Getting higher returns on cash savings usually requires meeting conditions such as salary crediting, minimum spending, or locking funds into fixed deposits. Boost Bank is introducing a new savings feature that offers a higher promotional interest rate, but access depends on buying an insurance plan through its app.

Boost Bank has partnered with Great Eastern General Insurance (Malaysia) to offer several basic protection plans and link them to a new “Protect Jar”, a savings jar that pays up to 3.3% per annum with daily compounding during a promotional campaign.

Higher Interest Rate Tied To Insurance Purchase

The Protect Jar functions as a promotional savings feature within the Boost Bank app. Deposits placed in the jar earn up to 3.3% per annum, calculated daily based on the end-of-day balance and credited daily during the campaign period.

However, the jar is not automatically available to all customers. It becomes accessible only after a customer purchases one of the eligible insurance products offered through the app.

This structure changes how the promotional interest rate is accessed. Instead of requiring spending activity or salary crediting, the condition is the purchase of an insurance policy.

The impact is mainly financial and procedural. Financial, because the promotional rate can increase the return on a limited savings balance. Procedural, because eligibility depends on the insurance purchase being verified and remaining active.

Three Insurance Plans Offered Through The App

The partnership introduces three insurance products that can be purchased directly through the Boost Bank application.

TravelProtect provides travel protection coverage of up to RM250,000, with plans starting from RM15.

CoreProtect PA is a personal accident policy that offers coverage including accidental death and permanent disablement benefits of up to RM50,000, starting from RM25 annually.

CommuteProtect provides personal accident protection of up to RM25,000 for incidents occurring while commuting, also starting from RM25 annually.

Insurance applications remain subject to underwriting and the insurer’s policy terms. Boost Bank distributes the products through its app but does not determine claims decisions or coverage interpretation, which remain under Great Eastern.

Promotional Interest Applies Only Within Deposit Limits

The Protect Jar includes strict limits that affect how much customers can benefit from the promotional rate.

Each eligible customer may deposit up to RM20,000 into the jar. This is the maximum balance that can earn the promotional interest.

There is also a programme-wide cap. Total deposits eligible for the campaign are limited to RM50 million on a first come, first served basis. Once this cap is reached, additional deposits may no longer qualify for the promotional interest rate.

Because of these limits, the headline interest rate applies only to a relatively small savings balance and only while the campaign deposit pool remains available.

Insurance Status Affects Continued Eligibility

The Protect Jar is activated only after Boost Bank confirms that an eligible insurance policy has been purchased and the premium has been paid.

If the insurance policy is cancelled, rescinded, or lapses during the campaign period, the Protect Jar may be suspended. When this happens, funds in the jar are transferred back into the customer’s Digital Savings Account.

Withdrawals also reduce the benefit of the promotional rate. Any amount withdrawn from the jar will no longer earn the promotional interest.

Campaign Runs For Six Months

The Protect Jar campaign runs from 10 February 2026 to 9 August 2026.

At the end of the campaign period, the jar will close automatically and all funds inside it will be transferred back to the customer’s Digital Savings Account.

Because the feature is tied to a promotional campaign, the higher interest rate applies only during this period.

Complimentary Coverage Offered As Additional Incentives

Customers who purchase eligible insurance plans during the campaign may also receive complimentary coverage offers.

One campaign provides a seven-day TravelProtect Lite policy for customers who purchase their first eligible insurance product during the campaign period.

Another campaign offers an additional one month of coverage for customers purchasing the CoreProtect Personal Accident plan, extending total coverage to 13 months for the first policy issued during the campaign window.

These incentives reduce the short-term cost of the insurance purchase but do not change the underlying coverage terms of the policies themselves.

The Practical Decision For Savers

The main financial benefit in this arrangement is the promotional savings rate of up to 3.3% per year on deposits of up to RM20,000.

Access to that rate depends on purchasing an eligible insurance policy and placing funds into the Protect Jar before the campaign deposit cap is reached.

For customers who already intend to purchase basic travel or personal accident protection, the jar functions as an additional savings incentive. For others, the decision becomes whether the insurance premium is worthwhile primarily as a way to unlock the higher return on a limited savings balance.

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