on an ordinary balance is slightly above those board rates, as the fixed deposit guide does. We checked the banks' own pages and campaign terms on 11 October 2026 for our fixed deposit guide, whose amendment of that date records the check. Confirm any rate on the bank's own page before acting on it.

Amendment, 11 October 2026 (conventional savings rates). The "Digital Banks vs Traditional Banks" section said "0.25%–1.00% p.a." for standard savings accounts at conventional Malaysian banks on basic savings products. We read the savings-rate pages of CIMB, Public Bank, RHB, Hong Leong, AmBank and BSN on 11 October 2026. Their basic and everyday savings accounts pay 0.00%–0.25% p.a. (every basic account a flat 0.25%), and 1.00% appears only on premium, closed or large-balance tiers. Some tiered, conditional or targeted accounts pay 1.5% or more. Maybank's site could not be read, so it is not in the range. Confirm any rate on the bank's own page before acting on it.

Amendment, 17 October 2026. We re-checked the Boost Bank and AEON Bank claims in this guide against each bank's own pages and disclosure sheets, Bank Negara Malaysia's 29 April 2022 digital bank announcement and PIDM's member lists, all fetched on 17 October 2026 (evidence in docs/verification-log/followups-g1-oct17/). Corrected: (1) Boost's ordinary-balance rate. The guide gave "up to 3% p.a. on Savings Jars" as Boost's base rate; Boost publishes 2.5% p.a. on the Savings Account, 3% p.a. on Savings Jars (up to 8 Jars) and Special Jars up to 4% p.a., where the 4% BoostUP Jar needs at least RM500 of monthly Boost Wallet spend and its campaign runs to 17 November 2026. Interest is accrued and paid daily, not credited monthly. (2) "No ATM card" at Boost and AEON. Boost's site lists a Debit Card to spend and withdraw your money, and AEON's FAQ says its Debit Card-i withdraws cash at ATMs carrying the MEPS or Visa logo. (3) "No fixed deposits, no credit products, no personal financing" at AEON and Boost. AEON offers Term Deposit-i (from RM200; full withdrawals only, no profit on early withdrawal) and Personal Financing-i (Malaysian citizens aged 18–55, gross income RM2,500 or more a month); Boost lists a Personal Loan (the page we read is for Government and GLC employees) and a Motorbike Loan. (4) Support channels. Boost gives a phone hotline, 03-8658 3000 (Monday to Friday, 9am to 9pm), and email; AEON gives phone (+603-4816 8888), live chat and email. The guide said both were app-only. (5) Fees and minimum balance. Boost charges RM10 a year on a dormant account; AEON charges RM20 if an account is closed within 3 months and RM10 a year if dormant. AEON's FAQ says RM20 must be kept in Savings Account-i for the account to remain active; no minimum is needed in Savings Pots to earn the 3.00% rate. The guide said "no fees" and "no minimum balance" for all four banks. Removed: "AEON Mall kiosks" and the cashback wording (replaced by the AEON Points rule in AEON's FAQ: 2 points per RM1 with the Debit Card-i at participating AEON outlets), "RHB is one of Malaysia's top-four banks", and the statement that the Boost eWallet balance is not PIDM-insured; none of these could be sourced from the bank, PIDM or BNM. GX Bank: two statements contradicted GX's own pages already in our evidence (docs/verification-log/evidence-batch-b-oct17): GX's debit-card page says "Withdraw cash anywhere at ATMs nationwide", and its FAQ lists personal loans (FlexiCredit) and business funds (FlexiLoan). We corrected "no ATM card" and "no personal loans or business banking". The "Zero fees" line for GX is corrected: GX's FAQ says fees may apply for specific services like debit card issuance or cash withdrawals. "No business accounts" is now "Limited business banking": Boost SME, GX's Biz Account and AEON's Biz Current Account-i exist. GX's rates and the Ryt Bank and KAF Digital Bank details were not changed. Confirm any rate on the bank's own page before acting on it.

Amendment, 17 October 2026 (Ryt Bank, evidence batch J). The Ryt section, comparison table and summary lines were corrected against Ryt Bank's own pages (rytbank.my home, savings account, rewards, fees and limits, Ryt Credit, About Us; docs/verification-log/evidence-batch-j-oct17/). Corrected: (1) the claim that Ryt "does not publish its savings rate" and the "verify in app" cells: Ryt publishes 2.05% base and 4.0% p.a. with the stamp card on up to RM20,000 (its Rewards page says 3% + 1%). (2) "Monthly fees: None" now lists RM0 service and dormant charges and RM12 for a physical card. (3) The credit card cell now reads Ryt Credit (up to RM100,000). Removed: the "Shopee integration" feature, the "Shopee users" audience, the Shopee ecosystem cell and the "Shopee power user" bullet (no Shopee mention on Ryt's pages), "AI-native ... multilingual support" (Ryt's pages describe an AI assistant and biometric face-matching; its customer service charter, s.4.3, says communications and documents are in Bahasa Malaysia and English, but nothing describes multilingual AI support), and "Singapore-listed" for Sea (not checked), "SeaMoney, and Garena" in the Sea description, and the speculation about "promotional introductory rates" (no source). No GX, Boost or AEON figure was changed.

Amendment, 25 October 2026 (Boost Bank rates). Changed: (1) the FAQ answer on which digital bank pays the highest rate said Boost publishes "the highest at both ends" and "up to 4% p.a. on Special Jars (the BoostUP Jar needs at least RM500 of monthly Boost Wallet spend and runs to 17 November 2026)"; the 4% and the BoostUP details are removed, the answer now says Boost publishes the highest rate on an ordinary balance and describes its promotional Special Jars without a rate, and notes that Boost's figures were re-read on 25 October. (2) The overview table's Boost cell dropped "up to 4% p.a. on Special Jars". (3) The note under that table now says Boost's savings rates were re-read on 25 October 2026. (4) The Boost savings-rate paragraph removed "Boost's headline up to 4% p.a.", the sentence "The 4% is the BoostUP Jar: at least RM500 of monthly spend with the Boost Wallet, campaign 17 November 2025 to 17 November 2026" and "Boost's savings page lists other Special Jars at up to 3.3% p.a."; it now says the rate changes by campaign and is not stated here. (5) The Boost pros list said "Highest published rate at both ends" and "Its up to 4% p.a. on Special Jars is the highest advertised number in the group"; it now says highest on an ordinary balance and describes the Special Jars without a rate. (6) The Ryt section's comparison sentence dropped "up to 4% p.a. on Special Jars earned by partner spend". (7) The head-to-head table's Boost "Best rate, and its condition" cell said "up to 4% p.a. — BoostUP Jar, RM500 monthly Boost Wallet spend, to 17 Nov 2026"; it now says the rate is not stated here. (8) The closing take said "Boost's up-to-4% Special Jars"; it now says "Boost's promotional Special Jars". The generic "up to 4% p.a. with a condition" lines stay, because Ryt Bank's 4.0% p.a. Save Pockets rate (read 17 October 2026) still makes them true; (9) the opening summary and (10) the "Digital bank savings, with a condition attached" bullet now name Ryt Bank's qualifying transactions among those conditions, since the 4% now comes from Ryt rather than Boost. No Ryt, GX or AEON figure changed. We re-read Boost Bank's own savings-account and Special Jars pages on 25 October 2026 (evidence in docs/verification-log/boost-rates-oct25/). The savings page still reads "2.5% p.a. daily interest on your Savings Account" and "3% p.a. daily interest on your Savings Jars", so those figures stay, re-dated 25 October 2026. The Special Jars page lists the BoostUP Jar ("spend a minimum of RM500 monthly with your Boost Wallet, unlock the BoostUP Jar and start saving to earn 4% p.a. daily interest") for "17 Nov 2025 to 17 Nov 2026", and most other Special Jars end on 31 Oct 2026; Boost's savings-account FAQ gives "Special Jars: Up to 3.3% p.a. daily interest" while the Special Jars page says "up to 4% p.a. daily". Because these are campaign rates with near end dates and Boost's own pages disagree on the ceiling, this guide no longer quotes a Special Jar rate: check it in the Boost Bank app. Wording softened from "each needs partner spend or another condition" to "most need partner spend or another condition", because Boost's Special Jars page also lists the Boost Celebration Jar ("no extra requirements needed") and the Unlimited Jar ("Start saving today") alongside jars that do need partner spend, a Great Eastern insurance purchase (Protect Jar) or eligible CelcomDigi transactions. The claim that Boost pays "the highest" rate on an ordinary balance is now "among the highest", because Ryt Bank's Rewards page states "3% p.a. Base Interest on your Main Account" (its savings page says 2.05%), which ties Boost's 3% on Savings Jars. This also changed the Boost section heading ("Highest Advertised Rate" to "Among the Highest Rates"), the pros bullet and the "who should open" line ("currently top the field"). The FAQ sentence "Ryt Bank does not publish its rate on its website — check the Ryt Bank app" is removed and replaced by Ryt's figures already in the guide: 2.05% p.a. base on the Main Account and Save Pockets, 4.0% p.a. on up to RM20,000 across Save Pockets with the stamp card (read 17 October 2026), and the Rewards page's 3% base plus 1% bonus description. In the first FAQ answer, the Boost sentence no longer repeats Ryt's base-rate disagreement, which the answer's Ryt sentence already states.

Follow-up amendment, 25 October 2026 (early-withdrawal wording). The FD-versus-digital-bank paragraph said "If you need to take the FD out early, you forfeit the interest". Changed: it now names Hong Leong, Public Bank and BSN (conventional terms read) as paying no interest on early withdrawal and says Maybank's and CIMB's terms were not read. Removed: the unqualified "you forfeit the interest" for all banks. Evidence: docs/verification-log/batch3-fd-wording-oct25/evidence.md.

Amendment, 26 October 2026 (conventional savings rate). Two lines compared a digital bank with a conventional savings account "at 0.5%": the emergency-fund paragraph ("it still beats the same money in a conventional savings account at 0.5%") and the conclusion ("do not leave an emergency fund earning 0.5% at your conventional bank"). That figure did not match this guide's own reading of CIMB, Public Bank, RHB, Hong Leong, AmBank and BSN on 11 October 2026, which found 0.00%–0.25% p.a. on their basic and everyday savings accounts (see the 11 October 2026 amendment above). Changed: both lines now say 0.00%–0.25% p.a. on a basic or everyday savings account. No other figure changed.

Amendment, 26 October 2026 (BigPay card network). The BigPay section called its card a "no-annual-fee Visa card accepted globally" (the bullet list and the summary card), while our e-wallet comparison called it a Mastercard. BigPay's site does not currently state the card network, so this guide does not either: both now say "no-annual-fee prepaid card". No figure changed. Evidence: docs/verification-log/batch4-content-oct26/evidence.md.

Amendment, 28 October 2026 (early-withdrawal wording). The "Locked or reachable" card said of a 12-month FD that "early exit forfeits the interest", as a rule for every bank, and the text above it said Hong Leong, Public Bank and BSN pay no interest "under their conventional terms". Changed: the card now says "early exit loses the interest at the banks whose terms we read", and the text names what was read: Hong Leong's eFD terms (clause 20), Public Bank's FD terms (clause 5.4) and BSN's conventional Term Deposit terms (clause 6.2). Hong Leong's counter FD terms were not read, so "conventional terms" is removed for Hong Leong. The text still says Maybank's and CIMB's current terms were not read (it said "could not read"; now "did not read"). No rate or date changed. Fix round 1, 28 October 2026: the card now names the banks ("early exit pays no interest at Hong Leong (eFD), Public Bank and BSN; check the terms at Maybank and CIMB before placing") in place of "loses the interest at the banks whose terms we read", and the text now says "we did not read Maybank's or CIMB's current terms, so check those banks' terms before placing". No rate or date changed and no figure was removed. Evidence: docs/verification-log/batch6-a43-2026-10-28/evidence.md.