Boost Bank is licensed by Bank Negara Malaysia under the Financial Services Act 2013 — the conventional banking licence. It is backed by Axiata Digital and RHB Bank, two established names in Malaysian telecoms and banking. Launched in 2023, it integrates with the existing Boost e-wallet ecosystem that already has millions of Malaysian users.
The short verdict: Boost pays the highest published rate in Malaysia on money you can withdraw at any time — up to 3% p.a. on an ordinary Savings Jar. That, plus PIDM protection and the e-wallet integration, is the case for opening one. Whether it deserves your savings depends on how much you value that integration, and on reading the up-to-4% headline correctly, because it is bought with spending rather than paid on a balance.
Key Facts
| Detail | Boost Bank |
|---|---|
| Licence | FSA (conventional digital bank) |
| Regulator | Bank Negara Malaysia (BNM) |
| Launched | 2023 |
| PIDM insured | Yes — up to RM250,000 per depositor |
| Shareholders | Axiata Digital (via Boost) + RHB Bank consortium |
| Branches | None — app only |
| Minimum balance | None |
| Monthly fees | None |
Axiata is the parent company behind Celcom (now CelcomDigi) and the Boost e-wallet. RHB is Malaysia's fourth-largest banking group. This is not a startup with venture capital — it is two established Malaysian institutions building a digital-first bank.
Savings Rates
Boost publishes two rates, and they are not the same product.
Savings Jars — up to 3% p.a. This is the rate on an ordinary balance. You open a Savings Account and create Savings Jars from RM1. No minimum, no lock-in, withdraw when you like.
Special Jars — up to 4% p.a. This is the number in the adverts, and it is not a rate you can simply opt into. Boost's own wording is that you spend with its eligible partners to receive Special Jars with higher profit rates. So the extra percentage point is bought with spending. If you would not have made the purchase anyway, the higher rate is not free money.
Terms and conditions apply to both, and Boost publishes no balance cap on either. Figures verified on Boost's own site on 29 July 2026. Rates are variable and can change at any time — check boostbank.com.my or the Boost Bank app before making a deposit decision.
For comparison: traditional Malaysian bank savings accounts typically offer between 0.25% and 1.50% p.a. The structural advantage is the same as other digital banks — no branch network means lower overhead, which translates into higher returns for depositors.
For context on how any savings rate compares to inflation, use our inflation calculator. A savings account paying 1% p.a. while inflation runs at 2–3% means your purchasing power is still shrinking in real terms.
If you are comparing Boost Bank against fixed deposits for a larger sum you can afford to lock away, see our FD rate comparison tool for current rates across Malaysian banks.
What Boost Bank Offers
Savings account The core product. No minimum balance, no monthly fees, and PIDM protection up to RM250,000. Deposit and withdraw freely — no lock-in period.
Debit card / spending Basic spending and payment functionality through the app, integrated with the DuitNow ecosystem for transfers.
Boost e-wallet integration This is Boost Bank's most distinctive feature. The Boost e-wallet — used widely at physical retailers, petrol stations, and online merchants across Malaysia — links directly to the Boost Bank account. Cash in/out between the e-wallet and bank account is seamless within a single app environment.
What Boost Bank does not offer (yet):
- No fixed deposits / investment accounts (as of this writing)
- No credit cards or personal financing
- No cheque services
- No cash deposit machines
- No ATM card — cash access is limited
The product range is narrower than a traditional bank. That is expected at this stage — GXBank and AEON Bank are similarly focused on core savings and spending. Broader product suites will follow as the digital banks mature.
App Experience
Boost Bank's app is built on the existing Boost ecosystem. If you already use the Boost e-wallet, the transition is familiar — the banking features sit alongside the e-wallet within the same interface.
What works well:
- Account opening via eKYC — MyKad and selfie verification, no branch visit needed
- Integrated experience with Boost e-wallet (one app for both banking and e-wallet)
- DuitNow transfers for instant fund movement
- Clean interface following the Boost design language
- Push notifications on transactions
What could be better:
- Support is app-based — no phone line, no physical branch for escalation
- The product feature set is still basic relative to full-service banking
- Some users report that distinguishing between e-wallet balance and bank deposit balance requires attention — make sure you know where your money sits
That last point is important. The Boost e-wallet balance is not a bank deposit and is not PIDM-insured. Only the money specifically held in your Boost Bank deposit account carries PIDM protection. Make sure your savings are in the right place within the app.
Security and Regulation
Bank Negara Malaysia licence: Boost Bank holds a full digital banking licence under the Financial Services Act 2013 (FSA) — the conventional licence. BNM's announcement of 29 April 2022 placed the Boost Holdings and RHB Bank consortium in the FSA group; only the AEON and KAF consortia were licensed under IFSA. PIDM lists Boost Bank Berhad among its Licensed Banks. Boost is subject to the same regulatory requirements as any other licensed bank in Malaysia — capital adequacy, liquidity, governance, and compliance.
PIDM coverage: Deposits at Boost Bank are insured by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor. This is not optional — PIDM membership is mandatory for all licensed deposit-taking institutions.
PIDM covers: savings deposits, current account balances, fixed/investment deposits. PIDM does not cover: e-wallet balances (including Boost e-wallet float), unit trusts, or investment products.
Shariah compliance: Boost Bank is not an Islamic bank. It holds a conventional FSA licence, so it is not subject to the Shariah governance obligations that bind an IFSA-licensed institution such as AEON Bank. Boost's own marketing has described returns on its Savings Jars as profit rates, language usually associated with Islamic deposits, and an FSA-licensed bank can carry on Islamic banking business through a window with BNM approval. We have not been able to confirm whether Boost operates such a window, so we make no claim either way about individual products. If Shariah compliance is a requirement rather than a preference, confirm the specific product's status with Boost Bank before depositing, or use AEON Bank, which is IFSA-licensed.
How Boost Bank Compares
| Feature | Boost Bank | GXBank | AEON Bank |
|---|---|---|---|
| Licence type | Conventional (FSA) | Conventional (FSA) | Islamic (IFSA) |
| Rate on an ordinary balance | up to 3% p.a. (Savings Jars) | 2.00% p.a. | 0.25% p.a. prevailing |
| Best advertised rate, and its condition | up to 4% p.a. — Special Jars, earned by partner spend | 3.70% p.a. — 6-month Bonus Pocket, RM12,500 per pocket, 4 max | 3.00% p.a. — promotional rate on Savings Pots |
| PIDM insured | Yes — RM250,000 | Yes — RM250,000 | Yes — RM250,000 |
| Minimum balance | None | None | None |
| Monthly fees | None | None | None |
| Ecosystem | Boost e-wallet | Grab (rides, food, pay) | AEON loyalty (retail) |
| Backed by | Axiata + RHB | Grab + Singtel | AEON Financial Service |
| Islamic licence | No | No | Yes |
Boost Bank vs GXBank: Both hold conventional FSA licences, so the choice is not about the banking model — it is about rate and ecosystem. On rate, Boost's up to 3% p.a. on an ordinary Savings Jar beats GXBank's 2.00% p.a. base. GXBank's 3.70% p.a. Bonus Pocket is higher still, but it asks for a 6-month commitment and caps at RM12,500 per pocket across four pockets, where Boost's Savings Jar rate has no tenure and no published cap. GXBank also issues a credit card; Boost does not.
Boost Bank vs AEON Bank: This is the one comparison where the licence matters. AEON Bank is IFSA-licensed and Shariah-compliant; Boost Bank is not. They are also not close on rate. Boost pays up to 3% p.a. on Savings Jars; AEON's prevailing rate is 0.25% p.a., with 3.00% p.a. running as a promotion on Savings Pots. If you require Shariah compliance, that decides it in AEON's favour regardless of rate. The ecosystem is the other difference — Boost Bank ties into the Boost e-wallet and mobile payments, AEON Bank into AEON retail loyalty and in-store experiences. If the rate is what you are choosing on, Boost. If you shop at AEON weekly, AEON's cashback may still be worth an account alongside.
For a full comparison of all five licensed digital banks, see our complete digital bank guide.
Who Should Use Boost Bank
Boost Bank makes the most sense for:
- Savers chasing the best rate on money they can withdraw freely — up to 3% p.a. on an ordinary Savings Jar is currently the highest in the digital-bank group, with no tenure commitment and no published cap
- Existing Boost e-wallet users who want a seamless transition between e-wallet and bank deposit within one app
- Savers who want zero fees — no minimum balance, no monthly maintenance charge
- Anyone looking for a secondary savings account to park an emergency fund at a competitive rate while keeping their primary banking relationship at an established bank
Who Should Look Elsewhere
Boost Bank is not the right fit if:
- You require Shariah-compliant banking — Boost Bank holds a conventional FSA licence. AEON Bank is the IFSA-licensed digital bank offering retail savings
- You need physical branch access — for cash deposits, cheque services, or face-to-face support, a traditional bank is still necessary
- You need a full-service banking relationship — home financing, credit cards, trade finance, business accounts. Boost Bank's product range is still limited
- Your deposits exceed RM250,000 — PIDM covers up to RM250,000 per bank. Spread larger sums across multiple institutions
- You need fixed deposit / term investment products — Boost Bank does not yet offer these. Check our best FD rates guide for banks that do
How to Open a Boost Bank Account
- Download the Boost app from the App Store (iOS) or Google Play (Android) — the banking feature is integrated within the Boost app
- Select the banking option within the app to begin the Boost Bank account opening process
- Complete eKYC verification — you will need your MyKad (Malaysian IC) and a selfie for identity verification
- Set up your account — create your login credentials and security settings
- Deposit funds — transfer money in via DuitNow, FPX, or from your Boost e-wallet balance
The process takes approximately 10–15 minutes. No branch visit is required. You must be a Malaysian citizen or permanent resident aged 18 and above with a valid MyKad.
The Bottom Line
Boost Bank delivers on a clear proposition: the highest published rate in Malaysia on money you can withdraw at any time, with PIDM protection, zero fees, and a familiar interface for existing Boost users. The backing of Axiata and RHB provides institutional credibility that matters for a bank holding your savings.
The trade-offs are the same as every digital bank at this stage — a narrow product range, no branch access, and app-only support. For a savings account, those trade-offs are manageable. For a primary banking relationship handling home financing, credit cards, and business needs, you still need a traditional bank.
The practical approach: keep your main bank for salary, loans, and cards. Open Boost Bank as a dedicated savings account. Your emergency fund earns a competitive rate, stays PIDM-protected, and you do not pay a single ringgit in fees. If Shariah compliance is a requirement, this is not your account — AEON Bank is the IFSA-licensed alternative.
Related Guides and Tools
- Digital Banks Malaysia 2026 — Full Comparison — all five licensed digital banks compared
- Best Digital Banks in Malaysia 2026 — GX Bank, Boost Bank, AEON Bank, Ryt Bank compared on rates, features, and who each suits
- GXBank Savings Account Review — the leading conventional digital bank
- Best Fixed Deposit Rates Malaysia — if you can lock your money for higher returns
- FD Rate Comparison Tool — compare current rates across banks
- Inflation Calculator — check whether your savings rate is beating inflation
Amendment — 31 July 2026. This review has been substantially corrected. It previously described Boost Bank as "Malaysia's Islamic digital bank", licensed under the Islamic Financial Services Act 2013, and recommended it to readers who require Shariah-compliant banking. That was wrong, and it was wrong in the way that matters most on this topic — it directed people with a religious requirement to an institution that does not hold an Islamic licence. The changes:
- Corrected the licence throughout. Bank Negara Malaysia's announcement of 29 April 2022 lists the Boost Holdings and RHB Bank consortium among the applicants licensed under the Financial Services Act 2013, the conventional licence. Section B of that announcement, covering IFSA licences, names only the AEON and KAF consortia. PIDM lists Boost Bank Berhad among its Licensed Banks, not its Licensed Islamic Banks. The title, description, tags, key-facts table, comparison table, regulation section and conclusion all carried the error and have been corrected.
- Removed every recommendation of Boost Bank on Shariah grounds, including the "Muslim Malaysians who want Shariah-compliant savings" audience bullet and the closing advice to open Boost as "a dedicated Shariah-compliant savings account". Readers with that requirement are now directed to AEON Bank.
- Left the product question open rather than reversing it. Boost's own marketing has used profit rate language, and an FSA-licensed bank may carry on Islamic banking business through a BNM-approved window. We could not reach Boost's own disclosures to check, so this review states the licence as fact and makes no claim in either direction about individual products.
- Corrected a related error: the guide said readers needing conventional banking should look to GXBank or Ryt Bank instead of Boost. Boost is itself conventional.
Savings rates in this review were verified against Boost Bank's own website on 29 July 2026. Other details reflect information available as of April 2026. Rates, features, and terms may change — always verify current details directly with Boost Bank. money.com.my may earn a commission if you open an account through our links. This does not affect our editorial assessment — we review products based on their merit, not their affiliate terms.
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 us — corrections are published with a dated amendment note.