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Boost Bank Review 2024 : Homegrown Digital Bank in Malaysia

Samuel Ting



Boost bank malaysiaBoost Bank, a collaboration between Axiata Group’s fintech arm Boost and RHB Banking Group, has officially launched as Malaysia’s first homegrown digital bank.Unlike the other digital bank in Malaysia such as GXBank Malaysia and Aeon bank Malaysia This innovative bank is designed to integrate seamlessly into the daily lives of its users, offering a comprehensive suite of financial tools and services aimed at promoting financial empowerment for all Malaysians.

What is Boost Bank?

Boost Bank is part of the Boost-RHB Digital Bank Consortium, which holds a 60% equity stake by Boost and 40% by RHB. This partnership combines Boost’s technological expertise and RHB’s extensive banking legacy to create a robust and user-friendly digital banking platform. The bank operates under the Financial Services Act 2013 (FSA) and has been approved by both Bank Negara Malaysia and the Ministry of Finance according to Fintech News Malaysia and The Star


Boost Bank: Comprehensive Review on Malaysia’s First Homegrown Digital Bank

Boost Bank Malaysia

Boost Bank, a joint venture between Axiata Group’s fintech arm Boost and RHB Banking Group, has launched as Malaysia’s first homegrown digital bank. This innovative platform integrates banking seamlessly into users’ daily lives, promising to revolutionize the financial landscape with a focus on inclusivity and digital convenience. Here’s a detailed review covering the key aspects of Boost Bank:

1. License and Regulations

Boost Bank operates under the Financial Services Act 2013 (FSA) and is regulated by Bank Negara Malaysia (BNM). The bank was among the five successful applicants for the digital banking license announced by BNM in April 2022. The consortium, with 60% equity held by Boost and 40% by RHB, began its operations in January 2024 after completing the operational readiness audit by BNM​ ​. This regulatory framework ensures that Boost Bank adheres to stringent standards for financial stability and customer protection.

2. Financial Health

Backed by the robust financial infrastructure of Axiata Group and RHB Banking Group, Boost Bank demonstrates strong financial health. This partnership leverages RHB’s extensive banking experience and Boost’s fintech capabilities to offer reliable and innovative financial services. The bank’s focus on digital transformation and financial inclusion positions it well for sustainable growth in Malaysia’s evolving banking sector​ ​.

3. Products and Services

Boost Bank offers a comprehensive range of digital banking services designed to meet the needs of modern consumers:

  • Savings Account: Customers can open a standard savings account with features like the Savings Jars, which help in setting and achieving financial goals.
  • Debit Card: The Boost Bank Visa Debit Card provides exclusive perks and rewards, integrating with the Boost eWallet for seamless transactions.
  • Embedded Banking: The Boost Bank app offers an embedded banking experience, integrating financial tools into users’ daily activities for convenience and efficiency​ ​.

4. Fees and Rates

Boost Bank is committed to offering competitive fees and rates to its customers. The bank provides attractive interest rates on savings accounts and low transaction fees. During promotional periods, users can enjoy preferential interest rates, such as up to 4% per annum on the Savings Jars with specific conditions​.

5. Customer Service

Customer service is a priority for Boost Bank, offering 24/7 support through digital channels. This ensures that users can get assistance anytime, enhancing the overall customer experience. The bank’s user-friendly app also provides a comprehensive help section to address common queries and issues efficiently​ ​.

6. Security and Technology

Boost Bank employs advanced security measures, including multi-factor authentication and encryption, to protect customer data and transactions. The bank’s commitment to leveraging cutting-edge fintech solutions ensures a secure and seamless banking experience. Additionally, the integration with the Boost eWallet allows for enhanced financial management and security​ ​.

Boost Bank: Key Benefits and Unique Advantages

Boost Bank Malaysia Key Feature

Boost Bank offers a host of unique advantages and benefits that distinguish it from traditional banking options. Here’s a look at what makes Boost Bank a standout choice for digital banking in Malaysia:

  1. Seamless Integration with Daily Life: Boost Bank excels in integrating banking services into the daily routines of its users. The app offers a comprehensive suite of financial tools, such as bill payments, transfers, and budgeting features, all designed to be intuitive and user-friendly. This embedded banking approach ensures that financial management is effortless and seamless​​.
  2. Competitive Interest Rates and Savings Features : Boost Bank offers highly competitive interest rates, particularly through its Savings Jars feature, which allows users to earn up to 4% per annum under specific conditions. This makes saving more rewarding and helps users achieve their financial goals faster​ ​.
  3. Exclusive Rewards and Promotions : Users can take advantage of numerous rewards and promotions, such as earning points on transactions made with the Boost Bank Visa Debit Card. These points can be redeemed for various benefits, enhancing the overall banking experience. Additionally, partnerships with retailers like CelcomDigi and MYDIN offer further savings on daily necessities​

Boost Bank Special Promotions: Maximize Your Savings with Savings Jar

Boost Bank offers an innovative Savings Jar feature designed to help you achieve your financial goals with attractive interest rates and special promotions. Here’s how you can benefit:

Boost Bank Malaysia Saving Jar

  1. Earn Up to 4.0% p.a. Daily Interest
  • Boost Basic: Start with a 1.5% p.a. daily interest rate.
  • Platinum President: Earn 3.2% p.a. daily interest by depositing a minimum of RM2,000.
  1. Special Groceries Jar Promotion
  • 4% p.a. Daily Interest: Unlock this rate on one special Groceries Jar by ranking up to Platinum President, linking your Boost Bank account, and spending with eligible partners.
  1. Easy Setup
  • Create up to 8 Savings Jars to organize and automate your savings.
  • Set goals and use Auto Debit to stay on track.

For more details and to start saving, visit the Boost Bank Savings Jar page.

With these special promotions, Boost Bank makes saving simple and rewarding, helping you grow your money effectively while enjoying exclusive benefits.

Boost Bank App: Step-by-Step Guide to Download and Activate Your Boost Account

Boost Bank offers a seamless digital banking experience through its user-friendly app. Here’s a comprehensive step-by-step guide to help you download and activate your Boost account:

Step 1: Download the App

Boost Bank Malaysia Download App

  • For iOS Users: Visit the Apple App Store and search for “Boost Bank.” Download and install the app on your device.
  • For Android Users: Go to the Google Play Store, search for “Boost Bank,” and download the app.

Step 2: Sign Up and Create Your Account

  1. Launch the App: Open the Boost Bank app on your device.
  2. Create Account: Tap on “Create Account” and agree to the Terms & Conditions.
  3. Enter Phone Number: Input your mobile number and verify it using the OTP (One-Time Password) sent to your device.
  4. Set Username and PIN: Create and confirm your username and bank PIN for secure access.
  5. Enable Biometric Login: Set up biometric login (e.g., fingerprint or Face ID) if supported by your device.

Step 3: Verify Your Identity

  1. Selfie and MyKad Verification: Upload a selfie and a photo of your MyKad for identity verification.
  2. Fill Personal Details: Complete your profile by entering your personal details as required.

Step 4: Activate Your Account

Boost Bank Malaysia Activate account

  1. Initial Fund Transfer: Transfer funds from an existing bank account to your new Boost Bank account to activate it.
  2. Select Bank: Choose your preferred bank for the transfer.
  3. Enter Amount: Input the amount you wish to transfer (minimum RM1.00).
  4. Complete Transfer: Follow the instructions to complete the transfer.

Step 5: Explore and Use Boost Bank Features

Boost Bank Malaysia unique feature

  • Savings Jars: Create up to 8 Savings Jars to organize your savings goals and earn competitive interest rates.
  • Rewards and Promotions: Take advantage of exclusive rewards and promotions available through the Boost Bank app.

By following these steps, you can easily set up and start using your Boost Bank account, enjoying a range of features designed to make digital banking simple and rewarding. For more details, visit the Boost Bank Malaysia official website.


Boost Bank stands out as a pioneer in Malaysia’s digital banking sector, offering innovative and inclusive financial solutions. With strong regulatory backing, robust financial health, comprehensive digital services, competitive fees, excellent customer support, and advanced security measures, Boost Bank is well-positioned to lead the digital banking revolution in Malaysia. For those seeking a modern and convenient banking experience, Boost Bank offers a compelling choice.

For more detailed information and updates, visit the Boost Bank official website.


  1. What is a Savings Jar?
    Savings Jar is a Boost Bank feature that you may use to your benefit to save towards your own personal goals while enjoying higher interest rates*.You can set your amount to save and target date, as well as enabling Auto Debit to make recurring deposits to your Jar(s)

    *as compared to normal Boost Bank Savings Account


2. How do I create a Savings Jar?

To create your Savings Jars, please follow these steps:

i. Go to your Boost Bank account dashboard & tap on ‘Jars

ii. Tap on ‘Create Jar’ & select your preferred Jar based on your savings goal

iii. Fill in your Jar details such as Jar name, amount you want to save, target date & initial deposit amount

iv. Swipe up to authorise the transaction and you’re done!

3. What interest rate will I be entitled to on my Savings Jars?

You will be entitled to the following interest rates on your Savings Jars based on your Boost Bank account rank:

i) Boost Basic: 1.5% p.a. daily interest
ii) Platinum President: 3.2% p.a. daily interest (default rate)
iii)  Platinum Presidents will also be entitled to enjoy higher Promotional Interest Rates

4. How do I earn the Promotional Interest Rate?

You can unlock higher interest by fulfilling the criteria for Boost Bank campaigns that offer Promotional Interest Rates.

For more details, view our active campaigns here.

5. Where can I view the full Boost Bank Terms & Conditions?

You can view our full Terms & Conditions here , Product Disclosure Sheet (PDS) here, or FAQ here.