GXBank vs. Under Your Pillow: Where to Hide Your First RM1,000
Keeping your first RM1,000 in a physical drawer or tucked under your mattress might feel safe, but it is effectively losing value every day due to inflation. For years, young Malaysians only had two main choices: a traditional savings account with near-zero interest or a Fixed Deposit that locks your money away for months. The rise of digital banks like GXBank, AEON Bank, and Ryt Bank has changed this dynamic by offering high returns with zero commitment.
The Magic of Daily Interest
One of the most engaging features of these new platforms is the daily interest payout. Instead of waiting for a small sum to appear at the end of the month, GXBank calculates and credits interest daily. With a base rate of 2.0% p.a., you can literally see your balance increase by a few sen every morning while you brush your teeth. While a few sen might seem insignificant, this daily feedback loop builds a powerful saving habit by providing immediate rewards for your discipline.
Hunting for Higher Rates
For those looking to maximize their returns in 2025, other players offer even higher promotional rates. AEON Bank and Ryt Bank often provide profit rates or interest between 3.0% and 4.0%. For example, the Ryt Bank Bonus Interest Campaign allows users to reach a total of 4.0% p.a. by fulfilling simple daily tasks. These rates are significantly higher than the 0.2% to 0.5% typically offered by conventional basic savings accounts.
The Catch: Mind the Caps
While these high rates are attractive, you must read the fine print regarding "caps." Most digital banks limit the total amount that qualifies for the highest interest tier. In the case of Ryt Bank, the 4.0% rate only applies to the first RM20,000 in your account. Similarly, Boost Bank's "BoostUP Jar" offers 4.0% but caps the eligible deposit at RM3,000. If you have a larger nest egg, you may need to spread your funds across multiple banks to keep earning the maximum return.
Is Your Money Safe?
Every licensed digital bank in Malaysia is a member of Perbadanan Insurans Deposit Malaysia (PIDM). This ensures your deposits are protected by the government for up to RM250,000 per depositor. You enjoy the convenience of a smartphone app while benefiting from the same regulatory safety as the largest traditional banks in the country.