Boost Bank by Axiata and RHB: Your Path to Higher Savings and Exclusive Benefits
Boost Bank, a collaboration between Axiata’s Boost and RHB, has officially launched as Malaysia’s third digital bank licensed and regulated by Bank Negara Malaysia. Unlike its counterparts, Boost Bank aims to be inclusive, allowing unbanked users to sign up and create a Savings Account. Let’s dive into the details!
Limited Savings Accounts for Unbanked Users
Unbanked individuals can now access financial services through Boost Bank. By creating a Savings Account, they gain entry into the digital banking world. The initial account has a maximum limit of RM10,000. To unlock additional features and higher transfer limits, users need to deposit a minimum of RM1 from their existing bank account—a straightforward verification process.
Interest Rates: Up to 3.6% p.a.
Boost Bank offers competitive interest rates, with a default rate of up to 3.6% p.a. The rates vary based on your account level and where you deposit your money:
- Boost Basic Account:
- Savings Account: 0.5% p.a. daily interest
- Savings Jars: 1.5% p.a. daily interest
- Platinum President Account:
- Savings Account: 2.5% p.a. daily interest
- Savings Jars: 3.2% p.a. daily interest
During the promotional period until 31st August 2023, Boost Bank offers an even higher 3.6% p.a. daily interest on Savings Jars. Additionally, the exclusive Platinum President with Partner Benefits tier provides an elevated interest rate for selected merchant partners.
Unlocking Platinum President Tier
To access the Platinum President tier, users must deposit and maintain a minimum of RM2,000 in their Savings Account and/or Savings Jar. This tier comes with partner benefits, including enhanced interest rates and exclusive perks.
Boost Stars and Extra Cashback
Boost Bank encourages users to stretch their ringgit further. Earn up to 3x Boost Stars and enjoy extra cashback and discounts at participating merchants.
Coming Soon: Boost Bank Debit Card
While the current app version doesn’t support spending, Boost Bank plans to introduce a debit card in July 2024. Stay tuned for more convenience in your digital banking experience. For more information, check out Boost page
