Which Is The Best Digital Bank In Malaysia?
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- Опубликовано: 6 авг 2024
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3 digital banks have launched in Malaysia so far being GX Bank, Boost Bank, and Aeon Bank.
Honestly, they're all pretty great and its refreshing to see their approach so far with decent interest on our cash, really good app design, and even bringing spending rewards to debit cards.
In this video I compare all 3 of them in different aspects. (Spoiler: there is no best)
⌚ Timestamps:
00:00 Intro
00:39 What are digital banks
2:13 Safety and regulation
3:09 Liquidity
3:50 Shariah compliance
4:17 Interest/returns
9:29 User interface and experience
11:09 Spending benefits
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![5 Kad Kredit TERBAIK di Malaysia 2024 | [Entry Level]](/img/1.gif)
Thank you this is really helpful. I look forward for other two digital banks, more competition to benefit customers 😂
Yaayy Team GX, I agreed Bosst does has their conditions to earn. Abit Fussy.
I prefer and use GX bank. Clear and not confusing. Boost is too confusing. Aeon- had bad experience, so not comfortable with their bank.
Similar haha. Still use the others though
What about annual fees? I think only Aeon bank has it compared to the other 2
Think they all have it on their card but waived for now
Before this the best rate for shariah is rize.. now moved to aeon. This digital bank makes it easier to transfer my money. Well, consumer won😊. Gonna use whichever acc giving best rate
Yeah at the end of the day all this competition benefits us 😂
Mbsb can give 1.8% profit and u just need to keep 50rm in the account 3.88% profit for aeon! Wow! 😱 Im gonna open an account wz aeon!
Haha aeon is pretty good now, highest for a savings account. Just hoping they extend promo 😂
is it true that you spend using aeon debit card anywhere still got aeon point?
From what I know yes
digital bank is cool and all but where do i withdraw physical money. i understand that we could apply for debit card and withdraw from atm but do they charge for withdrawal fee for different bank? how about those kiasu who dont want to pay the 1.00 withdrawal fees. i guess, i should hold it on for now about digital bank.
You can still have regular bank like I use Maybank I use digital bank only to stash away some cash for emergency and when I need it I will transfer to my main acc (Maybank) and withdraw from there. No charges other than annual fee Rm8
If I am not wrong, for gxbank they currently waive the MEP’s charges. However, I haven’t try withdraw gxbank bank debit card overseas.
GXBank waives the meps fee. Anyway all banks have that RM1 charge if withdrawing at another banks atm. Can’t go looking for your bank all the time 😅
@@MillennialFinanceMalaysia sorry not accurate. the only traditional bank that waived this (for now) is HSBC Advanced-i and above. I use HSBC Amanah for many many years and it's my primary traditional bank merely for the zero-fee withdrawal at any ATM/MEPS branches.
of course, once AEON launches the Shariah-compliant AEON Bank with 3.88% pa I signed up. won't go for GX either since they are not Shariah-compliant.
OCBC Frank Account is giving 2.2% with no conditions.
Ye they were then only decent ones prior to digital banks
Shouldn't TNG be better ? It gives 3.95pa
That one isn’t a bank, it’s their money market fund. Quite a good product though
why not include rize? rize also a digital bank right?
Not really bcs they’re under al rajhi bank. It’s like if Maybank came up with a new app and called it a new digital bank
@@MillennialFinanceMalaysia so it's like MAE for maybank?
Yep!
never compare with RIZE?
Wouldn’t consider it a digital bank
worked in banks for decades... bank is bank, without your deposit they have no funding to start lending any credit products. digital bank has no cost for maintaining branches or service centers so they can give a higher interest for now to collect funding for the future business, once they have enough funding, there is no such thing as that is the rate, under regulation, they can change the rate by T & C you signed up for at any time they want to.
Yes, then we change bank. Due to competition banks will keep interest rates attractive esp digital banks
Yep hoping this is the case, seeing the competition heat up already
Then we take all our money out. So they can start all over again to collect funding again 🤣
Just take our money back and put wherever the best. Not like we will ever need to queue opening account nowadays
if all what your guys are saying come true, why traditional bank with so low rate and still have many customers staying? if you understand data science, you should know human is behavioural animal, once you get used to something you do not change that quickly. wait a few years all of you the young one becomes middle age, even harder to change. bank makes money because they studied customers for almost 70 years by history.
GXBANK lfg🎉