Boost Bank Review 2026: Rate, PIDM & Verdict

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's 3% p.a. in a Savings Jar (2.5% p.a. on the Savings Account) is among the highest standing rates among the digital banks whose rates we could verify, on money you can withdraw at any time (Ryt's pages disagree on its base: 2.05% on its savings page, 3% on its Rewards page). 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 its higher Special Jar rates correctly, because they are bought with spending rather than paid on a balance.

Key Facts#

Axiata is the parent company behind Celcom (now CelcomDigi) and the Boost e-wallet. RHB is an established Malaysian 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 three rates, and they are not the same product.

Savings Account — 2.5% p.a.; Savings Jars — 3% p.a. These are the rates on an ordinary balance, accrued and paid daily. You open a Savings Account from RM1 and can create up to 8 Savings Jars, which pay 3% p.a. No minimum balance, no lock-in, withdraw when you like.

Special Jars — promotional rates. These are the rates in the adverts, and they are not rates you can simply opt into. Boost's own wording is that you spend with its eligible partners to receive Special Jars with higher rates; some jars set another condition instead, and each campaign runs to its own end date. We do not state the rate here because it changes by campaign and Boost's own pages give different ceilings: check the Boost Bank app. So the extra interest is bought with spending. If you would not have made the purchase anyway, the higher rate is not free money.

Terms and conditions apply, and individual Special Jars carry their own limits and dates. Figures checked against Boost's own site and disclosure sheet on 17 October 2026, and the savings rates re-read on Boost's own pages on 25 October 2026. Rates are variable and can change at any time — check myboostbank.co 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 service charge (a RM10/year dormant-account charge applies), and PIDM protection up to RM250,000. Deposit and withdraw freely — no lock-in period.

Debit card / spending A Boost Bank Debit Card, which Boost describes as a way to spend and withdraw your money, plus DuitNow transfers (RM0 on Boost's fee list).

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 deposit is listed on Boost's site (as of 17 October 2026)
• No credit card is listed. Lending does exist: a Personal Loan (the page we read is for Government and GLC employees, repaid by salary deduction), a Motorbike Loan and SME loans
• We found no cheque service described on Boost's pages
• We found no cash-deposit option on Boost's pages
• Cash access is through the Debit Card, which Boost describes as letting you spend and withdraw; check its ATM terms in the app

The product range is narrower than a traditional bank, though it is no longer savings-only: Boost also lists loans, insurance and Boost SME business banking. 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 (a standalone Boost Bank app, or the Bank icon inside the Boost app)
• DuitNow transfers for instant fund movement
• Clean interface following the Boost design language
• Push notifications on transactions

What could be better:

• No physical branch for escalation; support is by phone hotline (03-8658 3000, Monday to Friday, 9am to 9pm), email and the app
• 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 Boost Bank deposit. Boost says deposits with Boost Bank are protected by PIDM up to RM250,000 for each depositor; do not assume a wallet balance is. 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: unit trusts or investment products. Boost's pages describe PIDM protection for deposits with Boost Bank only, so do not assume a Boost e-wallet balance is covered.

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 Digital Savings Account disclosure sheet (effective 10 January 2025) describes the account as "a conventional savings account" and Boost's pages use the word interest. An FSA-licensed bank can carry on Islamic banking business through a window with BNM approval; we found no Islamic window on Boost's pages and make no claim about products we have not read. 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#

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 2.5% p.a. Savings Account (3% p.a. in a Savings Jar) beats GXBank's 2.00% p.a. base. GXBank's 3.80% 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 Account and Savings Jars have no lock-in. GXBank also issues a credit card; Boost does not list one.

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 2.5% p.a. on its Savings Account and 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 Points 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 — 2.5% p.a. on the Savings Account and 3% p.a. in a Savings Jar are among the highest ordinary-balance rates in the digital-bank group that we could verify (Ryt's pages disagree on its base, 2.05% on its savings page and 3% on its Rewards page), with no lock-in
• Existing Boost e-wallet users who want a seamless transition between e-wallet and bank deposit within one app
• Savers who want no monthly fee — no minimum balance and no service charge (a RM10/year dormant-account charge applies)
• 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. Boost lists a Personal Loan, Motorbike Loan and Boost SME business banking, but its 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's site lists none. Check our fixed deposit rates list for banks that do

How to Open a Boost Bank Account#

1. Download the Boost Bank app, or the Boost app and tap its Bank icon, from the App Store (iOS) or Google Play (Android)
2. Select the banking option within the app to begin the Boost Bank account opening process
3. Complete eKYC verification — you will need your MyKad (Malaysian IC) and a selfie for identity verification
4. Set up your account — create your login credentials and security settings
5. 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: a rate among the highest we could verify among the digital banks on money you can withdraw at any time (2.5% p.a. Savings Account, 3% p.a. Savings Jars; Ryt's pages disagree on its base, 2.05% or 3%), with PIDM protection, no monthly fee, 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 and no branch access, with support by phone hotline, email and app. 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 pay no monthly fee. 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
• How Fixed Deposits Work in 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.

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, 17 October 2026. We re-checked this guide against Boost Bank's own savings, Special Jars, home and Personal Loan pages and its Digital Savings Account disclosure sheet (effective 10 January 2025), AEON Bank's own pages and disclosure sheet, 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) The ordinary-balance rate. The guide gave "up to 3% p.a." as the rate on an ordinary balance; Boost publishes 2.5% p.a. on the Savings Account, 3% p.a. on Savings Jars (up to 8 Jars) and Special Jars at 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. (2) "No ATM card". Boost's site lists a Debit Card to spend and withdraw your money. (3) "No personal financing" and "no business accounts". Boost lists a Personal Loan (the page we read is for Government and GLC employees), a Motorbike Loan, Boost SME business banking and SME loans. (4) "Support is app-based, no phone line". Boost's disclosure sheet gives a general hotline, 03-8658 3000 (Monday to Friday, 9am to 9pm), and an email address. (5) Fees. Boost charges no service charge or monthly fee but does charge RM10 a year on a dormant account; the guide said "no fees". (6) Removed "the eWallet holds e-money under an e-money licence" (not sourced, HELD), and corrected "one app": Boost Bank has a standalone app as well as the Bank icon in the Boost app. (7) Licence wording. Boost's disclosure sheet calls the account "a conventional savings account"; the earlier remark that Boost's marketing used "profit rate" language is replaced by that. Removed or marked: "RHB is Malaysia's fourth-largest banking group" and the statement that the Boost e-wallet balance is "not PIDM-insured", neither of which we could source from Boost, PIDM or BNM; the guide now says only what Boost and PIDM state about deposits with Boost Bank. The statement that the guide's Savings Jars have "no published cap" was replaced because individual Special Jars carry their own limits. The licence (FSA), PIDM cover (RM250,000) and the AEON figures quoted in the comparison table were confirmed. Confirm any rate on the bank's own page before acting on it.

Amendment, 25 October 2026 (Boost Bank rates). Changed: (1) the FAQ answer on Boost's interest rate said "on Special Jars, up to 4% p.a.", "The 4% applies to the BoostUP Jar, which asks for at least RM500 of monthly spend with the Boost Wallet and whose campaign runs to 17 November 2026" and "other Special Jars are listed at up to 3.3% p.a."; all three are removed, the answer describes the Special Jars without a rate, and it is dated 25 October 2026. (2) The verdict said "the up-to-4% headline"; it now says "its higher Special Jar rates". (3) The Special Jars paragraph was headed "Special Jars — up to 4% p.a." and said "The 4% is the BoostUP Jar: spend at least RM500 a month with your Boost Wallet to unlock it (campaign 17 November 2025 to 17 November 2026)" and "Boost's savings page lists Special Jars at up to 3.3% p.a. generally"; the heading is now "Special Jars — promotional rates" and both sentences are removed. (4) The example "the Hello 2026 Jar's 3.3% p.a. is for savings up to RM100,000" was removed; the line now also says the savings rates were re-read on 25 October 2026. (5) The comparison table's Boost "Best advertised rate, and its condition" cell said "up to 4% p.a. — BoostUP Jar, RM500 monthly Boost Wallet spend, campaign to 17 Nov 2026"; it now says the rate is not stated here. Kept: 2.5% p.a. Savings Account, 3% p.a. Savings Jars, daily interest and the RM10 a year dormant charge, all on Boost's savings page on 25 October 2026 ("Dormant Account Charges – RM10/year"). 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. The same change was made in the short verdict, the "who it suits" bullet and the conclusion. The footer pointer "boostbank.com.my" is changed to "myboostbank.co", the domain the rates were read on.