Digital banking in Malaysia just got real! With all five digital banks now live, everyone’s asking the ultimate question: Which one is actually the best? 🤔
In this guide, we’re ranking all five digital banks based on real-life experience, not just flashy marketing. To make it fair, we’re judging them on four key categories:
UI/UX – How fast can you open an account? Is the app easy to navigate? Does it feel smooth or buggy?
Interest Rates – Who grows your money the most?
Rewards & Cashback – Because perks matter when you spend!
Services – Credit, loans, insurance, BNPL, and ecosystem integration.
These rankings are based on hands-on experience, so your mileage may vary. Let’s dive in!
Meet the Players 👋
GX Bank – First to launch, backed by Grab, Singtel & Quark. Consumer-focused, perfect if you’re in the Grab ecosystem.
AON Bank – Malaysia’s first Sharia-compliant digital bank, backed by AON Japan & AON Credit. Great if you love Islamic banking.
Boost Bank – Joint venture between Ayata & RHB Bank. Simple, good if you’re already a Boost wallet user.
KAF Bank – Second Sharia-compliant digital bank, backed by KAF Investment Bank.
Right Bank – The first AI-powered digital bank in Malaysia, backed by YTL & C Group. Futuristic banking at your fingertips.
Category 1: UI/UX – How Smooth Is It? 🚀
5th: KAF Bank – Slow account opening, verification issues, buggy app, minimal features. Confusing emails? Check. Frustrating navigation? Double-check.
4th: Boost – Fast if you’re already a Boost user, otherwise it’s slower. Simple interface but feels empty. Limited insights and total balance visibility.
3rd: AON Bank – Everything’s there, but the app feels cluttered. Balance loading is slow and navigation can confuse first-timers.
2nd: GX Bank – Clean, intuitive, fast. Account opening takes just 4 minutes! Instant balance updates, smooth navigation, very stable.
1st: Right Bank – Modern, smart, alive! AI-powered personal finance assistant, best insights, no bugs, no lag. Futuristic banking done right.
Category 2: Interest Rates – Who Makes Your Money Grow? 💰
5th: AON Bank – Main account 0.25%, savings up to 3%, term deposit max 3.08%. Daily calculation, monthly crediting. Sharia-compliant but rates are modest.
4th: Boost Bank – Main 2.5%, jars up to 4%, campaign-based, daily credit. You have to spend RM500/month to unlock top rates.
3rd: KAF Bank – 5% for first RM2,000, then 3%. Weekly compounding, no lock-in, simple for small savings.
2nd: GX Bank – Base 2%, bonus pocket up to 4%, daily compounding. Three-month commitment for bonus, but very solid.
1st: Right Bank – Main account 3%, safe pocket up to 4%, daily compounding, transactions-based qualification. Fun “ka-ching” every day!
Category 3: Rewards & Cashback 🎁
5th: KAF – Nothing much here, low FX fees only.
4th: AON – 1 point per RM1 spent (~0.5%), sometimes promo boosts. Great if you shop at AON regularly.
3rd: Boost – 2% cashback on debit card, boost stars 3x normal rate. Only shines if you’re deep in Boost ecosystem.
2nd: Right Bank – 1.2% unlimited overseas cashback, zero FX fee, AI transfer cashback, 20% dining discounts at partner hotels. Clean & simple.
1st: GX Bank – 1% cashback overseas, zero FX fees, zero ATM withdrawal fees, Grab ecosystem integration, Grab coins 3x on rides & food, up to RM100 car insurance cashback.
Category 4: Services – Beyond Savings 🏆
5th: KAF – Basic savings & payments, limited features.
4th: Boost – Motorbike loan, BNPL, insurance, QR payments, Boost ecosystem perks.
3rd: Right Bank – Pay-later, AI budgeting, AI chatbot for payments. Still growing ecosystem.
2nd: AON Bank – Personal financing, Sharia-compliant term deposits, retail perks, membership perks.
1st: GX Bank – Most complete ecosystem. Business accounts, Grab integration, rewards, savings, payments.
The Ultimate 2026 Digital Bank Ranking 🏦
GX Bank – Most complete banking experience. Fast, stable, high rewards, solid interest, ecosystem perks. Perfect for everyday users & business owners.
Right Bank – Modern, AI-driven, futuristic. Best for innovation lovers & those who want banking reimagined.
AON Bank – Best for Sharia-compliant banking and AON shoppers.
Boost Bank – Good for existing Boost users.
KAF Bank – Simple, high return for small balances.
💡 Pro tip: All accounts are free to open! Try one or two, explore the apps, and see which suits your lifestyle best.
Bonus Tip! 🎉
Want to grow your money effortlessly? I’ve been using Versa, a wealth management app managed by experts at AHAM Asset Management Berhad. It’s super easy, even for beginners!
💰 Sign up now and get RM10 free:
Download the app: Versa Download Link
Use referral code: UAVR6K5X
Complete onboarding
First cash in min. RM100
Start growing your wealth today! 🌟
🔥
#DigitalBankMalaysia #FinTech2026 #GXBank #RightBank #BankingRevolution #MoneyTips #InvestSmart #CashbackRewards #FinancialFreedom
