That's ridiculous. How come the same bank can have 2 interest crediting policies? What kind of bank is this...

Do you guys check that you have deposited money spanning multiple days consecutively?

There is a chance that you deposited money on 22nd, 24rd and 24th September (each day got money entering either the DSA or saving jars), so one week later, on 29th, 30th Sept and 1st of October, you will receive interests 3 days consecutively.

It looks like daily interests but it is not, it's just due to the fact that you deposited money consecutively every day a week ago.

Magic numbers as follow:

Normal DSA: (0.005/0.025)*366 = 73.20 MYR assuming 2.5% daily interest (effective rate 5% p.a.)
Normal saving jars: (0.005/0.036)*366 = 50.84 MYR assuming 3.6% daily interest (effective rate 7.2% p.a.) * 8 jars = 406.72 MYR maximum
5% special jars: (0.005/0.05)*366 = 36.60 MYR assuming 5% daily interest (effective rate 10% p.a.) (per jar)



Alright I trust you all, I am going to transfer from GX Bank to this one...

GX Bank's 4% pales in comparison to BoostBank this time...

This post has been edited by TOS: Oct 1 2024, 04:09 PM

Just want to check the debit card annual fee is waived for the 1st year only right?

https://myboostbank.co/debit-card

After that every year will require RM 8 annual fees correct?

We are now sure the interest payment will occur daily for the 5% birthday jar: https://myboostbank.co/sites/default/files/...ar_Campaign.pdf

And that's also the case for the CelcomDigi jar: https://support.myboostbank.co/hc/en-gb/art...st-Bank-account

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

But the T&C for the 3.6% saving jar is still stated as weekly payouts: https://myboostbank.co/terms-and-conditions/campaign-terms

I think they still haven't updated the T&C page... risky move...

This post has been edited by TOS: Oct 1 2024, 08:26 PM

All in all in. Money comes in liao.

I can't check for daily interest today because:

(i) I have opened account with money deposited exactly one week ago from yesterday, so interest credited today may include have included interests on money since last week.

(ii) The 5% birthday jar T&C clearly states that interests are credited daily, so no dispute on that anyhow.

(iii) The marginal interest rate on the 5% birthday jar is ... 5%. So I dump all my leftover cash into this birthday jar after filling up GX Bank (1006.50) and the DSA + 8 normal saving jars. Since my deposit amount is greater than 36.60, I can't check on the interest calculation.

I can only check tomorrow...

Those who tried out the magic numbers feel free to report here if you got your "rounded-up" 0.01 MYR interest per pocket/DSA ya

This post has been edited by TOS: Oct 2 2024, 12:30 AM

First, your aim is to maximize the highest effective rate. That means you double the 5% birthday/partner promo jars to 10%. I computed the figure to be 36.60 MYR.

Then, you move to the next highest effective rate, i.e., the normal saving jars, you seek to double the rates from 3.6 to 7.2%, I computed the figure to be 50.84 MYR per pocket for a total of 8 pockets maximum = total 406.72 MYR.

Lastly you double the DSA rate from 2.5% to 5% = magic number is 73.20 MYR.

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After this, you dump all your remaining money back into the 5% birthday jar and promo jars up to the maximum limit possible. Remember, for the special jars, anything above 36.60 MYR will earn 5% p.a. (the marginal interest rate).

After you hit the limit for all special jars, dump 1006.50 MYR into GX Bank to earn the 4% effective rate.

If there's anything leftover, you then dump the rest into the normal saving jars (for effective rate of 3.6% p.a.)

If all 8 saving jars at BoostBank are full, you go down the "effective rate chain" further and move money to Rize (3.3%).

Further down you have TnG Go+ of around 3.4% p.a., and further down you have AEON Bank 3% -> BoostBank DSA 2.5% p.a. (anything above 73.20 MYR earns marginal rate of 2.5% p.a.) -> GX Bank 2% p.a. (anything above 1006.50 at GX Bank earns marginal rate of 2% p.a.).

Congrats man!

lol BoostBank broke record... first digital bank to give 10% effective rate to users

We are now sure that DSA, normal saving jars, and special saving jars interests are ALL credited daily!

Thanks for the screenshots.

4% p.a. effective rate only on the first 1006.50. Anything above that earns 2% p.a., i.e., the marginal interest rate.

Make sure it's 91.50 MYR per saving pocket for GX Bank. Minimum per pocket MUST be 91.50 to earn the minimum 0.01 MYR interest per day. You can open a maximum of 10 saving pockets at GX Bank + 1 main account, hence 91.50 * 11 = 1006.50.

DO NOT put 1006.50 in just one saving pocket/main account. The effective rate will just be 2% p.a. if you do this.

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

Yes, Boost birthday jar can be emptied anytime.

I am starting to like digital banks... round-up tricks, no gated withdrawals, a far cry from my experience with ewallets...

No magic number for Go+ as the backend is an MMF, the returns fluctuate based on daily deposits/withdrawals plus market interest rates, even though they pay you daily interests.

And don't use their service. Withdrawal from TnG ewallet is a hassle and subject to gating as they like. You don't enjoy the same liquidity as a conventional/digital bank. They will ban you if they like as well.

This post has been edited by TOS: Oct 2 2024, 11:02 AM

The same with deposits as well, yes. You are right. Just an easy workaround, nothing complicated.

Hi there.

Considering that you are ikan paus, I think those magic numbers are meaningless to you anyway.

But yes, for your case,

1. maximize the 5% jars, which you already did.

2. Then keep the rest in the normal saving jars in BoostBank till the maximum (all 8 of them). The maximum sum is 1 million MYR if the FAQ is correct... but then BoostBank's FAQ are known to be outdated at times... You try and see lah

https://support.myboostbank.co/hc/en-gb/art...te-Savings-Jars

3. Then put 1006.50 MYR into GX Bank, 91.50 * (10 pockets + 1 main account) 4% p.a.

4. Dump the remaining ones into Rize 3.3% p.a., pump till the maximum. (I think there is no maximum, but beware of 0.50 fee for transfers above 5000 MYR and 50k MYR limit per day)

5. If you still have leftover ones for whatever reason, then can consider AEON Bank's 3% saving pockets.

6. And if still any leftover, move on to BoostBank's DSA (2.5% p.a.)

7. Lastly, the remaining stays at GX Bank (2% p.a. for amount above 1006.50 MYR).

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

And, please don't use TnG Go+. TnG eWallet is a shitty ewallet, a fake ewallet. It's not a wallet at all. They don't allow withdrawals in big lump sump and they can gate your withdrawals as they like. eWallets are best used for peanut spendings. You only transfer money into ewallets when you need to spend the money, otherwise keep your eWallet balance at 0 at all times.

Hope that helps.

Hi bro, that means we can earn 1 month free interests on ALL special jars right? (Even though we don't spend in the partners' stalls?)

This post has been edited by TOS: Oct 2 2024, 10:48 PM

Thanks. Good to know.

Just an added bonus for those of you who wanna maximize everything to the extreme, given now that we can open so many 5% jars.

We already know that the first 36.60 MYR will earn the effective 10% p.a. interest.

I said earlier that anything above 36.60 will earn 5% p.a., but that's not entirely correct.

The next (and subsequent) 0.01 MYR interest crediting (above the original 0.01 MYR on the 36.60 principal) will only occur when the interests are 0.015, 0.025, 0.035, 0.045 etc.

Let's do some checking:

1. (0.005/0.05)*366 = 36.60
2. (0.015/0.05)*366 = 109.80
3. (0.025/0.05)*366 = 183
4. (0.035/0.05)*366 = 256.20

and so on.

Notice the difference between the consecutive cases (4-3, 3-2, 2-1) are all by the exact same amount 73.20 MYR. It makes sense because the marginal interest rate is 5% p.a., and so 73.20 MYR * 0.05 / 366 = 0.01 MYR (this is where the extra 0.01 comes from on top of the original 36.60 MYR).

If your deposit amount is between the numbers (e.g. 109.80 > 5% jar amount > 36.60, 183 > 5% jar amount > 109.80, etc.), you will only earn up to the previous case's interest.

E.g. if you deposit 50 MYR, you earn case 1's interest of 0.01 MYR (this is as if you deposited only 36.60 MYR).

So if you want to fully utilize your money, make sure you arrange your deposits such that it hits exactly the number 36.60, 109.80, 183, 256.20 etc. Anything in between is deemed "inefficient".

You can obtain the "cases" by applying the formula (0.005+n*0.01)/0.05*366 where n = 0, 1, 2, 3, ... (For the mathematically-inclined, the number sequence forms an arithmetic progression with starting value, a = 36.60 and common difference, d = 73.20, T_n = a + (n-1)*d, n = 1,2,3,...)

This post has been edited by TOS: Oct 2 2024, 11:29 PM

So far my BoostBank all ok. It's Rize which is the problematic one especially around midnight after 1am. GX Bank still can accept deposits via DuitNow around 1 am but Rize straightaway goes offline...

That said, Rize's customer service is very good.

First month no need. One month later the jar will be deactivated if you don't spend at the retail partners (and reactivated again if you spend at one of the partners).

Check item 2 in the T&C (Campaign Mechanics):

(Sabah jars) https://myboostbank.co/sites/default/files/...%28Final%29.pdf

(CelcomDigi) https://myboostbank.co/celcomdigi-x-boostba...l-interest-rate

Err how do you know it's full? I login to the app and it seems like I can still add money in it? There's no notification on the "fullness" of the jar?