Boost Bank vs AEON Bank — Which Digital Bank Suits You?

Boost Bank and AEON Bank are two of Malaysia's five BNM-licensed digital banks. Both are PIDM-insured up to RM250,000 and both run through apps rather than branches, which makes them look interchangeable at a glance. They are not. They hold different licences — AEON Bank is Islamic, Boost Bank is conventional — and their savings rates are further apart than the adverts suggest. The right choice depends on whether Shariah compliance is a requirement for you, and on which ecosystem you already live in.

Side-by-Side Comparison#

Both banks carry the same PIDM protection and the same BNM supervision. They do not hold the same licence, and for some readers that difference decides the question before rate or ecosystem enters it.

The Licence Difference, and Who It Matters To#

Conventional banks pay you interest on your deposit. Islamic banks pay you profit under a Shariah-compliant contract, and the structure depends on the product. AEON Bank's Savings Account-i disclosure sheet (17 March 2026), for example, describes a Murabahah (cost-plus sale) and dual Wakalah (agency) structure executed through a Tawarruq arrangement. An Islamic bank must conduct its business in line with Shariah and keep a Shariah committee under BNM's Shariah Governance policy document.

AEON Bank is licensed under the Islamic Financial Services Act 2013 (IFSA) and carries those obligations. Boost Bank is licensed under the conventional Financial Services Act 2013 (FSA) and does not. Bank Negara Malaysia set this out when it announced the five successful digital bank applicants on 29 April 2022: the Boost Holdings and RHB Bank consortium was licensed under the FSA, while the AEON consortium and KAF Investment Bank were licensed under IFSA. PIDM's member list reflects the same split — Boost Bank Berhad sits under Licensed Banks, AEON Bank (M) Berhad under Licensed Islamic Banks.

For depositors who require Shariah compliance — whether for personal conviction or estate planning reasons — AEON Bank is the digital bank option, and Boost Bank is not. Among all five licensees, only AEON Bank and KAF Digital Bank hold Islamic licences. GXBank and Ryt Bank are conventional, as is Boost.

One caveat worth stating plainly: an FSA-licensed bank can carry on Islamic banking business through a window with BNM approval. Boost's Digital Savings Account disclosure sheet (effective 10 January 2025) describes the account as "a conventional savings account" and its pages use the word "interest", and we found no Islamic window on Boost's pages. If Shariah compliance is a requirement rather than a preference, ask Boost Bank directly about the specific product before depositing — or take AEON Bank, where the licence answers the question for you.

Savings Rates#

This is where the two banks are least alike, and the advertised numbers hide it. Figures below were checked against each bank's own website and disclosure sheets on 17 October 2026; Boost's savings rates were re-read on its own pages on 25 October 2026.

Read the top row first. On money you simply deposit and can withdraw at will, Boost pays 2.5% p.a. in its Savings Account (3% p.a. in a Savings Jar) and AEON pays 0.25% p.a. AEON's 3.00% is real while the promotion runs, and you can open up to 20 Savings Pots, but AEON's page labels it a promotion rate and does not say how long it runs.

What both banks share:

• Returns calculated daily — as interest at Boost, which is conventional (accrued and paid daily, per its disclosure sheet), and as profit at AEON, which is Islamic (paid monthly, per its disclosure sheet)
• Variable rates that can change at any time
• No minimum balance required to earn a return at Boost; at AEON, the FAQ says no minimum is needed in Savings Pots to earn the 3.00% rate, but RM20 must stay in Savings Account-i for the account to remain active
• Terms and conditions apply to the higher advertised rates at both

How to compare: open both apps and check the savings page. Look for the prevailing rate as well as the promotional one — the prevailing rate is what you will be earning a year from now.

AEON Bank now offers a Term Deposit-i (from RM200; only full withdrawal is allowed and an early withdrawal earns no profit), while Boost's website lists no fixed deposit. If you have a lump sum you can lock away, compare a bank FD — Islamic or conventional — before choosing. Check our FD rate comparison tool for current rates, and use our inflation calculator to see whether any savings rate actually beats inflation.

Ecosystem — The Real Differentiator#

Regulation is identical. Rates are not — see above. The ecosystem is the other place the two banks diverge.

Boost Bank — For E-Wallet Users#

Built by Boost (Axiata) in partnership with RHB Bank.

• Link your Boost Bank account to the Boost app and pay with money from the bank account
• Earn 3x Boost Stars and vouchers on the Boost app as a Boost Bank user (Boost's site)
• DuitNow ID linking for transfers

Best for: Malaysians who already tap Boost at the petrol station, pay with Boost at restaurants, and top up regularly. Banking inside the same app removes friction.

Watch out: 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. Know where your savings sit.

AEON Bank — For AEON Retail Shoppers#

Backed by AEON Financial Service Co. Ltd. and an associate company of AEON Credit Service (M) Berhad, part of the AEON Group.

• AEON Points: members of the AEON Loyalty Programme earn 2 points for every RM1 spent with the Debit Card-i at participating AEON outlets, and points are shared between AEON Bank and AEON Wallet
• Personal Financing-i from AEON Bank itself (RM1,000 to RM100,000, 3 to 84 months, Malaysians aged 18 to 55 with gross income of RM2,500 or more)

Best for: Malaysians whose weekly grocery run is at AEON and whose weekends happen at AEON Mall. If you rarely step inside an AEON outlet, this advantage disappears.

App Experience#

Boost Bank's edge: you can reach it from the Boost app you may already use. AEON Bank's edge: a standalone banking app with no risk of confusing e-wallet float with bank deposits.

Cash Access#

Both banks give you a debit card for cash withdrawals (AEON Bank says its Debit Card-i works at any ATM carrying the MEPS or Visa logo), and neither savings account has a cheque facility. We did not find a cash-deposit option on either bank's pages.

If you need regular cash deposits or cheques, a traditional bank remains essential. Both digital banks work best as secondary savings accounts.

Who Each Bank Suits Best#

Open Boost Bank if you already use the Boost e-wallet daily, want one of the highest rates available on a balance you can withdraw at any time, and value the convenience of e-wallet and bank in one app. Note that Boost holds a conventional licence. Read our full Boost Bank review for details.

Open AEON Bank if you shop regularly at AEON outlets, want Shariah-compliant savings linked to a retail loyalty ecosystem, and want AEON Points on your AEON spending. Read our full AEON Bank review for details.

Open both if you want to maximise PIDM coverage across two institutions (RM250,000 each = RM500,000 total), use both ecosystems, or want to compare real profit rates over time rather than committing now. Neither charges a monthly fee, though both charge RM10 a year on a dormant account. Two more digital accounts cost little and give you optionality.

What Else Each Bank Offers#

Both banks now go beyond savings. Boost Bank's website lists a Debit Card, a Personal Loan, a Motorbike Loan, an Insurance (Protect Plan) offer and Boost SME business banking and SME loans. AEON Bank lists Term Deposit-i, Personal Financing-i, a Debit Card-i, bill payments and takaful protection plans. We did not find credit cards or home loans on either bank's pages, and neither lists a branch network. For most readers, both are still savings-first propositions.

For a broader view of all five licensed digital banks, see our digital bank comparison guide.

The Verdict#

Different licences. Same regulator. Same PIDM protection. No monthly fees at either. Two questions decide it: where do you want the money to earn, and which ecosystem do you already use?

On rate, Boost Bank wins clearly. 2.5% p.a. on the Savings Account (3% p.a. in a Savings Jar) against AEON's 0.25% p.a. prevailing rate is not a close call, and AEON's rate is the one you will be living with once its Savings Pot promotion ends. Hold your savings at Boost.

On ecosystem, if you shop at AEON every week, AEON Bank turns that spending into a more integrated experience — open it for the ecosystem fit, not for the rate. If you live inside Boost for daily payments, Boost Bank is the natural extension of that too. If you use both ecosystems, open both — neither charges a monthly fee, and it doubles your deposit insurance coverage.

Neither bank replaces your primary banking relationship. Salary, home loans, credit cards, and cash deposits or cheques still need a traditional bank. But as a dedicated no-monthly-fee savings account, both earn their place in a Malaysian's banking setup — Boost for the balance, AEON for the shopping, and AEON alone if Shariah compliance is a requirement.

Related Guides and Tools#

• Best Digital Banks in Malaysia 2026 — GX Bank, Boost Bank, AEON Bank, Ryt Bank compared on rates, features, and who each suits
• Boost Bank Review 2026 — detailed standalone review
• AEON Bank Review 2026 — detailed standalone review
• Digital Banks Malaysia 2026 — all five licensed digital banks compared
• GXBank Savings Account Review — the conventional digital bank alternative
• PIDM Deposit Insurance Malaysia — how deposit protection works
• FD Rate Comparison Tool — compare current rates across banks
• Inflation Calculator — check whether your savings rate beats inflation

Amendment — 31 July 2026. This comparison was published on a false premise and has been reframed. It previously opened with "Malaysia has two Islamic digital banks licensed by Bank Negara Malaysia: Boost Bank and AEON Bank", carried the title "Which Islamic Digital Bank Suits You?", and told readers that both banks were "structurally identical in regulatory terms". Boost Bank is not an Islamic bank. Bank Negara Malaysia licensed the Boost Holdings and RHB Bank consortium under the conventional Financial Services Act 2013 on 29 April 2022; only the AEON and KAF consortia were licensed under IFSA. PIDM lists Boost Bank Berhad under Licensed Banks and AEON Bank (M) Berhad under Licensed Islamic Banks.

The licence has therefore moved from being a shared trait to being the sharpest difference between the two banks, and the guide now treats it that way. The title, opening, comparison table and closing recommendations have been corrected, and the section formerly headed "What Shariah-Compliant Actually Means" now explains which of the two banks the term applies to. We make no claim about whether Boost offers Shariah-compliant products through a BNM-approved window; we could not reach Boost's own disclosures to check, and the guide says so. (Superseded on 17 October 2026: see the amendment below, which re-checked Boost's own pages and replaced this caveat.)

Amendment, 17 October 2026. We re-checked every figure and claim in this guide on 17 October 2026 against Boost Bank's and AEON Bank's own websites and disclosure sheets, PIDM's published pages and Bank Negara Malaysia's 29 April 2022 digital bank announcement. Corrected: (1) Boost's ordinary balance. The guide gave "up to 3% on Savings Jars" as Boost's rate on an ordinary balance; Boost's disclosure sheet and site give 2.5% p.a. on the Savings Account and up to 3% p.a. inside Savings Jars (up to 8 Jars). (2) "Neither bank offers fixed deposits, credit cards, personal financing, home loans, or business accounts." AEON Bank offers Term Deposit-i (from RM200) and Personal Financing-i (RM1,000 to RM100,000); Boost Bank lists a Personal Loan, Motorbike Loan, SME loans and Boost SME business banking. The section heading "What Neither Bank Offers (Yet)" is now "What Else Each Bank Offers". (3) "Same licence" in the verdict, which contradicted the rest of the guide, now reads "Different licences". (4) Support was "in-app only" for both; Boost lists a phone hotline and AEON a phone line and live chat. (5) Boost banking is not only inside the Boost app; Boost also has its own Boost Bank app. (6) Returns were "credited monthly" at both; Boost's disclosure sheet says interest is accrued and paid daily, AEON's says profit is paid monthly. (7) Both banks charge RM10 a year on a dormant account (and AEON RM20 to close within 3 months of activation), so "no fees" now says "no monthly fee". (8) The Islamic contract description ("Mudarabah or Wakalah") now follows AEON's disclosure sheet (Murabahah and dual Wakalah through Tawarruq). (9) The caveat about a possible Islamic window at Boost now cites Boost's own disclosure sheet, which calls the account "a conventional savings account". Removed because no primary source was reachable (HELD): RHB as "Malaysia's fourth-largest banking group", the CelcomDigi link, "AEON Mall kiosks", AEON cashback tiers and QR payment, "AEON Credit Service's decades of experience", the "10-15 minute" onboarding time, the claim that KAF Digital Bank "focuses on SME banking rather than retail savings", the "FPX" transfer claim, and the statement that the Boost eWallet is "not PIDM-insured" (the guide now says only what Boost and PIDM state). Confirmed unchanged: both banks are PIDM members with RM250,000 protection per depositor per bank (so RM500,000 across both); Boost is licensed under the FSA and AEON under the IFSA, and PIDM lists Boost Bank Berhad under Licensed Banks and AEON Bank (M) Berhad under Licensed Islamic Banks; AEON's 3.00% Savings Pot promotion, 0.25% prevailing rate and 20-pot limit; Boost's up-to-4% Special Jars. Evidence: docs/verification-log/evidence-batch-e-oct17/.

Follow-up amendment, 17 October 2026. After an independent review of the amendment above we made these further corrections. AEON's own FAQ says RM20 must be kept in Savings Account-i for the account to remain active, and that no minimum is needed in Savings Pots to earn the 3.00% rate; the minimum-balance rows now say so. "Open it for the cashback" now reads "open it for the ecosystem fit", because the cashback is HELD. The 31 July note above that says we "could not reach Boost's own disclosures" is superseded by this amendment, which re-read Boost's own pages. Also removed in the 17 October edit and not listed above: the Boost merchant-network bullet and the line that both banks "handle the basics ... competently" (no primary source).

Savings rates and product details in this comparison were checked against each bank's own website and disclosure sheets on 17 October 2026. Rates, features, and terms may change — always verify current details directly with each 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, 17 October 2026 (follow-up: Savings Jars wording). The first FAQ answer ("What is the difference between Boost Bank and AEON Bank in Malaysia?") said Boost pays "up to 3% p.a. on Savings Jars". Boost's savings-account page states Savings Jars as a flat 3% p.a. (and Savings Account 2.5% p.a.; Special Jars up to 3.3% p.a.), so "up to" is removed and the answer now says "3% p.a. on Savings Jars". Nothing else was changed or removed. Evidence: docs/verification-log/followups-g4-oct17/ (boost-savings-account.html).

Amendment, 17 October 2026 (follow-up: Special Jars wording). The first FAQ answer said Boost's Special Jars are unlocked "by spending with its partners (the 4% BoostUP Jar asks for"; it now says "most unlocked by spending with its partners (the 4% BoostUP Jar instead asks for", because the BoostUP Jar's condition differs from the partner-spend jars. No rate or figure was changed.

Amendment, 25 October 2026 (Boost Bank rates). Changed: (1) the FAQ answer "Which is better for savings" said Boost publishes "up to 4% p.a. on Special Jars" and that "the 4% BoostUP Jar instead asks for at least RM500 a month with the Boost Wallet and its campaign page runs to 17 November 2026"; both are removed, and the answer now says Boost's higher rates are on promotional Special Jars with their own conditions and end dates, with no rate stated, dated 25 October 2026. (2) The comparison table's "Best advertised rate" cell for Boost said "up to 4% p.a. on Special Jars"; it now says the rate is not stated here. (3) The "What the best rate costs you" cell for Boost dropped "(BoostUP Jar: at least RM500 a month with the Boost Wallet)". (4) The note above the table now says Boost's savings rates were re-read on 25 October 2026. 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. The line "want the highest rate available on a balance you can withdraw at any time" is now "one of the highest rates", because Ryt Bank's Rewards page states "3% p.a. Base Interest on your Main Account", which ties Boost's 3% on Savings Jars.