Boost Bank has unveiled its latest digital bank promotion where users can enjoy a higher 4% p.a. daily interest rate for the Savings Jar. Announced in partnership with Mydin, Boost Bank users can unlock the “Platinum President with Partner Benefits” tier which requires several steps and the usage of Boost eWallet.
How to unlock 4% p.a. daily interest on Boost Bank
To enjoy the high daily interest rate, you are required to perform the following:
- Make a deposit and maintain a minimum of RM2,000 in your Boost Bank account to upgrade to Platinum President tier
- Link your Boost Bank account with your Boost eWallet app. On the Boost eWallet app, you will need to login to your Boost Bank using your username and bank PIN.
- Use the Boost eWallet app (Not Boost Bank) to spend at least RM50 at Mydin or an eligible Boost partner each month.
- Within one working day, a “Groceries Jar” will appear on your Jars page, which provides 4% p.a. daily interest
Once you have the “Groceries Jar”, you can start earning 4% p.a. daily interest on this Jar and you can deposit up to RM25,000. Take note that the 4% p.a. promo is running until 30th September 2024.
According to the T&C, this 4% p.a. daily interest promo has a maximum cap of RM50 million on the total deposits received on a first come first served basis. It also mentioned that Boost Bank has no obligation to inform customers once the Maximum Cap is reached.
For maximum returns, do remember to add funds into the “Groceries Jar” as any balance kept in the Savings Account will only earn 2.5% p.a. daily interest on the Platinum President tier.
The interest for Boost Bank is calculated daily but it is credited to the account weekly.
You can’t spend using Boost Bank just yet
It is also worth highlighting that this 4% p.a. daily interest promo requires users to spend using their Boost eWallet account. At the time of writing, the Boost Bank app is purely for savings and there’s no option for you to spend as it lacks DuitNow QR and debit card.
While users can “link” their Boost Bank into Boost eWallet, the eWallet doesn’t allow you to utilise funds from your Boost Bank Savings account for DuitNow QR payments. In addition, there’s also no option for Boost users to perform a one-time reload of their eWallet from their Boost Bank account.
As a result, you will need to reload your Boost eWallet via other banks or debit cards before you can spend at Mydin and other participating merchants.
Boost Bank users must maintain a minimum of RM2,000 to enjoy higher interest rate
The high interest rate on Boost is dependent on how much you maintain in your Boost Bank account. To retain the Platinum President tier in the following months, you must maintain a minimum balance of RM2,000 for at least 25 days within the calendar month. The minimum RM2,000 balance required can be a combination of deposits in both the Savings Account and the Savings Jar.
If you fail to meet the criteria, you will be downgraded to Boost Basic which offers 0.5% p.a. daily interest for Savings and 1.5% p.a. daily interest for Savings Jar.
As an added bonus, Boost eWallet app users can redeem a RM10 cashback for Mydin. Just launch the Boost app, go to Profile > Redemption Code and enter the promo code “BOOSTMYDIN”. Once redeemed, you can view the RM10 Mydin wallet under “My Partner Wallets”.
According to Boost Bank’s website, they are expanding its partners to include CelcomDigi, Servay, Bataras, CKS, Farley and Boulevard soon.
For more info, you can visit Boost Bank’s Partner Benefit page. You can also refer to their FAQ and T&C for further details.
