GXBank vs Boost Bank vs AEON Bank: Which Malaysian Digital Bank Pays the Best Interest?

GXBank pays up to 4.00% p.a. on its Bonus Pocket (promotional, capped at RM50,000), Boost Bank pays up to 4.00% p.a. on its BoostUP Jar (capped at RM3,000 with a monthly spend condition), and AEON Bank pays 3.00% p.a. on its Savings Pots with no spending condition. The headline numbers look similar, but the caps, conditions, and base rates are very different. This guide breaks them down so you can see exactly what your balance will actually earn.

What these three banks are

All three hold full digital banking licences issued by Bank Negara Malaysia (BNM) and are members of Perbadanan Insurans Deposit Malaysia (PIDM). Your deposits are insured up to RM250,000 per depositor per institution, the same protection that applies to conventional banks such as Maybank or CIMB.

GXBank (GXBank Berhad) is a conventional digital bank backed by Grab and the Kuok Group. It launched in October 2023 and is licensed under the Financial Services Act 2013.

Boost Bank (Boost Bank Berhad) is a Shariah-compliant digital bank backed by Axiata Digital and RHB Bank, licensed under the Islamic Financial Services Act 2013 (IFSA). It pays profit rates rather than interest, but the mechanics of holding and earning on deposits are identical for customers.

AEON Bank is Malaysia’s first Islamic digital bank, backed by the AEON Financial Service group. Also licensed under IFSA, it is Shariah-compliant throughout and was the second Islamic digital bank to launch after Boost Bank.

Savings rates head to head (June 2026)

Bank Negara Malaysia held the Overnight Policy Rate (OPR) at 2.75% from July 2025 onward. Digital banks, which compete aggressively for deposits, have kept their advertised rates notably above this floor.

	GXBank	Boost Bank	AEON Bank
Base savings rate	2.00% p.a.	2.50% p.a.	0.88% p.a.
High-yield product	Bonus Pocket	BoostUP Jar	Savings Pot
High-yield rate	Up to 4.00% p.a. (promo) / 3.55% p.a. (standard 6-month)	Up to 4.00% p.a. (Month 1); conditions apply from Month 2	3.00% p.a.
Cap on high-yield product	RM50,000 per Pocket	RM3,000	No stated cap
Spending condition	None	RM500/month via Boost eWallet from Month 2	None
Lock-in	3 months or 6 months (Bonus Pocket)	None	None
Shariah-compliant	No	Yes	Yes
PIDM protection	Yes, up to RM250,000	Yes, up to RM250,000	Yes, up to RM250,000

Rates as reported by respective banks and third-party aggregators (money.com.my, RinggitPlus, SmarterPik), June 2026. Always verify on the bank’s official website before depositing, as promotional rates change.

GXBank: the Bonus Pocket in detail

GXBank structures its savings around two layers. The main savings account earns a flat 2.00% p.a. from the first ringgit with no lock-in. To earn more, you open a Bonus Pocket, which functions like a notice deposit placed inside the app.

The standard Bonus Pocket rates are 3.18% p.a. for a 3-month term and 3.55% p.a. for a 6-month term (figures from GXBank’s product page, sourced via Fintech News Malaysia 2026). To mark its second anniversary in 2026, GXBank ran a promotional campaign offering 4.00% p.a. on Bonus Pocket balances up to RM50,000. Promotional rates are time-limited; the standard rates apply once the campaign closes.

Key things to understand about Bonus Pockets:

• Lock-in applies. Once placed, you cannot withdraw early without forfeiting the promised return.
• Multiple Pockets allowed. You can run several Bonus Pockets simultaneously, each capped at RM50,000.
• Conventional product. GXBank is not Islamic, so non-Muslim and Muslim customers alike can hold it, but it is not Shariah-certified.

The main savings account at 2.00% p.a. with no lock-in and no minimum is genuinely competitive for day-to-day cash parking.

Boost Bank: the BoostUP Jar and the spend condition

Boost Bank’s base savings rate of 2.50% p.a. is the strongest no-condition base rate among the three. For higher returns, Boost Bank offers the BoostUP Jar at up to 4.00% p.a., but read the terms carefully.

In Month 1, the 4.00% p.a. profit rate applies unconditionally. From Month 2 onward, you must spend at least RM500 per calendar month cumulatively through the Boost eWallet to retain the elevated rate. If you miss the spend threshold in any month, your jar rate drops for that month.

There is also a hard cap: the BoostUP Jar is capped at RM3,000. That means the maximum additional annual profit from the Jar above base rate (roughly 1.5 percentage points on RM3,000) amounts to about RM45 per year. For savers with larger balances, the Jar’s headline rate is largely symbolic beyond that cap.

Boost Bank’s full savings account (above the Jar) continues to earn the 2.50% p.a. base rate on any amount, with no minimum balance required and no lock-in. For a saver who already uses Boost eWallet regularly and keeps a modest emergency fund, the Jar adds a modest bonus on top.

AEON Bank: Savings Pots and the Islamic structure

AEON Bank advertises its Savings Pots at 3.00% p.a. on a promotional basis. The base savings rate on the main account sits at 0.88% p.a., which is lower than both GXBank and Boost Bank. The promotional Savings Pot rate bridges the gap, but it is worth understanding the structure.

AEON Bank operates under the Wakalah investment account model (Islamic finance). The 3.00% p.a. on Savings Pots is stated as an expected profit rate, not a guaranteed rate, which is standard for Islamic products. In practice, AEON Bank has maintained this rate consistently, but the disclosure matters.

AEON Bank periodically revises its Savings Pot rate after promotional periods end, as noted by RinggitPlus when the bank cut rates at the end of a 2024 campaign. Savers should check the current rate on the official AEON Bank website before opening an account.

For customers who already shop at AEON malls or use AEON Pay, the loyalty points and cashback integration can add value beyond the deposit rate alone.

Which bank pays the best interest in practice?

The answer depends on your balance size and how you use the account.

For a balance of RM10,000 to RM50,000, locked away for 6 months: GXBank’s Bonus Pocket at 3.55% p.a. (standard) or 4.00% p.a. (promotional) wins, assuming you can live without touching that portion of cash. On RM10,000 at 3.55% for six months, that is approximately RM178. On RM50,000 at 4.00%, that is RM2,000 over a full year.

For liquid day-to-day cash with no conditions: Boost Bank’s base rate of 2.50% p.a. with no lock-in and no spend requirement is the cleanest option. GXBank’s 2.00% p.a. main account is simpler to open for non-Grab users.

For Shariah-compliant savings without lock-in: AEON Bank’s 3.00% p.a. Savings Pot is stronger than Boost Bank’s 2.50% p.a. base rate, has no spending condition, and carries no hard cap. If you are comfortable that the promotional rate is sustained, AEON Bank is the better Islamic option for straightforward liquid savings.

For small amounts under RM3,000 who use Boost eWallet heavily: Boost Bank’s BoostUP Jar at 4.00% p.a. is appealing in Month 1 and remains competitive if you naturally spend RM500 per month through the eWallet.

Key takeaways

• GXBank pays the highest absolute rate (up to 4.00% p.a. promotional, 3.55% p.a. standard) but requires a lock-in of 3 to 6 months on Bonus Pocket funds.
• Boost Bank has the best no-condition base rate at 2.50% p.a., but its high-yield BoostUP Jar is capped at RM3,000 and requires a monthly spend from Month 2.
• AEON Bank’s Savings Pot at 3.00% p.a. has no spend condition and no stated cap, making it the most straightforward high-yield liquid option among the three, though it is a promotional rate subject to revision.
• All three banks are fully licensed by BNM and PIDM-protected up to RM250,000 per depositor. Your money is as safe as in any conventional Malaysian bank.
• None of these banks charge account fees or require a minimum balance, so holding accounts at more than one for different purposes carries no penalty.
• Always verify the current rate directly on each bank’s official website. Promotional rates can change with little notice.

Frequently asked questions

Are GXBank, Boost Bank, and AEON Bank safe?

Yes. All three hold full digital banking licences from Bank Negara Malaysia and are members of PIDM. Deposits up to RM250,000 per depositor per institution are insured under the Deposit Insurance System, the same scheme that covers Maybank, CIMB, and other conventional banks. The RM250,000 limit is per institution, so spreading deposits across more than one bank multiplies your protected amount.

Is Boost Bank’s 4.00% p.a. available for all my savings?

No. The 4.00% p.a. BoostUP Jar is capped at RM3,000. Balances above that amount in your Boost Bank savings account earn the base rate of 2.50% p.a. The Jar also requires a minimum RM500 monthly spend via Boost eWallet to maintain the elevated rate from Month 2 onward.

Is AEON Bank’s savings rate guaranteed?

AEON Bank is an Islamic bank and its deposit products operate under a Wakalah structure. The 3.00% p.a. Savings Pot rate is stated as an expected profit rate. In practice the bank has maintained this rate during promotional periods, but it is subject to revision when a campaign ends. Check the current rate at aeonbank.com.my before depositing.

Can I hold accounts at more than one digital bank at the same time?

Yes. There is no regulatory restriction on holding accounts at multiple licensed Malaysian banks. Opening accounts at GXBank, Boost Bank, and AEON Bank simultaneously is permitted. Each account carries its own separate PIDM insurance up to RM250,000, so your total insured amount increases with each institution.

Do these digital banks charge monthly fees?

None of the three charge monthly account maintenance fees or require a minimum balance. This makes it practical to open accounts at all three and route different savings goals to whichever currently offers the best condition for your needs.

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For a broader look at how digital savings products fit into your overall cash management, see digital banking and open finance in Malaysia. If you are comparing all savings account types including fixed deposits and conventional banks, the guide on fixed deposit vs savings accounts covers the full landscape.