You’ve probably heard the buzz about digital banks in Malaysia — no branch queues, higher interest rates, and a banking app that actually works. But with 5 licensed digital banks now live, which one is actually worth your money?
Table of Contents
- What Is a Digital Bank?
- All 5 Digital Banks in Malaysia Compared
- Which Bank Pays the Most Interest?
- Bank-by-Bank Breakdown
- Our Pick: Best Digital Bank for Each Type of Malaysian
- How to Get Started in Under 10 Minutes
- Frequently Asked Questions
- Bottom Line
What Is a Digital Bank?
A digital bank is a fully licensed bank that operates entirely online — no physical branches, no queuing, and no paperwork. In Malaysia, all digital banks are regulated by Bank Negara Malaysia (BNM) and covered by PIDM deposit insurance up to RM250,000. That makes them just as safe as your regular bank account, often with better rates and zero (or very low) fees.
Malaysia currently has 5 licensed digital banks, all of which received their BNM licences on 29 April 2022 and have since launched their services to the public.
All 5 Digital Banks in Malaysia Compared
Here’s a quick side-by-side look at all 5 banks to help you decide at a glance:
| Bank | Savings Rate | Shariah? | Backed By | Best For |
|---|---|---|---|---|
| GXBank | 2% p.a. (main) / Up to 4% p.a. (Bonus Pocket) | No | Grab + Kuok Group | Cashback + daily spending |
| Boost Bank | Up to 3.6% p.a. (Jars) | No | Axiata + RHB | Savings jars + lifestyle rewards |
| AEON Bank | 3.88% p.a. | Yes ✓ | AEON Financial Services + AEON Credit | Islamic banking + steady returns |
| KAF Digital Bank | ~3.20% p.a. | Yes ✓ | KAF Investment Bank | Islamic banking + financial literacy |
| Ryt Bank | Up to 4% p.a. | No | Consortium (AI-first bank) | Highest base savings rate + AI features |
Rates accurate as of March 2026. Verify the latest rates directly with each bank before depositing.
Which Bank Pays the Most Interest? 💰
Let’s cut to the chase. If you’re parking RM10,000 in a digital bank savings account for a year, here’s roughly what you’d earn:
| Bank | Rate (p.a.) | Est. Annual Return on RM10,000 | Conditions |
|---|---|---|---|
| Ryt Bank | Up to 4% | ~RM400 | Use Ryt Card or JomPAY bill payment monthly |
| GXBank Bonus Pocket | Up to 4% | ~RM400 | 6-month lock-in; max RM12,500 per Pocket |
| AEON Bank | 3.88% | ~RM388 | Min RM20 balance; Malaysian MyKad holders |
| Boost Bank | Up to 3.6% | ~RM360 | Special Jars; as low as RM1 to start |
| KAF Digital Bank | ~3.20% | ~RM320 | Shariah-compliant; details on app |
| GXBank Main Account | 2% | ~RM200 | No lock-in; fully flexible |
For comparison, most traditional bank savings accounts in Malaysia pay 0.25% to 1.85% p.a. — digital banks are paying 2x to 4x more. If you’re still earning under 2% on your savings, you’re leaving real money on the table.
Bank-by-Bank Breakdown
1. GXBank — Best for Daily Spending + Cashback
GXBank is Malaysia’s first digital bank, backed by Grab Holdings and the Kuok Group. It crossed the 1 million user milestone, making it the most widely used digital bank in Malaysia by a fair margin.
The main account earns 2% p.a. daily interest with zero lock-in — meaning your money is always accessible. For higher returns, the Bonus Pocket feature offers up to 4% p.a. on the 6-month tenure (3.18% p.a. for 3 months), with a cap of RM12,500 per Bonus Pocket and up to 4 pockets simultaneously. That’s up to RM50,000 potentially earning 4% p.a.
GXBank also offers a debit card with cashback, and its fee structure is one of the most transparent — including no foreign transaction fees when you spend overseas. The account is PIDM-protected up to RM250,000 and can be opened in under 5 minutes via the GXBank app.
Verdict: Best all-rounder for everyday Malaysians, especially Grab users.
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2. Boost Bank — Best for Savings Jars + Flexibility
Boost Bank is a joint venture between Axiata Group and RHB Banking Group, built on top of the existing Boost e-wallet ecosystem. If you’re already a Boost user, the transition is seamless.
The standout feature is Jars — dedicated savings buckets you can name, automate, and set goals for. Regular Jars earn up to 3% p.a. daily interest, while Special Jars unlock up to 3.6% p.a. — and you only need RM1 to get started. There are no awkward tiers or complicated conditions to unlock the better rate.
The Boost Bank debit card is accepted everywhere Visa is, and you can spend and withdraw from your Jars anytime without forfeiting interest accrued. That flexibility makes it ideal for people who want a mid-high interest rate but don’t want to commit to any lock-in periods.
Verdict: Great for disciplined savers who want to organise money into separate goals without sacrificing liquidity.
3. AEON Bank — Best Shariah-Compliant Digital Bank
AEON Bank holds the distinction of being Malaysia’s first fully Shariah-compliant digital bank. It’s backed by AEON Financial Services Japan and AEON Credit Service Malaysia — giving it serious institutional backing.
The Savings Account-i and Savings Pot both offer a profit rate of 3.88% p.a., which is among the highest available without any lock-in conditions. You need a minimum of RM20 to keep the account active, and it’s currently available to Malaysian citizens with a valid MyKad only.
If you’re looking for a halal-compliant savings option that earns better than most conventional banks (while avoiding riba), AEON Bank is currently the strongest option. It connects seamlessly with the AEON ecosystem and offers a linked debit card.
Verdict: Best digital bank for Muslims seeking competitive, Shariah-compliant returns with no lock-in.
4. KAF Digital Bank — Shariah Banking with Financial Education
KAF Digital Bank is the newest entrant and the least talked-about of the five. It’s backed by KAF Investment Bank and positions itself around both Islamic finance principles and integrated financial literacy tools — a unique angle aimed at helping users understand their money, not just store it.
Its savings rate sits at approximately 3.20% p.a., which is below AEON Bank but still comfortably above most traditional savings accounts. KAF is fully Shariah-compliant, making it the second Islamic option alongside AEON Bank.
The app is still growing in features, and it’s worth watching as KAF builds out its product suite. For now, it may appeal most to users who want a second Shariah-compliant option or who value in-app financial education.
Verdict: A credible Shariah-compliant option, though AEON Bank currently edges it out on rate and features.
5. Ryt Bank — Best for Highest Savings Rate + AI Features
Ryt Bank is the most tech-forward of the five, positioning itself as an AI-first digital bank. Its headline feature is a savings rate of up to 4% p.a. — tied with GXBank’s Bonus Pocket for the highest rate in Malaysia’s digital banking space.
The base rate is 3% p.a., with an additional 1% bonus unlocked when you either use the Ryt Card for everyday spending or make a JomPAY bill payment each month. That’s not a high bar — most Malaysians pay at least one bill monthly. The bank also offers Save Pockets (goal-based savings at 3% p.a.) and a built-in AI assistant for budgeting insights.
Ryt also has a PayLater feature, making it one of the more complete digital banking platforms available. It’s newer, so the user base is smaller, but the product is solid for those chasing the highest yield.
Verdict: Best choice for maximising savings returns, especially if you’re comfortable with a newer bank.
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Our Pick: Best Digital Bank for Each Type of Malaysian
- Best overall / most trusted: GXBank — 1 million+ users, backed by Grab, excellent app experience
- Best savings rate: Ryt Bank — up to 4% p.a. with minimal conditions
- Best for Shariah-compliant banking: AEON Bank — 3.88% p.a. profit rate, no lock-in
- Best for savings goals / flexibility: Boost Bank — up to 3.6% p.a. with Jars, RM1 to start
- Best for first-timers: GXBank — easiest onboarding, 4-minute account opening
Our top recommendation for most Malaysians: open GXBank for daily spending and use the Bonus Pocket for savings. If you want to maximise returns further, open a Ryt Bank account alongside it for the 4% p.a. yield on your emergency fund or short-term savings.
If you’re already using a digital savings account, you might also want to compare it against money market funds in Malaysia — which can offer competitive yields with daily liquidity — or high-interest savings accounts from traditional banks for a full picture.
How to Get Started in Under 10 Minutes
- Download the app — GXBank, Boost Bank, AEON Bank, KAF, or Ryt Bank (all available on iOS and Android)
- Prepare your MyKad — you’ll need to scan your IC and take a selfie for eKYC verification
- Complete the in-app sign-up — takes 4–10 minutes depending on the bank
- Fund your account — transfer from your existing bank via DuitNow or IBG
- Activate the savings feature — set up a Bonus Pocket, Jar, or Save Pocket to start earning higher interest immediately
- Set up your debit card — most banks issue a virtual card instantly; physical cards arrive within a few days
All digital banks in Malaysia use eKYC (electronic know-your-customer) technology, so you don’t need to visit a branch. The entire process happens on your phone.
Frequently Asked Questions
Which digital bank in Malaysia has the highest interest rate in 2026?
Ryt Bank currently offers the highest savings rate among Malaysia’s digital banks at up to 4% p.a., matched by GXBank’s Bonus Pocket (also up to 4% p.a. for the 6-month tenure). AEON Bank follows at 3.88% p.a. with no lock-in required.
Are digital banks in Malaysia safe?
Yes. All 5 digital banks — GXBank, Boost Bank, AEON Bank, KAF Digital Bank, and Ryt Bank — are fully licensed by Bank Negara Malaysia (BNM). Your deposits are also protected by PIDM up to RM250,000 per depositor per bank, the same protection as traditional banks.
Can I have accounts with more than one digital bank in Malaysia?
Yes, absolutely. There’s no restriction on opening accounts at multiple digital banks. Many Malaysians use one for daily spending (like GXBank for its cashback) and another to park savings at a higher rate (like Ryt Bank or AEON Bank). This “stacking” approach is a smart way to optimise returns.
Is GXBank better than Boost Bank?
It depends on what you value. GXBank is better for cashback on everyday spending and integrates naturally with the Grab ecosystem. Boost Bank is better for those who want higher daily Jar interest (up to 3.6% p.a.) with no minimum deposit and a familiar interface for existing Boost e-wallet users.
Bottom Line
Malaysia’s digital banking scene in 2026 is genuinely competitive and, more importantly, it’s putting real money back in your pocket. Whether you go with GXBank’s trusted ecosystem, Ryt Bank’s market-leading 4% savings rate, AEON Bank’s Shariah-compliant returns, or Boost Bank’s flexible Jars — all five options beat the pants off a traditional 0.5% savings account. The best move? Pick one, open it today, and start earning more on every ringgit you save.
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This article is for informational purposes only and does not constitute financial advice. Always do your own research before making financial decisions.
Reviewed by the BetterWithRinggit editorial team. Last updated: March 2026.
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📖 Also read: Boost Bank vs GXBank vs RytBank Malaysia 2026: Which Digital Bank Should You Use?
