Boost Bank Is Here, And You Could Get 4% P.A. Interest & Up To RM18 Cashback

There are also other cool benefits when you open an account with them!

Cover image via Blake Wisz (Unsplash) & Smartmockups (Edited by SAYS)

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On 29 April 2022, Bank Negara Malaysia (BNM) announced that it would be issuing digital banking licenses to five applicants

Fast forward to today, three of these digital banks are now operating in Malaysia — one of them is Boost Bank, which commenced operations on 15 January this year.

Boost Bank is a joint venture between Axiata Group's subsidiary, Boost Holdings, and RHB Bank Group

What's unique about Boost Bank is that it takes a unique approach to digital banking. In fact, it's the first primarily Malaysian-owned digital bank to begin operations with a pioneering embedded digital bank app.

According to Sheyantha Abeykoon, Group CEO of Boost, Boost Bank is a "culmination of the symbiotic and strategic partnership between a leading fintech and a successful financial institution with substantial ecosystems, united by a shared vision to drive greater financial inclusion."

In other words, Boost Bank users get to enjoy the best of both worlds — the innovation of digital banking along with the secure backing of a long-time financial institution.

But first, what are digital banks?

Digital banks operate fully online. This means you can open an account and make use of most banking services without having to visit a physical bank branch.

There is, however, a slight difference between digital banks and online banking.

Online banking allows you to make essential transactions like transfers, payments, and basic account management online. But digital banking goes beyond that by providing all forms of financial services, transactions, and operations online.

At this point, you may be wondering why you would need digital banking, especially if you already have a few bank accounts.

Here's a list of benefits that could make digital banking worth your while:

1. It's way more convenient, saving you lots of time and hassle

Like Boost Bank puts it, digital banking lets you bank like you never have to. Ever!

While visits to physical bank branches are often associated with queues, excessive paperwork, and long processing times, digital banking is seamless. It gives you the freedom to do your banking whenever, wherever, and however you want, without needing to take a chunk of time out of your day to visit a physical bank branch.

In fact, you can open a bank account and start saving where you are right now, just like that!

2. It's actually really easy to use, with a low barrier of entry

Many Malaysians can get nervous, or even overwhelmed, when it comes to banking. However, digital banking makes it easy for anyone to start saving, as no prior financial knowledge is needed!

Even if you've never owned a bank account and you're not sure where to start, digital banks like Boost Bank makes the process simple and less intimidating. Just download the app and follow the steps to register an account.

3. You get to enjoy an array of features and benefits that are exclusive to digital banks!

Since digital banks operate online, it helps them to save on overhead costs, which in turn, allows them to offer more cost-effective financial services to customers.

For instance, Boost Bank offers customers up to 3.6% p.a. daily interest, which is higher than most traditional savings accounts, just for maintaining a minimum of RM2,000 in their account each month.

Plus, if these users spend a minimum of RM50 per month at MYDIN via the Boost app, they'll enjoy an even higher daily interest rate of 4% p.a.

Digital banks also usually have nifty features and tools to make your banking experience more rewarding, like Boost Bank's Savings Jar that helps you set and reach your financial goals.

4. It's safe to use, and you're protected by Perbadanan Insurans Deposit Malaysia (PIDM)

Image via Boost

Approved digital banks in Malaysia have to comply with Bank Negara Malaysia's regulatory framework, which safeguards the integrity and stability of the financial system.

Since Boost Bank is approved by Bank Negara and protected by PIDM, you can rest assured that your savings are secure — PIDM protects your bank deposits of up to RM250,000.

5. And the best part, you can still make use of essential banking features, like getting a physical debit card, which will be available soon

With Boost Bank, you'll soon be able to request for a physical debit card, and get it delivered right to your doorstep. Plus, when you pay with your Boost Bank debit card, you'll enjoy exclusive perks and rewards for every ringgit spent. Stay tuned for more exciting features coming soon!

Ready to give digital banking a go? You can now sign up for a Boost Bank savings account directly through the Boost app!

With Boost Bank, you can bank like you never have to. Ever! And you can get rewarded like never before too. For starters, you can rank up to Platinum President in just three steps to earn higher interest rates and enjoy exclusive perks.

Here's how it works:

STEP 1: Open a Boost Bank account

STEP 2: Deposit a minimum of RM2,000 to your Boost Bank account to immediately get ranked up to Platinum President

STEP 3: Maintain your balance for a minimum of 25 days each month to keep your Platinum President benefits for the following month. And voilà! You'll unlock higher interest rates on your Savings Accounts and Savings Jars, plus 3X Boost Stars when you spend via the Boost App, along with more exclusive rewards.

But there's more! From 6 June until 31 August, Platinum Presidents can enjoy up to 3.6% p.a. daily interest on deposits in their Savings Jars.

Plus, from 13 June until 30 September, Platinum Presidents can earn an even higher rate of 4% p.a. daily interest when they spend a minimum of RM50 at MYDIN outlets each month.

Keep an eye out for exclusive discounts you get to enjoy when you scan and pay with Boost too.

As a reward for reading all the way to the end, we've got a special treat just for you!

New users who sign up for a Boost account using the code 'BOOSTSAYS' will get RM8 in their account. 

And when you open a Boost Bank account, use the code 'BOOSTMYDIN' to redeem RM10 MYDIN cashback.

If all of this sounds exciting to you, make sure to sign up for a Boost Bank account today and download the Boost Bank app!

Find out more information about Boost Bank on their website today.

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