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

Open a digital bank account today and you will earn 3.50%–3.88% p.a. on your savings with zero fees and no minimum balance. That is 3–10 times more than most standard savings accounts at conventional Malaysian banks, which typically pay 0.25%–1.00% p.a. The catch: no physical branches, limited product range, and app-only support. Here is which digital bank to open — and what you are actually getting.

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#

| Bank | Licence | Launched | Savings Rate | Best For | |------|---------|----------|-------------|---------| | GX Bank | FSA (conventional) | October 2023 | Up to 3.50% p.a. | Grab users, conventional banking | | Boost Bank | IFSA (Islamic) | 2023 | Up to 3.88% p.a. | Islamic savings, Boost eWallet users | | AEON Bank | IFSA (Islamic) | 2023 | Up to 3.50% p.a. | AEON shoppers, Islamic savings | | KAF Digital Bank | IFSA (Islamic) | 2023–2024 | SME-focused — limited retail | Business/SME banking | | Ryt Bank | FSA (conventional) | August 2025 | Competitive — verify in app | Shopee users, tech-savvy savers |

Savings rates are variable and subject to change. 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: Up to 3.50% p.a. No minimum balance. No lock-in. Interest calculated daily, 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.
• Zero fees. No monthly maintenance charge. No minimum balance. No fee for DuitNow transfers. No account opening or closing fee.
• 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, which are still savings-and-debit-only.
• 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, personal loans, or business banking.
• No ATM card for cash withdrawals.
• 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. Also the default choice for non-Muslims comparing digital banks — GX Bank and Ryt Bank are the only two conventional options.

Boost Bank — Highest Rate, Shariah-Compliant#

Boost Bank is a joint venture between Axiata Digital (parent of Boost eWallet) and RHB Bank. It operates under the Islamic Financial Services Act 2013 (IFSA) — meaning all deposits are structured as Shariah-compliant contracts (Mudarabah or Wakalah) and returns are expressed as profit rates (hibah), not interest.

Savings profit rate: Up to 3.88% p.a. — the highest base rate among Malaysia's digital banks as of April 2026. No minimum balance. No lock-in. Profit calculated daily, credited monthly.

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

What Boost Bank does well:

• Highest savings rate among the five licensed digital banks — 3.88% p.a. vs 3.50% p.a. at GX Bank and AEON Bank. On a RM50,000 balance, that 0.38% difference is RM190 per year.
• RHB Bank backing adds institutional credibility. This is not a pure-tech startup — it has one of Malaysia's top-four banks 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.
• Fully Shariah-compliant. For Muslims who require Islamic banking, Boost Bank is IFSA-licensed — not a conventional bank with a "Islamic window" product.
• PIDM-insured up to RM250,000.

What Boost Bank does not do well:

• No fixed deposit or term deposit equivalent (as of April 2026).
• No credit card, no personal financing, no home loan.
• No ATM card.
• App-only support — limited escalation options.
• One source of confusion: the Boost eWallet balance is not PIDM-insured. Only money held in your Boost Bank deposit account carries PIDM protection. These are two different products within one app — make sure your savings are in the right place.

Who should open Boost Bank: Muslims who want a competitive Shariah-compliant savings account without branch visits. Existing Boost eWallet users who want to upgrade idle float to a PIDM-protected, higher-yield deposit. Anyone comparing digital banks purely on headline savings rate — 3.88% p.a. is currently the top.

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: Up to 3.50% p.a. (Shariah-compliant hibah). No minimum balance. No lock-in.

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 cashback and rewards tie-in to your banking is the primary reason to choose AEON Bank over Boost Bank. Specific cashback rates and reward tiers change — check the AEON Bank app for current promotions.
• Physical touchpoints. AEON Bank has kiosks at selected AEON Mall outlets — the only licensed digital bank with any physical service points. For Malaysians who want some form of in-person access without going to a full branch, this is a real (if limited) advantage.
• Fully Shariah-compliant savings. Same regulatory standard as Boost Bank — IFSA-licensed, Shariah Committee oversight.
• PIDM-insured up to RM250,000.
• Zero fees. No minimum balance. No monthly charge.

What AEON Bank does not do well:

• 3.50% p.a. profit rate matches GX Bank, but trails Boost Bank's 3.88% p.a. If rate is the only criterion, AEON Bank is not the top pick.
• No fixed deposits, no credit products (yet — AEON Credit Service has lending capacity; watch this space).
• No ATM card.
• Relatively limited product range outside of savings and debit.

Who should open AEON Bank: Regular AEON shoppers who spend RM500+ per month at AEON outlets and can maximise the cashback. Muslims who prefer Islamic banking and are already embedded in the AEON retail ecosystem. Anyone who values the option of an AEON Mall kiosk for occasional in-person support.

If you do not shop at AEON regularly, Boost Bank offers the same Islamic digital banking structure with a higher profit rate and stronger institutional backing (RHB).

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 (the Singapore-listed company behind Shopee, SeaMoney, and Garena).

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

Savings rate: Competitive — verify the current rate in the Ryt Bank app. As the newest entrant, Ryt Bank may offer promotional introductory rates to attract depositors. For comparison context: GX Bank offers 3.50% p.a., Boost Bank 3.88% p.a.

Key features:

• AI-native features — contextual financial guidance, multilingual support, biometric authentication built in from launch
• Shopee integration — Sea Limited's e-commerce platform is already used by millions of Malaysian shoppers. Banking integration (cashback, buy-now-pay-later, checkout financing) is the logical extension
• FSA-licensed: conventional banking, non-Islamic. Alongside GX Bank, Ryt Bank is one of only two conventional digital banks in Malaysia
• PIDM-insured up to RM250,000
• No minimum balance, no monthly fees

Who should open Ryt Bank: Active Shopee users who want banking integrated with their shopping. 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 Visa card accepted globally
• 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#

| Feature | GX Bank | Boost Bank | AEON Bank | Ryt Bank | |---------|---------|------------|-----------|----------| | Savings rate | Up to 3.50% p.a. | Up to 3.88% p.a. | Up to 3.50% p.a. | Verify in app | | Licence | FSA (conventional) | IFSA (Islamic) | IFSA (Islamic) | FSA (conventional) | | Shariah-compliant | No | Yes | Yes | No | | Launched | October 2023 | 2023 | 2023 | August 2025 | | Minimum balance | None | None | None | None | | Monthly fees | None | None | None | None | | PIDM insured | Yes — RM250,000 | Yes — RM250,000 | Yes — RM250,000 | Yes — RM250,000 | | Physical touchpoints | None | None | AEON Mall kiosks | None | | Credit card | Yes (launched 2024) | No | No | TBC | | Ecosystem | Grab | Boost eWallet | AEON retail | Shopee | | Backed by | Grab + Singtel | Axiata + RHB | AEON Financial | YTL + Sea Limited |

Rates are variable and subject to change. Verify current rates directly in each bank's app.

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

Standard savings accounts at conventional Malaysian banks pay 0.25%–1.00% p.a. on basic savings products. Digital banks are paying 3.50%–3.88% p.a. That gap is structural, not temporary — digital banks have no branches, no teller staff, and no physical infrastructure to fund. They pass those savings to depositors as higher rates.

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

• Best FD rates at conventional banks (12-month tenure): typically 3.00%–4.00% p.a. as of 2026
• Digital bank savings: 3.50%–3.88% p.a. with no lock-in

The key trade-off: a 12-month FD at 4.00% pays more in absolute terms — but your money is locked. If you need to access it early, you forfeit the interest. Digital bank savings accounts pay slightly less in some cases, but you can withdraw at any time without penalty.

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 best fixed deposit rates guide for current FD rates across Malaysian banks.

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 zero 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
• No business accounts — salary crediting from employers, supplier payments, and corporate banking remain at conventional banks
• No chequebook or cash deposit machines — for cash-heavy businesses or landlords receiving cash rent, no digital bank offers these
• No ATM card on most — cash access is limited
• Thin customer support — app-only, no branch to walk into when things go wrong
• 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) sitting at 3.50%+ p.a. with no lock-in beats the same money sitting in a conventional savings account at 0.5%. The digital bank is not your main bank — it is your high-yield savings layer.

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 savings rate available — 3.88% p.a. currently tops the field
• You require Shariah-compliant banking (IFSA-licensed)
• 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 cashback tie-in adds real value
• You require Shariah-compliant banking
• You want the option of occasional physical service at AEON Mall kiosks (not branch-level service, but better than nothing)
• The AEON loyalty ecosystem is where you already spend

Open Ryt Bank if:

• You are a Shopee power user and want banking integrated with your shopping
• You want a conventional (non-Islamic) alternative to GX 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, Boost eWallet float), 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 for the highest rate (3.88% p.a.) and park your emergency fund there. It is Shariah-compliant if that matters to you, it is backed by Axiata and RHB (two institutions with real track records), and 3.88% p.a. on liquid savings with no lock-in is genuinely good.

If you need conventional banking (non-Islamic) or are already deep in the Grab ecosystem, GX Bank is the obvious pick — 3.50% p.a. plus the credit card option and the longest operational track record among the five.

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. Do not leave your emergency fund earning 0.5% at your conventional bank when it could earn 3.88% at Boost Bank with the same PIDM protection. The right move is running both.

Related Guides#

• Best Savings Account Malaysia 2026 — conventional savings accounts if you want branch access
• Best Fixed Deposit Rates 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

This guide reflects 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.

Every guide on money.com.my is fact-checked against primary sources (Bank Negara Malaysia, Department of Statistics Malaysia, KWSP/EPF, LHDN) before publication. If you find an error, email editorial@money.com.my — corrections are published with a dated amendment note.