Boost Bank: Probably the most complicated digital bank right now

Home minister says eight nabbed for suspected terrorism a concern for spreading caliphate ideology, made police their No 1 targetKUALA LUMPUR, June 25 — Boost Bank is Malaysia’s third digital bank launched early this month. At the time of writing, the Boost Bank app only offers a savings account as it has yet to offer any spending options as it lacks DuitNow QR support or debit cards for the general public.

To enjoy a higher interest rate, you can unlock the Platinum President tier by making a minimum deposit of RM2,000. Once upgraded, you’ll get a higher 2.5 per cent p.a. daily interest on the Savings Account and 3.2 per cent p.a. daily interest for the Savings Jar. As part of Boost Bank’s introductory promotion, they are offering a higher 3.6 per cent p.a. daily interest for the Savings Jar until 31st August 2024.

You'll have to spend RM50 with Boost eWallet monthly at a partner store to unlock 4 per cent p.a. promo interest. — SoyaCincau pic As far as we can tell, we have fulfilled all criteria which includes activating the Platinum President Tier level, linking the Boost eWallet and spending a minimum of RM50 at Mydin. In total, we lost almost 7 days worth of “higher” daily interest.Boost Bank wants you to use Boost eWallet. — SoyaCincau pic

From a glance, it gives the impression that you can now use Boost eWallet to spend funds from your Boost Bank account balance, but in reality, that’s not the case.When we tried to make a QR payment, it insisted on using Boost eWallet funds and there’s no option to use your Boost Bank Savings account. This clearly shows that the eWallet app is not integrated with the Bank and the combined balance is just an illusion of integration.

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