Boost Bank Woos Customers With 3.6% Savings Interests In Launch Promo

RHB and Axiata owned Boost Bank was launched amid the backdrop of a strong banking industry and an upward trajectory in the local economy.

The digital bank will compete with 4 other license holders with 2 having already launched their services. Boost bank say it has a unique feature where all existing Premium Wallet users on the Boost eWallet app, will be able to easily open a Boost Bank account in a seamless onboarding process.

As a prerequire by the central bank, the aim of digital banks is to meet the financial needs of the underbanked and unbanked by providing access to banking services.

The launch will see Boost Bank offer a new exclusive rank called “Platinum President” for users who open a Boost Bank account and fulfil certain criteria. Users who deposit a minimum of RM2000 into the Boost Bank’s Savings Jar and/or Savings Account, they can receive promotional daily interest rate of up to 3.6% p.a. from now until 31 August. After the promotional period, the daily standard Savings Jars interest rates will be 3.2% p.a. for Platinum President users. Those that rank up to Platinum President on the Boost Bank app will be automatically upgraded to the highest rank on the Boost eWallet app as well to earn up to 3x Boost Stars for every ringgit spent on eligible transactions, upon successful linking of the two apps.

An upcoming product development that is already in the pipeline, is the Debit Card. The Boost-RHB Digital Bank Consortium, in which Boost holds 60% equity, and RHB owns the remaining 40%, was among the five successful license applicants announced by BNM in April 2022, which then commenced operations following the official regulatory approval earlier this year on 15th of January 2024.

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