Boost Bank Reveals Upcoming Financial Products, Including Savings Jars & Debit Card

Alex Cheong Pui Yin

15th January 2024 - 2 min read

Boost Bank by Axiata and RHB has officially commenced operations today, with alpha testing taking place first before its app is eventually rolled out to the general public. In the meantime, however, the digital bank has offered a glimpse into the services and features that you can look forward to when it is made available soon.

On its official website, Boost Bank has shared the three early financial products that it will be offering to users, namely a savings account, the Savings Jar feature that allows you to save according to your goals, as well as a debit card. As you can expect, the savings account is protected by Perbadanan Insurans Deposit Malaysia (PIDM), but other than that, key info – such as the interest rate of the Savings Jar and the “exclusive perks and rewards” for spending with the debit card – have yet to been disclosed.

To note, these products are similar to what Grab’s digital bank, GXBank has introduced thus far – who is expected to launch its own GX debit card sometime this month as well. Aside from that, GXBank customers also get a GX savings account, and are allowed to tap into the Pockets goal-based savings feature with 3% p.a. interest rate.

While Boost Bank’s alpha testing phase is currently a by-invitation-only event that involves only internal employees, as well as selected individuals and customers, you can already register your interest to be among the first to experience Boost Bank when it launches. If you’re want to, simply head on over to Boost Bank’s official website here, then fill in and submit the online form at the bottom of the page.

For context, Boost Bank received its official green light from Bank Negara Malaysia (BNM) and the Ministry of Finance (MOF) early last week to commence operations as a digital bank, and it is said to be the first Malaysian-owned digital bank to do so. During the same week, AEON Bank also obtained approval from the authorities to begin its operations as Malaysia’s first Islamic digital bank, with a phased rollout planned in the first half of 2024.

(Source: Boost Bank)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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