Are you looking to increase the yield of your savings in this new year? Digital banks could be your option. In Malaysia, there are three digital banks currently. These banks are GXBank, AEON Bank, and Boost Bank. Rize is not a true digital bank but I am going to include it in this comparison.
Digital Banks Comparison
| Bank | AEON Bank | Boost Bank | GXBank | Rize |
| ATM Fees (Local MEPS) | RM 1.00 | RM 1.00 | RM 1.00 | RM 1.00 |
| Interest Rate* | 0.88% for Savings Account 3.00% for Savings Pot | 2.50% for Savings Account 3.20% for Savings Jar 3.60% for Special Jars | 2.00% | 3.30% |
| Cashback* | No | 2.00% | 0.10% | No |
Conclusion
Personally, I have accounts with Aeon Bank, GXBank and Rize. The main reason of opening accounts with these banks are their interest rates. The savings accounts in conventional banks have negligible rates. Besides that, some of these digital banks have rates even higher than bank fixed deposits without the fixed tenure. This flexibility is one of its main benefits.
Each bank has its unique strengths, catering to different financial needs and preferences. If you are interested in opening an account with any of the banks, you may download the respective app and proceed to open an account.
If you are opening an account with Aeon Bank, do use my referral code (AB320088) to show your support to my blog.
How can a financial planner help you?
I will work with you to determine the digital bank that suits your need. Other than that, we can also work on other areas of your personal finance.
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Disclaimer: This post is for informational purpose only. You should use judgment and conduct due diligence before taking any action or implementing any plan suggested or recommended in this article.
