Boost Bank has launched a new promotion where you can enjoy a higher 5% p.a. interest rate for a limited time. The special interest rate is only applicable when you deposit funds into special jars which come with their respective campaign period and terms and conditions.
If you’re thinking of maximising your returns with this Boost Bank offer, the Special Jars promotion is quite complicated. Here’s everything you need to know.
Boost Bank has 6 Special Jars offering 5% p.a.
To recap, there are 3 areas where you can deposit money into your Boost Bank Account. The Savings Account which is used for daily spending and fund transfers is currently giving 2.5% p.a. daily interest and the earned interest will be credited to your account weekly.
For long-term savings, Boost Bank has a Savings Jar which currently offers 3.6% p.a. daily interest and the earned interest is also credited to your account weekly.
For the highest returns, Boost Bank is now offering 5% p.a. daily interest via the 6 Special Jars – Boost Birthday, CelcomDigi, Bataras, CKS, Farley and Servay.
But here’s where it gets complicated. Each Special Jars has its own “unlocking” requirements, campaign period, interest payout frequency and maximum cap on deposits. Despite what’s displayed in the Boost Bank app, the actual period for the 5.0% p.a. daily interest is actually shorter than you think.
Boost Birthday Special Jar
The most straightforward Special Jar is the Boost Birthday Jar. In conjunction with Boost eWallet’s 7th birthday, they are offering 5.0% p.a. daily interest from 1st October to 31st October 2024. The interest payment for this Special Jar is credited daily.
However, take note that each customer may only deposit up to RM25,000 into this Boost Birthday Jar and the maximum cap for the entire campaign is RM200 million, on a first come first served basis. After 31st October 2024, the Boost Birthday Jar will still be there but the promotional interest rate will be reduced to 3.6% p.a. interest rate.
You can read the full terms and conditions for the Boost Birthday Jar Campaign here.
CelcomDigi Special Jar
The CelcomDigi Jar has been around since August and it offered a 4% p.a. interest rate. This Special Jar can be unlocked by spending RM20 in a single transaction every month on your CelcomDigi Prepaid or Postpaid account using the Boost Bank Debit Card or with your Boost eWallet. According to the terms and conditions, the interest payouts will be occurring weekly.
With the latest campaign, Boost Bank is offering 5.0% p.a. interest rate for the CelcomDigi Jar. Despite what was displayed on the screen (5th August to 7th November 2024), the 5.0% p.a. interest rate is only valid from 1st October until 31st October 2024.
Take note that each customer may deposit up to RM50,000 and there’s a maximum campaign cap of RM50 million from a first come first served basis from 8th August until 7th November 2024.
You can read the full terms and conditions for the CelcomDigi Jar here.
East Malaysia partner Jars
For users in East Malaysia, Boost Bank has also introduced four Special Jars which provide 5.0% p.a. daily interest rate. To unlock the Bataras, CKS, Farley and Servay Jars, you’ll need to spend a minimum of RM50 every month with the respective retailer using the Boost Debit Card or Boost eWallet app.
On the Boost Bank app, the listed Campaign Duration is from 1st October to 31st December 2024, however, the 5.0% p.a. interest rate is only applicable from 1st October to 31st October 2024. According to the T&C, the promo interest rate will be reduced to 4.0% p.a. per annum after 31st October 2024.
Similar to the Boost Birthday Jar, it is stated that the interest payments for the East Malaysia Jars will occur daily.
Each customer may deposit up to a maximum of RM25,000 into each East Malaysia Jars. For this East Malaysia campaign, Boost Bank is allocating a total of RM100 million with a maximum cap of RM25 million for each jar, on a first come first served basis.
You can read the full terms and conditions for the East Malaysia Jars campaign here.
All six Savings Jars are unlocked for the month of October
Interestingly, we can unlock all six Special Jars without fulfilling the minimum spend requirements. As shown above, the jars have indicated “You’re currently earning 5.0% p.a.”.
According to Boost Bank, all users can unlock the six jars without minimum spending for the month of October 2024. This means Boost Bank customers can enjoy the special interest rate on cumulative Special Jar deposits of up to RM175,000.
