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⚡ Quick Answer
GXBank is better if you use Grab regularly and want the highest savings rate with a strong daily-use debit card. AEON Bank is better if you shop at AEON frequently or want a Shariah-compliant Islamic digital bank with solid rewards. Most people who are purely focused on maximising savings returns should start with GXBank.
Overview: Two of Malaysia’s Newest Licensed Digital Banks
Bank Negara Malaysia issued five digital banking licences in 2022, and GXBank and AEON Bank are among the most notable to have launched for retail customers. Both offer full banking functionality — savings accounts, debit cards, transfers — without physical branches. But their target audiences, features, and strengths are quite different.
GXBank is backed by Grab, the region’s superapp giant. AEON Bank is backed by AEON Financial Service, the financial arm of Japan’s AEON Group — which operates AEON malls and AEON supermarkets across Malaysia. AEON Bank is also Malaysia’s first Islamic digital bank.
GXBank vs AEON Bank: Head-to-Head Comparison
| Feature | GXBank | AEON Bank |
|---|---|---|
| Banking Type | Conventional | Islamic (Shariah-compliant) |
| Backed By | Grab Financial Group | AEON Financial Service Japan |
| Savings Rate | Up to 3.0–3.5% p.a. | Up to 3.0% p.a. (based on tier) |
| Minimum Balance | RM0 | RM0 |
| Debit Card | Yes (Visa) | Yes (Mastercard) |
| Overseas ATM Withdrawal | Limited free withdrawals | Available (fees apply) |
| Cashback / Rewards | GrabRewards points on spend | AEON Points + cashback on AEON purchases |
| Instant Transfer | Yes (DuitNow) | Yes (DuitNow) |
| Personal Financing | Yes (GX CreditLine) | Yes (Islamic financing) |
| Referral Bonus | Up to RM225 (code BENN226) | None currently |
| PIDM Protected | Yes (up to RM250,000) | Yes (up to RM250,000) |
Savings Rate: Who Pays More?
Both banks use tiered or conditional savings rates, which means the headline rate isn’t always what you get on every ringgit.
GXBank has historically offered one of the highest base savings rates among Malaysian digital banks — rates have ranged from 3.0–3.5% p.a. depending on the promotional period and account tier. The rate is applied to all funds in the account without complex conditions, making it simple to understand.
AEON Bank uses a tiered profit rate structure (it’s an Islamic account, so returns are called “profit” not “interest”). The base rate is competitive, but maximum rates are often tied to account activity tiers or holding minimum balances. As an Islamic bank, all returns are structured as profit-sharing from Shariah-compliant investments.
Verdict: GXBank generally offers a more straightforward and slightly higher effective savings rate for most users. AEON Bank’s profit rates are still above most conventional bank savings accounts.
Debit Card and Daily Banking
GXBank’s Visa debit card is well integrated with GrabPay — you can top up Grab directly from your GXBank account and earn GrabRewards points on card spending. The card is contactless and works wherever Visa is accepted. Overseas currency conversion rates are competitive.
AEON Bank’s Mastercard debit card earns AEON Points on purchases, which can be redeemed at AEON malls, AEON supermarkets, and AEON BiG. For regular AEON shoppers, this is genuinely valuable — AEON Points accumulate on both card purchases and in-store spending.
Neither card charges a monthly fee. Both work for online purchases, in-store tap-to-pay, and DuitNow transfers.
Rewards and Ecosystem Integration
This is where the two banks diverge significantly based on your lifestyle:
GXBank is deeply integrated with the Grab ecosystem. If you use Grab for rides, GrabFood, GrabMart, or GrabPay regularly, GXBank amplifies your rewards. Spending on the GXBank card earns GrabRewards points; holding savings in GXBank can also unlock higher cashback tiers within Grab promotions.
AEON Bank rewards are most valuable for AEON loyalists. If you shop at AEON malls or supermarkets weekly, the AEON Points accumulation is meaningful — points can offset your grocery bill or be used for promotions within AEON’s retail network. If you never step into an AEON store, the rewards are less relevant.
Islamic Banking: Does It Matter?
AEON Bank is Malaysia’s first Islamic digital bank, meaning all products and operations are Shariah-compliant. For Muslim customers who prioritise halal financial products, this is a significant differentiator. Your savings grow through profit-sharing (wadiah or mudharabah structures), not conventional interest.
GXBank operates as a conventional bank. It does not offer Islamic banking products. For Muslim Malaysians who prefer Shariah-compliant banking, AEON Bank is the natural choice among digital banks — alongside RytBank, which is also Islamic.
App Experience and Onboarding
Both banks offer full digital onboarding via smartphone — no branch visits required. MyKad scanning and selfie verification are used for identity checks. The process typically takes 5–10 minutes.
GXBank’s app is slick and feels premium. Its integration with GrabPay and the broader Grab super-app makes it feel native for existing Grab users. The savings tracker, spending analytics, and CreditLine features are all accessible in a clean interface.
AEON Bank’s app is functional and straightforward. It’s less flashy than GXBank but covers the essentials well. AEON Points tracking and the financing features are easy to access. The app has been stable since launch with no major reported outages.
Personal Financing
Both banks offer digital personal financing:
GXBank CreditLine is a revolving credit line — you get approved for a limit and can draw down as needed, paying interest only on what you use. Interest rates vary based on creditworthiness.
AEON Bank’s personal financing is structured as an Islamic financing product (personal financing-i). Terms are fixed and Shariah-compliant. For Muslim borrowers, this is the more appropriate option.
Our Recommendation
Choose GXBank if: you use Grab regularly, want the highest straightforward savings rate among digital banks, or want a modern debit card experience. Download GXBank and use code BENN226 to earn up to RM225 in rewards.
Choose AEON Bank if: you’re a regular AEON shopper, prefer Islamic banking, or want to earn AEON Points on daily spending.
There’s no real reason not to have both — both accounts are free to open and maintain. Many Malaysians hold GXBank for their main savings and AEON Bank for AEON-related spending. Since both are PIDM-protected up to RM250,000 individually, splitting savings between them is also a perfectly rational strategy.
Frequently Asked Questions
Is GXBank or AEON Bank safer?
Both are fully licensed by Bank Negara Malaysia and insured by PIDM up to RM250,000. They are equally safe from a regulatory and deposit protection standpoint.
Can non-Muslims use AEON Bank?
Yes. AEON Bank is open to all Malaysian citizens regardless of religion. Being an Islamic bank means the products are Shariah-compliant, but there is no restriction on who can use the bank.
Does GXBank have a higher savings rate than AEON Bank?
Generally yes, based on current rates. GXBank has historically offered a slightly higher effective savings rate. However, rates change — check both apps for the latest figures before opening an account.
Can I have both GXBank and AEON Bank accounts?
Yes, absolutely. Both accounts are free to open and maintain. Having both maximises your PIDM deposit protection and lets you take advantage of each bank’s ecosystem rewards.
Which digital bank is best in Malaysia overall?
It depends on your priorities. GXBank and RytBank compete for the highest savings rates. AEON Bank is the top choice for Islamic banking. Boost Bank is strong for Boost eWallet users. See our full guide to the best digital banks in Malaysia 2026 for a complete ranking.
