Ryt Bank has announced that it will maintain its competitive 4% per annum savings rate while introducing fresh rewards for the upcoming December festive season. The digital bank is set to roll out these updates alongside a new credit facility and artificial intelligence-driven rewards to enhance the banking experience for its Malaysian customers.

Unlocking High Interest Rates Through Everyday Spending

Customers can continue to earn interest at 4% per annum in their Save Pockets by engaging in simple daily transactions. Users are required to utilise the Ryt Card for everyday spending or complete JomPAY bill payments to qualify for this rate. The interest is calculated daily and credited to the account without any lock-in period, which offers flexibility for those who need instant access to their funds.

New users joining the platform will receive a head start with two starter stamps. To unlock the boosted savings rate, these new customers must complete three transactions within their first month. Following this initial period, all users must collect five stamps every 30 days to ensure the 4% rate remains active on their account.

December Cashback Specials For Local And Overseas Use

The bank is introducing specific incentives for the month of December to reward card usage. Customers using their card for local MyDebit transactions can earn 1.2% cashback. This local offer is capped at RM12 for the month.

Travellers can also benefit from using the physical Ryt Card abroad. The bank is offering unlimited 1.2% cashback on overseas spending. Furthermore, Ryt Bank has waived foreign exchange fees for these physical card transactions, making it a cost-effective option for international purchases during the holiday season.

Instant Credit Access With Ryt PayLater

A significant addition to the bank’s services is the launch of Ryt PayLater. This feature provides users with instant credit of up to RM1,499. The service is designed to be accessible, requiring no document submission and charging no late fees. The bank has also set the interest rate at 0% for the first month to encourage users to try the facility.

The credit line does not have a minimum drawdown threshold, which allows for smaller purchases to be made on credit as needed. Currently, Ryt PayLater is available for Merchant QR payments. The bank has indicated that it plans to expand this functionality to include debit card and online banking transactions in the future.

Artificial Intelligence Rewards And Availability

The update also includes the integration of Ryt AI to offer additional value to customers. Users can earn up to RM5 through this feature when they perform eligible transactions, such as making JomPAY payments. These new rewards and features, including the PayLater facility and cashback offers, will be available on the Ryt Bank app starting from 1 December.

Melvin Ooi, the CEO of Ryt Bank, stated that the decision to keep the 4% interest rate reflects customer demand for high savings returns. He added that the introduction of the Ryt Card, Ryt AI, and Ryt PayLater aims to provide tools that allow users to manage their money more effortlessly.

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