I don't bother with the ledger accounting. The key thing is you must see your account figures go up by that 1,2,3,4... cents in MYR, if you use the magic numbers. And make sure you can withdraw them.

BoostBank's backend IT system is shitty so it will take them some time to tally the backend figures on their own.

As of today, all my interests are withdrawable, except the birthday jar which is full so I can't take the money out or I will lose every extra cent of interest on the remaining amount.

Interested credited as usual...

Use magic number... easier to check

Just in case you do not know, there are 4 other Sabah jars with names like Batares, Farley etc. which you could open and deposit money for 30 days/1 month.

You don't need to spend anything within the 1st month and 1 month later the account will be deactivated and the money will move to the DSA account automatically.

Like Medufsaid says, the interest is creditd daily around 12-1 am, in a progressive manner. Usually, for my case it's always the normal saving jars that get credited first, followed by DSA and finally the special jars. But some jars are credited first before others, so it's a mix of them usually.

In any case, by 1 am, all interests should already come in.

GX Bank uses a different system, all interests are credited at a single point in time to all pockets and main account simultaneously, which I feel is a lot better,

Err, let me correct something...

The 10% thingie only applies to the first case only i.e., 36.60 per jar (because 0.005 interests gets rounded up to 0.01, per day, the effective interest rate doubles from 5% to 10% p.a.).

Now, all subsequent cases like your case here, 0.115 rounds up to 0.12 does not yield a boost of 100% in interest rate (i.e, 5% does not go up to 10%). The effective interest rate in your case is 5% * 0.12/0.115 = 5.217% p.a.

So, please don't assume it's 10% p.a. yea, sorry that I have to spoil the party...

Well actually he doesn't have to do anything.

The opportunity cost isn't high at all. It's not 10% p.a. yes, but the marginal interest rate for the special jars is 5% p.a. which means every 73.20 placed in any special jar above the original 36.60 earns 5% p.a. for this month (up to 30 days).

I doubt he can find any liquid accounts with PIDM protection that gives 5% p.a. (albeit for 1 month) and the ability to withdraw any time without any penalty.

Heck, not even bank FD can give you that kind of treatment! They will just forfeit all your interests for early withdrawals...

The banks bully us long enough.. Now we seek revenge, we hungry kiamsiap ultra thrifty savers...

This post has been edited by TOS: Oct 10 2024, 09:51 PM

Make sure you guys update your BoostBank app on Play Store (for Android users). They fix the jar oversubscribed bug.

Now, it's not possible to deposit any amount into CelcomDigi and Birthday jar anymore.

For maximum flexibility, one can withdraw all monies except 36.60 MYR from the 2 jars and put them in bundles of 73.20 MYR into the remaining Sabah jars... That way you can still withdraw 5% p.a. daily interests from other jars and being tied up in the "full" jars.

Try not to use Duitnow online banking/wallet, use DuitNow transfer to transfer money directly instead.

I have never had issue with DuitNow Transfer.

You just provided more evidence to support this claim:

What if they raise it to 6% p.a. after the event ended?

Tried transferring my BoostBank daily interest this morning to Rize, no issue reported. Money received in Rize.

In theory yes, but in practice it's impossible. Here's why:

1. You can't deposit everything in 1s. The human reaction time is some 0.2 s. Screen loading takes a couple more milliseconds... Add this and that, you need a buffer of a couple of minutes to get the money in from another account.

2. Once the money is in, after 12 am, you won't immediately get the interests. The interests are distributed sequentially, jar by jar, pocket by pocket, over the period of a couple of hours. The interest will first go into 2-3 jar/pocket, then 5-10 minutes later another 2-3 jar/pockets etc. Everything will be done after 1-2 hours. So, unless you wish to stay awake till 2-3 am to check all the money is in, you are better off using say GX Bank, where interests are credited in one shot around 12.30 am.

This post has been edited by TOS: Oct 29 2024, 04:45 PM

Let's hope they will reopen the jar for a while...

No, no. They are reduced to 4% p.a....

https://myboostbank.co/sites/default/files/...%28Final%29.pdf

https://myboostbank.co/special-jars

Check the T&C guys...

Just to double check, for those opening the 4 Sabah jars this month, starting 1st November since we don't fulfill the "criteria in paragraph 1", that means we will lose the 4% jar also right?

All monies will be credited to DSA betul?

GX Bank may have promos on 5th Nov...

And Maribank is about to go online in November/December this year. The deposit war is not over yet.

Birthday and CelcomDigi 3.6%, the 4 Sabah jars (if you are still eligible) 4%. The 8 normal saving jars 3.2%. Main account/DSA remains unchanged at 2.5% p.a.

I see. Your GX Bank already have 1006.50 inside? That one gives you 4% p.a. They will also announce new promos on 5th of November, the same day as US election...

Phone issue? Android vs iOS? Reset app settings might help?