Sometimes they are unstable. But Rize's customer service is excellent.

Boostbank so far we know they are unstable at times and customer service is shit as well, although their interest rates are the highest at the moment.

I see, i just registered an account with Rize, so I'll be sticking with Rize as far as putting my monthly savings goes, as for GX Bank currently it's got the exact amount to earn 4% interest, and I'll check back here every month to see if there's any changes. Thanks for all the help mate !

Hey sorry to quote you again, now in GX Bank, my total balance is 1921.60, main account 1006.50, savings pockets 915.10 respectively, so as of today I just leave it like that and do not deposit anymore money into GX bank so I get to earn that 4% ?

Also, would I be able to check how much interest that I got at the end of the month for Rize ? Will it reflect in the transaction history tab ?

This post has been edited by Sotsotzaii: Oct 8 2024, 12:24 PM

You need to keep removing RM0.01 per day from savings pocket and the main account or else with the time the 4% become 3.9%, so on and so forth.

So basically now my pocket is showing 91.51, that means for every single day I have to tab into every single pocket - 10 in total, to withdraw rm 0.01 out to continue receive the 4% interest ?

whether you removes it or not, whether its 4% or gradually lesser, your max interest is still 0.11 sen
Unless you can/want to transfer the 0.11 somewhere to earn interest.

This post has been edited by leanman: Oct 8 2024, 01:47 PM

I wanted to avoid paying extra for the bank transaction fee when using credit/debit card.
So the plan is to withdraw cash from atm there.
The rate is much more better than getting it from money changer here

But there is a ATM charge by the ATM owner/operator.

This is talking about optimising to get 4%p.a If you don't withdraw the RM0.01x11, overtime amount you earn will n less than 4%p.a

Not feasible financially just by looking at the rate but neglecting Atm withdrawal fees. Spend using Wise or Gxbank is worth it for sure.

I m travelling overseas at least 4 times a year and also trying to beat the system. But unfortunately its not feasible due to withdrawal fees.

Wrong number bro. 1006.50 is total in account, including ALL 10 saving pockets + the main account.

91.50 in each of them. So it should look something like this:





At around 12.15-12.30 am every morning, you will see 0.01 MYR interests credited into EACH of the 10 saving pockets AND the main account. You can leave it there or withdraw out if you find other better places to reinvest the interests.

--------------------------------

As for your question on Rize, yes, on the morning of the 1st of every month Rize will credit interests from last whole month to you and it will be reflected in the "Transaction History" page of the app.

This post has been edited by TOS: Oct 8 2024, 04:02 PM

Ya, 110yen for every 10k yen.
Rate is still better than money changer here

I included atm withdrawal fee. If one day GXBank start charging for withdrawal fee also, then might be not worth it.
Btw, using gxbank card directly totally have no additional charge? Follow exactly Mastercard conversion rate?

I wanted to avoid paying extra for the bank transaction fee when using credit/debit card.
If that merchant supports card payment, just straightaway use GX Bank card, as it is 0% bank fee. Don't need to think about cash.

If you have TNG Visa card, that one is also 0% bank fee.
Almost all other Malaysian debit/credit cards out there, would usually charge around 1-3% foreign transaction fee.

Alternatively, if that merchant supports JPQR payment (equivalent to our pink colour DuitNow QR), you can try Scan/Pay using TnG ewallet, or other banking apps like Maybank MAE too.
More info here: https://technave.com/gadget/Malaysians-can-...year-37906.html

If that merchant don't accept neither card payment or JPQR, then only you think about cash.
Besides ATM withdrawal fees by that Japan ATM bank operator, I wonder do they have "extra charges" if opt for Dynamic Currency Conversion (DCC) for ATM withdrawals there?

This post has been edited by joshhd: Oct 8 2024, 04:50 PM

Yes correct. 0% bank fee.

Ahh thanks for clarifying. Now my total balance is 1006.50, 91.5 on main account, and 915 total on 10 pockets.

So for Rize, my understanding is that the interest is 3.3% and credited monthly, as for GX we can see the interest daily, either way Rize interest is higher than GX, and it's based on how much capital we have, so at the end of the month, Rize will still give more interest amount at the end of the month right ?

This post has been edited by Sotsotzaii: Oct 8 2024, 07:46 PM

Correct.

Not necessarily. Again Rize gives 3.3% p.a. on all amounts (we ignore the unrealistic 6.6% p.a. 0.005 round up to 0.01 month-end interest case), whereas for GX Bank your first 1006.50 earns earn 4%, then anything more than that earns 2% p.a.

So, it depends on how much you put. If you only have 1006.50, then all in GX Bank, and the rest put in Rize earning 3.3%.

At the end of month GX Bank will earn you in total 0.11*31 = 3.41 MYR. Rize, on the other hand will pay you 3.3% p.a. * 31/366 (31 days in October, 366 days this year) on whichever remaining amount you put in. If you put in anything less than (3.41*366)/(0.033*31) = 1220, then your absolute month-end interest at Rize will be less than GX Bank. Depending on how much extra you put in Rize, the possible outcomes are:

(i) If you put in less than 1006.50 in Rize: less capital than GX Bank + lower than 4% in effective interest rate (i.e., 3.3% p.a. in Rize only) -> GX Bank gives you more absolute month-end interests than Rize.
(ii) If you put in more than 1006.50 in Rize but less than 1220: lower than 4% in effective interest rate (3.3% p.a. in Rize only), even though you put in a little more money above 1006.50, for the sake of comparison with GX Bank. -> GX Bank gives you more absolute month-end interests than Rize.
(iii) If you put in more than 1220 in Rize, then the extra capital starts to compensate for the lower effective interest rate, and now, your Rize will bring in more absolute month-end interests than GX Bank.

Hope that helps.

Don't complicate your life... 1006.50 in GX Bank, the rest in BoostBank, Rize, and possibly peanut amounts in eWallets will do for your liquid funds yea.

This post has been edited by TOS: Oct 8 2024, 10:31 PM

I see, it sounds a bit complicated and hard to absorb but I'm trying my best to understand. To put this in simpler terms, I put 1006.50 in GX Bank, to earn that 4% interest, now before I go any further, it seems tedious to remove that 0.01 interest daily from savings pocket, so can I just put 1006.50 in there, and leave it until the end of the month ? Then check back this thread to see what are the new interest rates or promotions, then adjust the money accordingly for GX Bank ?

As for Rize, I'm using it as a long-term savings from my monthly salary, so it'll definitely be more than what I have in GX, basically I'll set aside a portion of my salary as savings, and all of it goes into Rize, so just for the sake of saying it, Rize total amount of interest would definitely be higher than GX ? Also, since Rize doesn't limits the amount of money to earn the interest, I can put 100K in it and still earns the same full interest, that means it would also be ideal to put my monthly savings in Rize long-term and also to act as liquid funds whenever I need it ?

When we say 4% p.a. on 1006.50, we mean exactly 1006.50, nothing more, nothing less. The moment you put in more than 1006.50, the effective interest rate will start to decline from 4% p.a. and goes all the way down to 2% p.a. as the deposit increases. It's simple to understand. On first day, you earn 0.11 on 1006.50, so your return is 0.11*366/1006.50 = 4%, then the next day you keep the interests inside, so your capital increases to 1006.61, but you still earn 0.11 in daily interests only, now your return becomes 0.11*366/1006.61 = 3.99956% p.a. If you do this for 30 days (about a month), then the effective rate declines to 0.11*366/(1006.50+30*0.11) = 3.9869% p.a. on the last day of the month.

So if you choose to leave your 0.11 MYR daily interests inside day after day the effective rate will decline. The decline will be gradual though, as you can see from the above example. If you are ok with that, then you may leave your daily interests in GX Bank, nothing wrong, it's a matter of how much do you value "convenience", how much are you willing to trade off to pay for the inertia of leaving the money where it should be...

Again, I don't know how much will you save. Whether GX Bank's total interest > Rize or vice versa depends on the relative different on rates and also on the absolute amount of capital you put in. You say "definitely more than GX", is it more than 1220? If that's the case, on based on prevailing rates, then Rize will bring in more interests than GX Bank towards month end. But if your "definitely more than GX" means less than 1220, then your GX Bank interests will still be higher than Rize, due to the higher 4% p.a. effective rate on 1006.50 in GX Bank. It really depends, I can't tell for sure with your statement "definitely more than GX".

And yes, Rize does not limit the amount of money which can earn interests, but remember that the interest rates are subject to revision. Today it's 3.3% p.a. does not mean it will be the case forever. Liquid deposits like Rize, BoostBank, GX Bank are all subject to reinvestment risk, i.e., rates will be lower over time...

Hope that helps.

For GX, i earned 0.11 per day, so can I for example transfer out that 0.11 one shot ? I tried it this morning, and now my main account is 91.40, pockets is 915.10. But my total balance is still 1006.50 as I transferred out the 0.11 interest earned daily, so rather than moving the pockets 0.01 one by one to the main account, I transfer the 0.11 total interest daily from the main account directly, this method is more convenient and does the same job ?

As for Rize, I currently have more than 7K in it, and the amount will gradually continue to increase as I deposit more money every month, so does this means without saying, the amount of interest that I will be earning in Rize, will be more than GX ?

This post has been edited by Sotsotzaii: Oct 9 2024, 09:11 AM

No, no. You have to remove 0.01 one by one to the main account then transfer out 0.11 MYR in one go thereafter if you wish to transfer out the daily interests and yet guarantee a 4% pa interest rate.

There is a price to pay for earning that 4%...

Yes, assuming you don't top up GX Bank with cash inflows/deposits over time

This post has been edited by TOS: Oct 9 2024, 09:24 AM