Boost Bank is inviting the public to vote on two debit card designs—the vibrant red card or the sleek black card. The online voting will determine which design will be featured on the bank’s debit cards.
The digital bank is set to launch next week, becoming Malaysia’s third digital bank following Grab’s GXBank and AEON Bank, the nation’s first Islamic digital bank.
At launch, Boost Bank will offer a range of products including a standard savings account, a “Savings Jars” feature to help customers save for specific goals, and a debit card with exclusive perks and rewards.
The Digital Savings Account (DSA) offers tiered interest rates based on customer loyalty. Basic tier accounts earn a standard interest rate of 0.5% per annum, while Platinum tier accounts can earn up to 2.5% per annum.
Customers can also create up to eight Savings Jars, each with personalized goals and target dates, earning interest rates up to 3.2% per annum.
To attain Platinum President status, customers need to maintain a minimum balance of RM 2,000 for 25 days within a calendar month. This status offers premium benefits, including higher interest rates on savings. If the balance requirement is not met, the status will be downgraded to Basic but can be regained by meeting the criteria in any subsequent month.
Accounts that are not activated within two months will be closed, and dormant accounts will incur an annual charge of RM 10.
Deposits at Boost Bank are protected up to RM 250,000 under Perbadanan Insurans Deposit Malaysia (PIDM).
Source: fintechnews.my
