Boost Bank vs GXBank vs AEON Bank Malaysia 2026: Which Digital Bank Pays the Best Rate?
Three digital banks, three different winners. GXBank pays the highest rate on locked savings (Bonus Pocket up to 4.00% p.a. for 6 months). Boost Bank requires the least thinking — 2.5% daily on every ringgit, no conditions, no caps. AEON Bank pays you twice if you actually shop at AEON. Here's exactly when to use each — and why opening all three is the smartest PIDM move you can make this year.
Best rate on locked savings: GXBank Bonus Pocket — 4.00% p.a. (3M anniversary promo) / 3.55% (6M standard), RM 50,000 cap. Best no-condition base rate: Boost Bank Savings Account — 2.5% p.a. daily, no cap, no lock. Best for AEON shoppers: AEON Bank Savings Pot 3.00% + AEON Points cashback (rate valid through 31 May 2026). All three are PIDM-insured. The full move: open all three to get RM 750,000 combined coverage.
Headline Rates and Conditions at a Glance
| Bank | Base Rate | Bonus / Promo Rate | Lock-in | Cap | Min Deposit | PIDM |
|---|---|---|---|---|---|---|
| GXBank | 2.00% p.a. (daily) | 4.00% (3M anniversary promo) / 3.55% (6M standard) / 3.18% (3M standard) | 3 or 6 months (forfeit bonus on early exit) | RM 50,000 (4 pockets × RM 12,500) | RM 1 | ✅ RM 250K |
| Boost Bank | 2.5% p.a. (daily) | 3.0% (Jars) / 3.3% (Special Jars) / 4.0% (BoostUP Jar, RM 3K cap, spend condition) | None | None on base; RM 3K on BoostUP Jar | RM 1 | ✅ RM 250K |
| AEON Bank | 0.88% p.a. | 3.00% (Savings Pot, valid to 31 May 2026) / 3.08% (Term Deposit-i) | None on Pot; tenure on Term Deposit-i | None | RM 20 (to keep open) | ✅ RM 250K |
Sources: gxbank.my/bonus-pocket, myboostbank.co/savings-account, aeonbank.com.my, official PIDM register. Verified May 9, 2026. GXBank 4.00% rate is a promotional anniversary tier — confirm the active rate at gxbank.my before depositing.
Open Boost Bank — 2.5% Daily, No Lock-in →The PIDM Diversification Arbitrage
Here's the move most digital-bank guides miss: PIDM coverage is per institution, not per depositor. If you have RM 600,000 in cash savings and you park it all at Maybank, only RM 250,000 is insured. The other RM 350,000 sits exposed.
Open accounts at GXBank, Boost Bank, and AEON Bank — and you get three separate RM 250,000 insurance limits. Combined: RM 750,000 of fully insured digital-bank deposits, before you've even touched your traditional bank coverage. For high-balance savers, this is real diversification — without sacrificing rate (GXBank's 3.55%/6M Bonus Pocket beats every traditional bank's standard FD board rate).
Account opening is e-KYC with MyKad and takes roughly 4 minutes per bank. There's no fee. The only frictions are app installation and identity verification — and you can do all three in a single evening.
GXBank — Best for Aggressive Bonus-Pocket Savers
GXBank is the rate leader. Its main GX Account pays 2.00% p.a. calculated daily — already higher than any traditional bank's basic savings account. But the real number is the Bonus Pocket.
Lock funds for 3 months: 3.18% p.a. standard, currently elevated to 4.00% p.a. as part of GXBank's second-anniversary campaign (2.00% base interest credited daily + 2.00% bonus interest credited at maturity). Lock for 6 months: 3.55% p.a. Cap is RM 12,500 per pocket, with up to four pockets — total RM 50,000 of bonus-rate exposure. Early withdrawal forfeits the accrued bonus interest only; the 2.00% base interest you've already earned daily stays yours.
What GXBank gets right: zero qualifying conditions on the standard Bonus Pocket. No salary credit. No direct debit. No spend threshold. You drop the money in, leave it for the tenure, get the rate. That's it.
What it doesn't: GXBank has cut its base savings rate twice since launch (from over 3% at debut to today's 2.00%). The card forex story is messy — official copy says "zero markup" but Lowyat forum users reported a 1.2% markup introduced May 2025. The 6-digit PIN doesn't always work at international ATMs. App-only support means no branch, no cheque book, no joint account. Our full GXBank review goes deeper on the trade-offs.
Boost Bank — Best for Set-and-Forget Daily Yield
Boost Bank's pitch is simpler: 2.5% p.a. daily on your main savings account, no jars to set up, no spending threshold, no lock-in, no cap. That's the highest no-condition rate among Malaysia's five digital banks. If you want the rate without the active management, Boost Bank is the cleanest option.
The Savings Jars layer adds 3.0% p.a. — same daily-interest mechanic, just inside named goal pockets (you can run up to 8). Special Jars are partner-linked and pay up to 3.3% p.a. The headline product is the BoostUP Jar at 4.0% p.a. — capped at RM 3,000 and requiring at least RM 500 of eligible monthly spend via the Boost app to keep the rate live (promo runs to 17 November 2026). If you genuinely use Boost eWallet for QR payments, GrabFood, TNG top-ups, that condition is trivial. If you don't, the BoostUP rate deactivates and the jar reverts to the 2.5% base. So the realistic Boost Bank ceiling for non-eWallet users is 3.0–3.3%.
Boost Bank is backed by Axiata + RHB — the only digital bank with a traditional licensed bank as a co-shareholder. That gives it more conservative product positioning (no aggressive rate cuts so far, reasonable card economics, no forex controversy). Its full review walks through the jar setup, debit card terms, and SME loan side of the bank.
AEON Bank — Best for AEON-Ecosystem Households
AEON Bank's standard Savings Account-i pays just 0.88% p.a. — that's not where the value is. The value is in two specific places: the Savings Pot at 3.00% p.a. (no lock-in, valid through 31 May 2026), and the AEON Visa Debit Card-i.
The card stacks up to 9× AEON Points at AEON grocery stores when paired with your AEON membership. AEON Points convert to ringgit credit deposited back into your savings account. If your household spends RM 500/month at AEON BiG, AEON Wellness, or MaxValu, that becomes meaningful: at the highest tier the cashback rate effectively reaches several percent of grocery spend — not headline-rate territory like GXBank, but compounded with the 3.00% Savings Pot, AEON regulars are stacking two yields on the same money.
AEON Bank also offers a Term Deposit-i at 3.08% p.a. — the only digital bank in Malaysia currently running a deposit-style Islamic FD product. Useful for Shariah-compliant savers who want fixed-tenure profit without leaving the digital-bank stack. As Malaysia's first and only fully Islamic digital bank (operated under the Islamic Financial Services Act 2013, supervised by a dedicated Shariah Committee), AEON Bank is also the cleanest pick if halal compliance matters to you.
The trade-off: if you don't shop at AEON, the Savings Account-i rate is uncompetitive. And the Savings Pot's 3.00% rate is currently scheduled to revise after 31 May 2026 — extend or cut depends on the next promo cycle. Our AEON Bank review covers the Zakat integration and AEON Points conversion mechanics in detail.
Explore AEON Bank — Savings Pot 3.00% →App, Card, and Withdrawal Mechanics — The Daily-Use Reality
On paper the rates do most of the talking. In daily use, three things matter more: app polish, card acceptance, and how easy it is to get cash out when you need it.
- In-app FD/term setup: AEON Bank wins — its Term Deposit-i is set up in the app in under a minute. GXBank's Bonus Pocket is also app-native and equally fast. Boost Bank's Special Jars require unlocking via partner conditions, which adds friction.
- DuitNow QR speed: All three handle DuitNow QR. Boost Bank inherits the Boost eWallet's QR scanning experience, which is the most polished of the three for merchant payments. GXBank and AEON Bank work fine but feel more bank-like.
- Sub-pockets / goals: Boost Bank caps at 8 Savings Jars per account — the most of any digital bank. GXBank limits Bonus Pockets to 4 (RM 12,500 each). AEON Bank's Savings Pots are flexible but rate-tied to the 3.00% promo.
- Joint accounts: None of the three offer joint personal accounts as of May 2026. If you and your partner want a shared digital-bank account, it doesn't exist yet at any of the five Malaysian digital banks.
- Card type: GXBank — physical Mastercard debit (RM 12 issuance fee). Boost Bank — virtual Mastercard debit at signup, optional physical add-on. AEON Bank — physical AEON Visa Debit Card-i, free, "numberless" design (no PAN/CVV/expiry on the card itself).
- Withdrawal: All three use the MEPS network for ATM cash withdrawals. GXBank gives 1 free MEPS withdrawal per month, then RM 1 each. Boost Bank's terms are similar. AEON Bank withdrawals are free at participating networks. None of the three has its own ATM network.
When to Choose Each — Decision Matrix
Choose GXBank if: You have RM 5,000–50,000 you can lock for 3–6 months, you want the highest passive savings rate available in Malaysia without a fixed-deposit lock-in penalty, and you're comfortable using it as a secondary account (not your primary salary destination). The Bonus Pocket is the single highest-yield no-conditions savings product on the digital-bank shelf.
Choose Boost Bank if: You want a single account that earns a strong rate on every ringgit with zero active management. You don't want to think about lock-in tenures, jar conditions, or qualifying spends. 2.5% on the entire balance, daily-credited, PIDM-protected, and you can withdraw any cent any time. This is the cleanest emergency-fund or general-savings home in the digital-bank stack.
Choose AEON Bank if: You shop at AEON, AEON BiG, MaxValu, or AEON Wellness regularly — say RM 300+/month. The Savings Pot 3.00% combines with up to 9× AEON Points on grocery spending to stack two streams of yield. It's also the right pick if Shariah compliance matters: it's currently the only fully Islamic digital bank in Malaysia.
The smartest move for most people: open all three. GXBank holds your medium-term savings (Bonus Pocket). Boost Bank holds your liquid emergency fund and short-term float. AEON Bank links to your AEON spending and gives you a Term Deposit-i option. Total PIDM coverage: RM 750,000.
Pair Your Savings Stack With a Cashback Card
Digital banks grow your savings passively. The other side of the ledger — your monthly spending — is where a cashback credit card moves the needle. RinggitPlus checks 15+ banks in 2 minutes without affecting your credit score, and they pay SmarterPik when you apply (transparent disclosure: this is one of the ways we keep this site running). For the spending side of your digital-bank-led financial stack, this is the cleanest no-friction route.
Compare Cashback Cards — Free, 2 Minutes →For the higher-yield alternative if you can lock funds longer, see our best fixed deposit rates Malaysia roundup (currently AmBank eFD 3.65%/12M leads). And for the broader savings-account picture beyond digital banks, our best high-yield savings account guide has the full Malaysian field.
Our Verdict
If you can only open one: Boost Bank. The 2.5% no-condition daily rate is the realistic ceiling for "park money and forget it" — better than every traditional bank, better than GXBank's base rate, better than AEON Bank's Savings Account-i. No friction, no thinking, no surprise rate cliffs.
If you want the highest rate: GXBank Bonus Pocket. 4.00% p.a. promotional for a 3-month commitment (anniversary campaign), or 3.55% for the 6-month standard tier. RM 50,000 cap is generous enough for most savers' tactical bucket.
If you want diversification and stacked rewards: open all three. RM 750,000 of PIDM coverage. GXBank for rate, Boost Bank for liquidity, AEON Bank for spending stack. Total time investment: 12 minutes of e-KYC across one evening.
Frequently Asked Questions
Are Boost Bank, GXBank, and AEON Bank all BNM-licensed and PIDM-protected?
Yes. All three are full Bank Negara Malaysia digital banking licence holders, not e-money issuers. GXBank received its licence in September 2023 (Grab–Singtel JV with Kuok Group). Boost Bank launched 2024 (Axiata + RHB JV). AEON Bank launched 2024 as Malaysia's first Islamic digital bank (AEON x Alliance Bank JV). All three are PIDM member institutions — your deposits, savings pockets/jars, and term products are insured up to RM 250,000 per depositor per bank under the Deposit Insurance System.
Do any of these banks have physical branches or ATMs?
No. All three are fully digital, app-only banks. There are no branches and no proprietary ATMs. You can withdraw cash via the existing MEPS network using your debit card (GXBank: 1 free MEPS withdrawal per month, RM 1 each thereafter; Boost Bank: similar fee structure; AEON Bank: free at participating networks). For deposits, all three accept incoming DuitNow transfers from any Malaysian bank — there is no cash deposit option.
Can I have accounts at all three digital banks?
Yes — and for PIDM-conscious savers, this is actually the recommended approach. Each bank gives you a separate RM 250,000 PIDM coverage limit. Open accounts at all three and you have RM 750,000 of insured deposits across the digital banking layer alone, plus whatever you hold at traditional banks. Account opening is fully digital with MyKad e-KYC and takes about 4 minutes per bank. There is no minimum balance to keep any of them open (AEON Bank requires RM 20 to remain active per Wise's published guide; GXBank and Boost Bank have no minimums).
Is salary credit required for the bonus rates?
It depends on the bank and the specific product. GXBank's standard Bonus Pocket (3.18% p.a. for 3M / 3.55% for 6M) requires no salary credit and no qualifying transactions — you just lock the funds for 3 or 6 months. The 2nd-anniversary 4.00% promo on the 3-month tier also has no salary or spend condition. Boost Bank's BoostUP Jar (4.0% p.a., capped at RM 3,000) requires at least RM 500/month of eligible Boost-app spend to keep the rate active; if you miss the spend, the funds revert to the 2.5% main savings rate. AEON Bank's Savings Pot (3.00%) has no salary credit requirement — but the rate is currently scheduled to revise after 31 May 2026.
What are the differences in card type and overseas spending?
GXBank issues a physical Mastercard debit card (RM 12 fee), with a 6-digit PIN and a reported 1.2% forex markup since May 2025 (despite older 'zero markup' marketing copy). Boost Bank issues a Mastercard debit card — the virtual card is free at sign-up, with a physical card optionally available. AEON Bank issues a co-branded AEON Visa Debit Card-i — uniquely, it is 'numberless,' with no PAN, expiry, or CVV printed on the physical card (those details live in the app). For overseas spending where forex markup matters more than rewards, Wise typically beats all three; for AEON-store cashback, the AEON card stacks AEON Points on top.
Which bank should I use for my emergency fund?
Boost Bank's main savings account at 2.5% p.a. — daily interest, no lock-in, no spending conditions. An emergency fund needs to be liquid 24/7 and earn something while it sits. Boost Bank gives you that without any cap, condition, or active management. GXBank's base GX Account at 2.00% is the runner-up; AEON Bank's standard Savings Account-i at 0.88% is too low for emergency money. If you want to push the emergency rate higher, layer a GXBank 3-month Bonus Pocket on top of the Boost Bank base — split your buffer between the two.
What happens to my money if a digital bank fails?
PIDM kicks in. As BNM-licensed digital banks, GXBank, Boost Bank, and AEON Bank are full PIDM member institutions. In the unlikely event of a bank failure, PIDM reimburses insured deposits up to RM 250,000 per depositor per bank — typically within working days, with no claim form required. Your principal and accrued interest/profit at the date of failure are both covered. This is the same protection you get with Maybank or CIMB. The RM 250,000 limit is per institution, which is exactly why opening accounts at all three digital banks (RM 750K combined coverage) is a meaningful diversification move for savers above that threshold.
Last updated: May 9, 2026. Rates verified from gxbank.my/bonus-pocket, myboostbank.co/savings-account, official AEON Bank deposit page, and PIDM member register. AEON Bank Savings Pot 3.00% rate is currently scheduled to revise after 31 May 2026 — confirm the live figure at aeonbank.com.my before placing.