Which Is The Best Digital Bank In Malaysia?

Summary

In this video, the host gives an insightful review of popular products or services, offering genuine opinions and detailed analysis. The host discusses various features, providing both positive feedback and areas for improvement, while encouraging viewers to share their experiences. They also engage with the audience by asking for recommendations and preferences, making it an interactive and informative session. The video wraps up with a call to action, urging viewers to like, subscribe, and stay tuned for future content.

Takeaways

• 😀 Digital banks in Malaysia, including JX Bank (Grab), Aon Bank, and Boost Bank, provide an online-only banking experience with no physical branches.
• 😀 All digital banks in Malaysia are regulated and protected by the *PIDM*, ensuring deposits are insured up to RM250,000.
• 😀 Liquidity is easy to access in digital banks through transfers to other banks, ATM withdrawals, and QR payments.
• 😀 Aon Bank is the only one offering Sharia-compliant accounts among the three digital banks, while JX Bank and Boost Bank offer conventional accounts.
• 😀 JX Bank offers a competitive interest rate of 3% per annum with daily payouts for savings accounts.
• 😀 Aon Bank has the highest promotional interest rate of 3.88% per annum, though it’s a limited-time offer.
• 😀 Boost Bank offers variable interest rates ranging from 0.5% to 3.6% per annum based on the account balance and usage.
• 😀 JX Bank features an intuitive and easy-to-use app, making it a top choice for those seeking simplicity in digital banking.
• 😀 Aon Bank’s interface is slower but functional, making it slightly less user-friendly compared to JX Bank.
• 😀 Boost Bank’s rewards system involves points that can be converted into e-wallet credits, but its debit card benefits and reward structure are still evolving.
• 😀 JX Bank is ideal for users who prioritize cashback benefits, offering 1% unlimited cashback on any spending and competitive foreign exchange rates.
• 😀 Aon Bank rewards users with points for every ringgit spent, which can be converted into cash, providing a steady cashback incentive.
• 😀 Boost Bank’s system can be confusing, but the points system provides users with opportunities for further rewards, such as converting points into Boost Stars.

Q & A

What are digital-only banks, and how do they differ from traditional banks?

Digital-only banks operate entirely online, without physical branches, offering banking services through mobile apps or websites. Unlike traditional banks, which have physical branches, digital banks focus on providing accessible and efficient services with a tech-driven approach.

Which digital banks are being compared in the video?

The video compares three digital banks in Malaysia: GX Bank, Aon Bank, and Boost Bank.

How safe are the digital-only banks mentioned in the video?

These digital-only banks are regulated by Bank Negara Malaysia and offer deposit protection up to 250,000 RM through PIDM (Perbadanan Insurans Deposit Malaysia), ensuring the safety of customer funds.

Do these digital banks offer Sharia-compliant accounts?

Yes, Aon Bank offers Sharia-compliant accounts, while GX Bank and Boost Bank provide conventional accounts, which are not specifically designed for Muslim customers.

What interest rates do the digital banks offer, and how are they paid out?

GX Bank offers a 3% annual interest rate paid daily, Aon Bank offers a promotional rate of 3.88% annually, paid monthly, and Boost Bank offers up to 3.6% with a tiered system, paid daily.

How does the user experience differ among GX Bank, Aon Bank, and Boost Bank?

GX Bank has a simple and clean user interface, making it easy to navigate. Aon Bank’s app is slower and cluttered, while Boost Bank’s app is responsive but has a complex system of tiers and rewards, which can be confusing.

What are the debit card reward systems offered by these digital banks?

GX Bank offers 1% cashback with no spending limit, and additional Grab Rewards points. Aon Bank provides points that can be converted into cash (approximately 0.5% cashback), and Boost Bank offers Boost Stars that can be redeemed for e-wallet credit.

Are there any additional fees or benefits associated with these digital banks?

GX Bank currently waives ATM withdrawal fees, which is an added benefit for users. Aon Bank and Boost Bank do not specifically mention similar fee waivers in the video.

What factors should consumers consider when choosing a digital bank from the ones discussed?

Consumers should consider interest rates, cashback rewards, user experience, and any additional benefits like ATM fee waivers. They should also evaluate whether they prefer conventional or Sharia-compliant accounts.

Which of the three digital banks is most recommended based on the video?

GX Bank is most recommended for its simple interface, high-interest rate, and straightforward cashback rewards. However, Aon Bank offers the highest initial interest rate, and Boost Bank has a rewards system suited for those who prefer using their e-wallet.