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

Malaysia's digital banks pay between 0.25% and 3% p.a. on an ordinary balance, and advertise up to 4% p.a. if you meet a condition. There are no fees and no minimum balance. But the headline rate in the advert is almost never the rate on all of your money: it needs a six-month commitment (GX Bank), spending with a partner (Boost Bank), or a promotional window that will end (AEON Bank). The other catch: no physical branches, limited product range, app-only support. Here is which digital bank to open, what its base rate really is, and what the top rate costs you to get.

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#

Rates verified against each bank's own site on 29 July 2026. They are variable and two are time-bound — AEON's 3.00% is a promotion, and GX publishes its schedule as effective from 30 July 2026. 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 3.70% 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 3.70% 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.
• 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. 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 — Highest Advertised Rate 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: up to 3% p.a. on Savings Jars, which you can open from RM1 with no minimum balance and no lock-in. Boost's headline up to 4% p.a. is on 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. So the 4% is bought with spending, not paid on an ordinary balance. Terms and conditions apply to both. Returns are calculated daily and credited monthly.

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

What Boost Bank does well:

• Highest published rate at both ends. On money you can withdraw at any time with no strings, Boost's up to 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. Its up to 4% p.a. on Special Jars is the highest advertised number in the group — though you have to spend with partners to get one.
• 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.
• 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: 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 up to 3% p.a. on Savings Jars is currently the top of that group. 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. There is no minimum balance and 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 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. 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.
• Zero fees. No minimum balance. No monthly charge.

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 up to 3% p.a. at Boost Bank on money you can withdraw freely. 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 pays a higher standing rate — up to 3% p.a. 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 (the Singapore-listed company behind Shopee, SeaMoney, and Garena).

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

Savings rate: Ryt does not publish its savings rate anywhere we could verify on its own website — verify the current rate in the Ryt Bank app. As the newest entrant, Ryt Bank may offer promotional introductory rates to attract depositors, and a promotional rate usually carries a balance ceiling, so check what portion of your money the advertised rate applies to. For comparison context on rates we could verify: GX Bank pays 2.00% p.a. base and up to 3.70% p.a. on a 6-month Bonus Pocket; Boost Bank pays up to 3% p.a. on Savings Jars and up to 4% p.a. on Special Jars earned by partner spend.

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 — 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, 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#

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#

Standard savings accounts at conventional Malaysian banks pay 0.25%–1.00% p.a. on basic savings products. 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:

• Best FD rates at conventional banks (12-month tenure): typically 3.00%–4.00% p.a. as of 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, partner spending at Boost, a promotional window at AEON

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. 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 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) has to stay reachable, so judge it on the base rate, not the advertised one. At 2.00% p.a. (GX Bank) or up to 3% p.a. (Boost Bank Savings Jars) it still beats the same money in a conventional savings account at 0.5%, 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 — up to 3% p.a. on Savings Jars currently tops the field
• 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 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, 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 and hold your emergency fund in an ordinary Savings Jar. Boost publishes up to 3% p.a. there, 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 up-to-4% 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 3.70% 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 retail cashback, 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 0.5% 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#

• 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

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.

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.