GX Bank vs Boost Bank vs MAE: Which Digital Bank Is Best in Malaysia?

GX Bank and Boost Bank are fully licensed digital banks that pay 2.00% to 3.80% p.a. on savings with PIDM deposit insurance up to RM250,000. MAE is a Maybank e-wallet that sits on top of a conventional savings account and earns the account’s standard rate, typically 0.25% to 0.50% p.a. That single difference shapes almost every other comparison below.

What each product actually is

Understanding the product category matters before you compare rates or features.

GX Bank (GXBank Berhad) launched in October 2023 as Malaysia’s first digital bank, licensed under the Financial Services Act 2013 by Bank Negara Malaysia. It is backed by Grab and the Kuok Group. All deposits sit in a regulated bank account protected by PIDM.

Boost Bank (Boost Bank Berhad) is Malaysia’s first Islamic digital bank, licensed under the Islamic Financial Services Act 2013 (IFSA) and backed by Axiata Digital and RHB Bank. It launched in 2024 and operates on Shariah principles, meaning it pays profit rates rather than interest. Deposits are equally protected by PIDM up to RM250,000.

MAE (by Maybank) is a mobile app and e-wallet, not a standalone bank. When you open an MAE account, Maybank creates a conventional savings account beneath it. The MAE app is the interface; the deposit product is the underlying Maybank account, which earns a standard savings rate. MAE is part of the conventional PIDM-protected framework via Maybank.

The key distinction: GX Bank and Boost Bank are independent licensed institutions. MAE is Maybank’s digital-first channel for its own savings product.

Savings rates head to head (June 2026)

Bank Negara Malaysia held the Overnight Policy Rate (OPR) at 2.75% from the July 2025 cut onward, which has kept savings and fixed deposit rates relatively contained across the industry.

Feature	GX Bank	Boost Bank	MAE (Maybank)
Base savings rate	2.00% p.a.	3.30% p.a.	~0.25% to 0.50% p.a.
Promotional / pocket rate	Up to 4.00% p.a. (Bonus Pocket)	Up to 4.00% p.a. (BoostUP Jar)	N/A
Rate calculation	Daily	Daily	Monthly
Minimum balance	RM0 (RM20 to activate)	RM0	RM0
Lock-in required for top rate	3 or 6 months (Bonus Pocket)	No lock-in on 3.30%; BoostUP Jar until Nov 2026	N/A
Shariah-compliant	No	Yes (fully Islamic)	No (conventional)
PIDM-protected	Yes, up to RM250,000	Yes, up to RM250,000	Yes, up to RM250,000 (via Maybank)

Sources: GXBank official site (June 2026); Boost Bank official site (June 2026); Bank Negara Malaysia licensed institutions list.

Reading the table: Boost Bank’s 3.30% base rate is the standout number, because it requires no conditions at all. GX Bank’s 2.00% base rate is respectable for an unconditional account, but you will want to move surplus cash into a Bonus Pocket to close the gap. MAE’s underlying savings rate sits well below both digital banks, so it is not the right tool if yield is your goal.

Pocket and jar tools compared

Both digital banks offer sub-account features that let you separate money by goal and earn higher rates on segregated balances. This is functionally different from a fixed deposit: you can usually top up and, in some cases, withdraw without penalty.

GX Bank Bonus Pocket

GX Bank allows you to open multiple Bonus Pockets, each with a chosen tenure of 3 or 6 months. The promotional rate as of mid-2026 reached 4.00% p.a. to mark GX Bank’s second anniversary. The base pocket rate without a promotional overlay is 2.00% p.a. Interest accrues daily. You can withdraw before the tenure ends, but you lose the bonus interest portion, keeping only the base 2.00% p.a. for the period held.

Boost Bank Special Jars and BoostUP Jar

Boost Bank’s BoostUP Jar has offered 4.00% p.a. on balances up to RM3,000, with daily compounding. Unlike GX Bank’s pockets, the BoostUP Jar has no minimum holding period. Boost Bank also offers Special Jars linked to spending behaviour, which can earn additional profit rates for customers who transact actively through the app.

MAE pockets

MAE has a “Pockets” feature within the app to help with goal-based saving, but these are notional buckets within the same Maybank savings account. They do not earn a separate or higher rate. The feature is useful for mental accounting, not for yield.

Withdrawals and cash access

All three platforms are app-only: there are no branches. This affects how you get cash in an emergency.

GX Bank: Supports DuitNow transfers (free, real-time) and Instant Transfers. Withdrawals to other bank accounts are unrestricted and free. No ATM card was offered at launch, though GX Bank has since introduced a debit card that provides ATM access at Mastercard-network machines.

Boost Bank: Provides a Boost Bank Visa debit card. ATM withdrawals are supported at Visa-network ATMs. DuitNow and Instant Transfers are free. Being fully Islamic, all transactions follow Shariah-compliant structures.

MAE: As a Maybank product, MAE holders have access to the full Maybank ATM and branch network, and any ATM bearing the Maybank logo, MEPS, or Visa/Mastercard symbol. Cash deposits are also available at Maybank CDMs. This is the strongest cash-access option of the three by a wide margin.

If you regularly need to deposit or withdraw physical cash, MAE’s Maybank integration is a practical advantage that the stand-alone digital banks cannot match.

Account opening and eligibility

	GX Bank	Boost Bank	MAE
Minimum age	18	18	12 (with guardian for under 18)
Residency	Malaysian citizen or PR	Malaysian citizen or PR	Malaysian citizen or PR
eKYC	Yes, in-app	Yes, in-app	Yes, in-app
Activation deposit	RM20 (first-party transfer within 30 days)	RM0	RM0
Existing bank account needed	Yes (for first deposit)	Optional	Existing Maybank account or new signup

MAE has a lower age threshold and no activation deposit, making it marginally easier to open for younger users. All three complete identity verification digitally using MyKad and selfie-based eKYC.

PIDM deposit insurance: all three are covered

A common misconception is that digital banks or e-wallets offer weaker protection. For deposits held in a licensed bank, PIDM insures each depositor up to RM250,000 per institution under the Malaysia Deposit Insurance Corporation Act. GX Bank, Boost Bank, and Maybank (which hosts MAE deposits) are all licensed deposit-taking institutions and PIDM members. Your money in any of these three is protected up to RM250,000.

For more on how PIDM works and what it covers, see understanding savings accounts and deposit protection.

Who should use which

Use GX Bank if: you want a conventional (non-Islamic) digital savings account with a clean UI, flexible pockets, and no monthly fees. The GX Bonus Pocket works well for building an emergency fund or a short-term savings goal where you might need to access the money before maturity without a severe penalty.

Use Boost Bank if: you want the highest unconditional base rate among digital banks right now, you prefer Shariah-compliant banking, or you want the potential for a higher rate on your first RM3,000 through the BoostUP Jar without any lock-in requirement.

Use MAE if: you already bank with Maybank and want a slicker mobile experience on top of your existing account, you value ATM and branch access, or you need to deposit cash regularly. Do not use MAE as your primary savings vehicle purely for the yield: the underlying rate is a fraction of what the dedicated digital banks offer.

Many Malaysians use two of these simultaneously: MAE for day-to-day spending and cash access, plus either GX Bank or Boost Bank as a high-yield savings buffer.

For a broader look at how savings accounts stack up against fixed deposits for medium-term goals, see fixed deposit vs savings account in Malaysia.

Key takeaways

• Boost Bank’s base rate of 3.30% p.a. (no conditions) is the highest unconditional digital savings rate in Malaysia as of June 2026.
• GX Bank’s base rate is 2.00% p.a., rising to up to 4.00% p.a. in Bonus Pockets with a 3 or 6 month tenure.
• MAE is a Maybank e-wallet interface, not a standalone bank. Its savings yield (~0.25% to 0.50% p.a.) is far below the digital banks.
• All three are PIDM-protected up to RM250,000 per depositor because all sit within licensed Malaysian banks.
• MAE wins on cash access: full Maybank ATM and branch network. GX Bank and Boost Bank are app-only with debit card ATM access.
• Boost Bank is Malaysia’s only fully Islamic digital bank among the three.
• You can hold accounts at more than one institution. A common setup is MAE for spending and either GX Bank or Boost Bank for savings yield.

Frequently asked questions

Is MAE a bank account or an e-wallet?

MAE is technically both: it is a mobile app and e-wallet that Maybank maps to an underlying savings account. The savings account qualifies as a licensed bank deposit and is PIDM-protected. However, the savings rate is set by Maybank’s standard savings account schedule, which is significantly lower than those offered by the dedicated digital banks GX Bank and Boost Bank.

Are GX Bank and Boost Bank safe? What if the bank fails?

Both are licensed by Bank Negara Malaysia and are PIDM members. Deposits up to RM250,000 per depositor per institution are insured. In the event of a bank failure, PIDM compensates eligible depositors up to that limit, the same protection that applies to Maybank, CIMB, or Public Bank. See the PIDM website (pidm.gov.my) for the full list of protected institutions.

Can I use GX Bank or Boost Bank as my main bank account for salary crediting?

Yes. Both issue Mastercard (GX Bank) and Visa (Boost Bank) debit cards and support DuitNow, so employers can credit salaries directly. However, if you need to deposit cash from freelance clients or rental income, you will need to use a conventional bank first and then transfer the funds across.

Does Boost Bank charge any fees?

Boost Bank operates fee-free on core account services: no monthly maintenance fee, no minimum balance fee, and no DuitNow transfer fee. Check the Boost Bank website for any fees on cross-border transfers or card replacement.

What is the difference between GX Bank’s Savings Pocket and Bonus Pocket?

A Savings Pocket earns the same 2.00% p.a. base rate as the main account and has no term. A Bonus Pocket adds a bonus rate on top of the 2.00% base for a chosen tenure (3 or 6 months). The total rate in a Bonus Pocket can reach up to 4.00% p.a. under promotional pricing. If you withdraw from a Bonus Pocket before the tenure ends, you forfeit the bonus portion but keep the 2.00% base for the days held.