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 BoostBank - By Axiata & RHB, Digital Bank of Malaysia

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skymade
post Sep 11 2024, 10:53 AM

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Hi all Boost Bank users,

I knew that Boost bank currently was offer 3.6% daily interest and payout weekly basis. But am confuse as some was mentioned weekly interest over here.
Assuming, I'm deposit in RM100 on 1st day, and transfer out all RM100 on 2nd day...etc, thus the balance was RM0 on day 6.
Am i still getting interest on day 7?

TIA.

This post has been edited by skymade: Sep 11 2024, 11:01 AM
skymade
post Oct 1 2024, 10:25 AM

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Interest is credited daily now. biggrin.gif

According to the new T&C:
6. Interest Payment Frequency
DSA: Interest is credited daily on the anniversary of the DSA account opening date.
Savings Jars: Interest is credited daily on the anniversary of each individual Savings Jar's opening date. If a Savings Jar is closed, any accrued interest will be credited to the DSA.
skymade
post Oct 1 2024, 10:34 AM

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From: Cheras


QUOTE(Wolgie @ Oct 1 2024, 10:27 AM)
Any update TnC? too many? who can sumirize wat update?
Login popout new TnC, must tick yes, if not, cannot in  doh.gif
*
Before tick "yes", you could download the t&c into your phone. The website t&c is not updated yet, as well as the in-phone t&c.

Otherwise, use link from post#300. It's the same as mine downloaded copy.

This post has been edited by skymade: Oct 1 2024, 10:34 AM
skymade
post Oct 1 2024, 12:52 PM

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According to the latest Boost's Product & Disclosure sheet dated today, seems like the saving jar interest rate is going to reduce to 3.2% soon.
But it still showing 3.6% on my phone? Will know it whether 3.2% or 3.6% on tomorrow once daily interest credited.


https://myboostbank.co/sites/default/files/...osure_Sheet.pdf
skymade
post Oct 1 2024, 01:07 PM

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QUOTE(TOS @ Oct 1 2024, 01:00 PM)
The old T&C also has the same statement: https://myboostbank.co/terms-and-conditions

So it's still weekly I think.

The old PDS also says 3.2% p.a., but the saving jar rates have been 3.6% since Boost Bank was launched: https://myboostbank.co/sites/default/files/...ngs_Acocunt.pdf
*
Pretty sure that the previous days' interest was credited to me this morning. since I just opened the account less than a week and noticed the interest was credited this morning. biggrin.gif
I see, the old PDS did mentioned 3.2% as well. So it doesn't take effect yet. rclxm9.gif

Thanks.

Updated: Just made a call to Boost, and they said interest for saving jar remain 3.6%.

This post has been edited by skymade: Oct 1 2024, 01:09 PM
skymade
post Oct 1 2024, 01:25 PM

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QUOTE(TOS @ Oct 1 2024, 01:12 PM)
Uhmm previous day means yesterday and that's still September. System only upgraded to take effect this month (i.e., starting today), no?

Previously the interest is credited on a weekly basis. You have checked that your first deposit was less than 1 week ago?
*
Today is my 5th day with Boost Bank, my first deposit on 27-Sept, and never received any "Interest Paid" before last night.
This morning when I open the app, I saw there are a number of transactions named "Interest Paid" was credited into DSA and diff jars.
According to the transactions records, the 1st interest was paid on 28-Sept until today, all interest credited today.
skymade
post Oct 1 2024, 01:34 PM

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QUOTE(TOS @ Oct 1 2024, 01:28 PM)
Oh, so that means BoostBank shifted to daily interests from at least 27th September onwards?

You deposited on 27, you already got money coming in on 28?
*
Only got the money today.
skymade
post Oct 1 2024, 01:56 PM

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QUOTE(TOS @ Oct 1 2024, 01:34 PM)
Right, then it's time to move money form GX entirely to BoostBank...

Magic numbers to try out:

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.)
5% special jars: (0.005/0.05)*366 = 36.60 MYR assuming 5% daily interest (effective rate 10% p.a.)

cclim2011 and skymade can you guys confirm that you deposited at least 73.20/50.84 into the DSA or normal saving jars. (For the 4% saving jars last month, to earn at least 0.01 MYR interest the magic number should be (0.005/0.04)*366 = 45.75 MYR.) You guys deposited at least the above numbers and got daily interests?
*
Sorry, I didn't play around the magic number. tongue.gif
For example, a normal saving jar (3.6%) with RM525 starting on 29-Sept:

30-Sept:
- Interest paid 0.05, morning
- Deposit-in 75, at night

1-Oct:
- Interest paid 0.06, morning.

I don't have 4% jar.

This post has been edited by skymade: Oct 1 2024, 01:58 PM
skymade
post Oct 1 2024, 02:26 PM

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Haha, looks like Boost Bank is "All-In" trying to attract more and more customers starting today.

So many changes in a day and haven't officially announce yet, stay tune for more changes.

This post has been edited by skymade: Oct 1 2024, 02:27 PM
skymade
post Oct 2 2024, 10:01 AM

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QUOTE(TOS @ Oct 2 2024, 12:55 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.

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

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.).
*
Thank you.
I going to try yr magic number on GxBank, since it's empty now. drool.gif
skymade
post Jan 2 2025, 11:48 AM

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From: Cheras


Yes, internal server error here as well.
skymade
post Jan 2 2025, 07:01 PM

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From: Cheras


My app shown:
normal jar as 3.2%
Celebration jar as 3.6% (with campaign period = 8month, end date = 30June2025.
skymade
post Jan 10 2025, 10:32 AM

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QUOTE(TOS2 @ Jan 10 2025, 10:22 AM)
Thanks for the heads-up. Now can transfer money out. Left 73 MYR in DSA, 60.84 in all remaining 8 jars and Celebration jar.

Time to go back to good old Rize (maybe not so good in December 2023...) biggrin.gif
*
How's a Rize bank if comparing with GX bank and Boost Bank?

TIA.
skymade
post Jan 10 2025, 10:41 AM

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QUOTE(TOS2 @ Jan 10 2025, 10:38 AM)
Overall, if GX Bank is rated at 10, Rize would be 7-8, BoostBank will be 2-3 in terms of reliability. Others may report different figures based on their user experience.
*
Haha, I love your above quote. biggrin.gif

Thank so much.
skymade
post Aug 1 2025, 10:11 AM

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From: Cheras


QUOTE(ericlaiys @ Aug 1 2025, 09:57 AM)
haiz, early in the morning want to withdraw. but all Jar has automatically withdraw itself to main account..Total 10 jar (except special jar)
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I have the same issue but it only happened in 1 of the jar to main account..... scary!

 

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