3.88 pct profit rate per annum sounds good, right?

3.88 pct profit rate per annum sounds good, right?

Have you signed up for any digital banks yet? We have three choices already. Which one is your favorite?

My aunt was telling me that she’s getting 3 percent returns for her savings in GXBank. She was encouraging me to also open one account too. Look at the image below. This is a pretty good rate since our typical normal savings in the bank if it’s not under fixed deposit will get lower than 1 percent. GXBank was the first digital bank to start operating in Malaysia and it’s a subsidiary of GXS Bank (a joint venture between Grab Holdings and Singtel) and consortium partners such as Kuok Group.

What about other digital banks then?

Another one is AEONBank digital bank. Their profit rate is even higher at 3.88 percent. Take a look at the below for a quick understanding. You also get 3x AEON points if you spend there and when you open you get 3,000 AEON points immediately. That’s RM15 worth which is equivalent to putting in RM500 into a savings account and earning 3 percent per annum yeah. Decent promotion I would say.

AeonBank is owned by Aeon Financial Service Ltd and Aeon Credit.

BoostBank has also started operating too

It is offering up to 4 percent per annum daily interest. Up to means not necessarily 4 percent but if you meet all its terms and conditions, then 4 percent is a very high rate. This is already so close to the mortgage lending rates. The only issue is that most of us do not have the hundreds of thousands in ringgit to be left in the bank to earn this.

BoostBank is owned by Axiata Digital Services and Singapore-based insurance group Great Eastern.

I have not yet signed up for any

I think I will sign up for AeonBank. I am not one to have so many different bank accounts. Very troublesome to keep track. If it’s not due to different banks being offered by the property developers, I would have loved to just use 2 banks at maximum. In fact even for credit cards, I had just 2 until recent months when I have three.

What about you, which have you signed up and enjoyed?

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