Which Digital Bank Is Best in Malaysia? 2026 Comparison
We compared Ryt Bank, GXBank, Boost Bank, AEON Bank and KAF Digital on savings rates, app ratings and what real users say.
Key facts
- Best overall app experience: Ryt Bank (4.8★ App Store, 4.6★ Google Play).
- Best rate with no strings: Boost Bank, 2.5% p.a. on the Savings Account and 3% p.a. in Savings Jars.
- Best for fixed-term saving and business: GXBank, with Bonus Pockets and business accounts.
- Best Islamic option for everyday use: AEON Bank.
- All five are licensed by Bank Negara Malaysia and PIDM-protected up to RM250,000.
Malaysia's five digital banks
Bank Negara Malaysia licensed five digital banks: GXBank, Boost Bank, AEON Bank, KAF Digital and Ryt Bank. They all run entirely through an app, and they all carry the same PIDM deposit protection as the big high-street banks. Where they differ is the rate you earn, how many hoops you jump through to get it, and how well the app behaves day to day.
There's no single winner for everybody, so below we compare them on what matters most: savings returns, app quality and real user feedback.
Savings rates compared
| Bank | Base rate | Higher rate | Type |
|---|---|---|---|
| Ryt Bank | 2.05% p.a. | 4.0% p.a. on first RM20k in Save Pockets (stamp card) | Conventional |
| Boost Bank | 2.5% p.a. | 3% p.a. Savings Jars; Special Jars up to 3.3% p.a. (partner spend) | Conventional |
| GXBank | 2.00% p.a. (reported) | Bonus Pocket, fixed tenure (rates in app) | Conventional |
| AEON Bank | Profit rate shown in app | Promotional Savings Pots | Islamic |
| KAF Digital | Hibah (discretionary) | Past hibah is not a promise of future returns | Islamic |
The short version: Ryt pays the most if you use its card regularly. Boost pays the most if you don't want to think about it. GXBank is in between, with fixed-term pockets that reward patience.
App ratings compared
| Bank | Google Play | Play ratings | Downloads | App Store | App Store ratings |
|---|---|---|---|---|---|
| Ryt Bank | 4.6★ | 9,023 | 1,000,000+ | 4.8★ | 4,989 |
| GXBank | 4.2★ | 13,203 | 1,000,000+ | 4.2★ | 4,920 |
| Boost Bank | 4.0★ | 4,262 | 500,000+ | 2.9★ | 569 |
| AEON Bank | 3.7★ | 2,166 | 500,000+ | 3.3★ | 994 |
| KAF Digital | 3.8★ | 524 | 100,000+ | 3.3★ | 233 |
Ryt leads clearly. GXBank has the most ratings overall and holds steady at about 4.2. Boost Bank's iPhone score (2.9) is much lower than its Android score (4.0), and AEON and KAF sit in the high 3s on Android.
Bank by bank
1. Ryt Bank: best all-rounder for active users
Up to 4.0% p.a., Apple Pay, an AI assistant and the best-rated app in the group. The 4% needs stamps from card or JomPAY payments. Full details are in our Ryt Bank review.
“The best digital bank in Malaysia! Based on reviews about other digital banks and friends who used them, I think this bank is the best option out there!”
5★ · Google Play user · Google Play · 2 Aug 2026
2. GXBank: best for fixed-term savers and small businesses
Backed by Grab, GXBank says over 1 million Malaysians use it. It offers personal and business accounts, FlexiCredit personal loans and Bonus Pockets for higher fixed-term returns. Recent reviews do mention login and device-security issues after updates.
“Still a good alternative. Great UI. Adding google pay support would be even better.”
2★ · Google Play user · Google Play · 29 Aug 2026
3. Boost Bank: best simple rate
2.5% p.a. on the Savings Account with no conditions, 3% p.a. in up to 8 Savings Jars, and Special Jars up to 3.3% p.a. when you spend with partners. You can open an account with as little as RM1. The trade-off is app reliability: recent reviews flag downtime and a new minimum Android version.
“Boost bank savings jar at 3.3% no conditions.”
u/coffee-noob1 · r/MalaysianPF · Aug 2026
4. AEON Bank: best Islamic option for shoppers
Malaysia's first digital Islamic bank. Profits are paid daily and cashed out monthly, with no minimum balance, plus AEON points and Zakat payments in the app. Users like the points and the Shariah structure; biometric login after phone changes is the main complaint.
“It's a great digital bank. No weird gimmicks. Syariah compliant is what pulled me into using it.”
4★ · Google Play user · Google Play · 16 Jul 2025
5. KAF Digital: Islamic, still maturing
KAF pays hibah, a discretionary gift rather than a fixed rate, so past returns aren't a promise. It has the smallest user base of the five (100k+ downloads) and the most registration complaints, though some long-time users say it has improved.
“The app has improved a lot, much more stable now. Customer service has been very helpful whenever I had issues.”
5★ · Google Play user · Google Play · 25 Nov 2025
So, which digital bank is best?
| If you want… | Pick |
|---|---|
| The best app and top rate, and you spend by card | Ryt Bank |
| A good rate with zero effort | Boost Bank |
| Fixed-term pockets or a business account | GXBank |
| Islamic banking with shopping perks | AEON Bank |
Plenty of people use two. Stuck between the two most popular? Read GX Bank vs Ryt Bank.
FAQ
Which digital bank in Malaysia has the highest interest rate?
Ryt Bank's 4.0% p.a. on the first RM20,000 in Save Pockets is the highest headline rate, but it needs regular card or JomPAY spending. Without conditions, Boost Bank's 2.5% p.a. Savings Account and 3% p.a. Savings Jars pay more than Ryt's 2.05% or GXBank's reported 2.00% base.
Are Malaysian digital banks safe?
All five digital banks are licensed by Bank Negara Malaysia and deposits are protected by PIDM up to RM250,000 per depositor, the same protection as traditional banks.
Which digital bank is Shariah-compliant?
AEON Bank and KAF Digital are Islamic digital banks. Ryt Bank, GXBank and Boost Bank are conventional.
Which digital bank app has the best ratings?
On 28 October 2026 Ryt Bank led both stores with 4.8 on the App Store and 4.6 on Google Play, followed by GXBank at about 4.2 on both.
Can I have accounts at more than one digital bank?
Yes. Many Malaysians use two or more, for example one for daily spending and one for savings. PIDM protection applies separately at each bank.
Sources
- Bank websites: rytbank.my, gxbank.my, myboostbank.co, aeonbank.com.my (28 Oct 2026)
- Google Play and Apple App Store, Malaysia storefronts (28 Oct 2026)
- r/MalaysianPF discussion; Fintech News Malaysia rate tracker
Rates change often, so confirm in each app. See our editorial policy.