Boost Bank, a digital bank by Axiata and RHB Bank, is set to launch next week and ahead of the unveiling, it seems that it has accidentally revealed certain key details. Specifically, a report by RinggitPlus shows that the bank posted its interest rates on its downloads page, but they seem to have been removed as of writing.
According to the screenshot of the page, Boost Bank will offer up to 2.5% p.a. for its savings account and up to a whopping 3.6% p.a. for Saving Jars, which is presumably its goal-based savings feature. While the interest rate is accrued daily, its T&C page states that the interest will be credited into your account weekly. For reference, GX Bank offers a 3.0% daily interest rate while AEON Bank is providing a promotional monthly interest rate of 3.88% until 31 August.
However, the actual interest rate for each customer will be based on a loyalty tier system, with users needing to reach Platinum President status in order to get a higher interest rate and 3x Boost Stars. To achieve the Platinum President rank, users must deposit at least RM2,000 into their account.
There seems to be no fees for opening a Boost Bank account but there is a RM10 dormant charge if your account has had no activity for 12 months. It will be offering a Mastercard debit card to its users and is currently running a public vote on the design of the card.
(Source: RinggitPlus)
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