This article has been updated as of 2 July.

AEON Bank: The Best Place to Save and Spend (so far).

📈 Earnings rate: 3.88% p.a. (+1.50% cashback)

💰 Payout Frequency: At the end of each month.

🕌 Shariah-compliant: ✅

🏦 PIDM protected: ✅

Dubbed as Malaysia’s first digital Islamic bank, AEON Bank allows users to earn 3.88% pa on their savings with interest compounded daily and paid at the end of each month.

This is the highest paying cash app that facilitates instant deposits and withdrawals through DuitNow. QR payments are also supported.

3.88% pa also beats the benchmark FD rate offered by most banks.

AEON Bank is a member of PIDM, so your savings are protected up to RM250,000.

Get 1.50% cashback on your spending for a limited period.

Apart from passive income, you’ll receive AEON points for most of your expenses with the debit card.

These points can be claimed for cash (1,000 points = RM5.00) and are calculated based on the value of the transaction, rounded down:

• Earn 1 AEON Point when you spend RM1.50.

• Earn 0 AEON Points when you spend RM0.90.

• Earn 156 AEON Points when you spend RM156.99.

Until 31 August, AEON is running a promotion that will grant you 3 AEON points for every RM1 spent using the debit card, which effectively makes the cashback 1.50% (from 0.50%).

How it’s calculated:

Spend RM1,000 = Earn 3,000 AEON Points (1,000 points = RM5.00)

Total cashback = RM15 = 1.50%

However, being an Islamic bank, you won’t be able to use the debit card to spend at merchants that are not Shariah-compliant, which limits the cashback. ⚠️

Create up to 20 Savings Pots to achieve your financial goals.

These pots have the same 3.88% pa earnings rate and have features such as:

• Automatic Top-Up: Choose a date and frequency to automatically deduct a set amount from your Savings Account.

• Round Up: Aeon Bank will round up your spending to the nearest whole figure, with the extra amount transferred to a Savings Pot.

And more enticing Promotions…

You’re required to maintain at least RM20 in the account at all times.

But upon registration, you’ll receive 3,000 AEON points (worth RM15) as a welcome reward.

The bank is also waiving fees for its physical debit card and annual membership until 31 August.

The Futurizts’ Verdict on AEON Bank

I don’t say this lightly, but AEON bank is the best place to spend and grow your savings right now, at least until another digital bank comes up with a juicier deal.

However, being a new app, it is prone to bugs and errors in transactions. ⚠️

This is common and has happened to Rize and GXBank previously, so never put all of your eggs in one basket.

GXBank: The Bank that Never Stops Giving.

📈 Earnings rate: 3.00% p.a. (+1% cashback)

💰 Payout Frequency: Daily.

🕌 Shariah-compliant: ❌

🏦 PIDM protected: ✅

I’ve been a loyal customer of GXBank for over 7 months right now, and here’s my unsponsored opinion: it’s an amazing digital bank.

Your savings will earn 3.0% pa by default, with interest compounded and paid daily.

Sure, the earnings rate can seem low, but you’re getting paid everyday with no cap on your deposits (versus other digital banks or apps that only pay you out once a month).

GXBank is also protected by PIDM. You can deposit/withdraw funds instantly using DuitNow.

Get 1% cashback on spending (including overseas).

The most attractive feature of GXBank comes not from its earnings rate, but the cashback.

You’ll receive it on (almost) everything that you spend on with the debit card.

Unlike AEON points (which you have to redeem manually from time-to-time), you’ll receive the cashback by the end of the next day after the posting date of your transaction.

Also, the spending isn’t limited to Shariah compliant activities.

It’s the card that you’ll want to use overseas.

Just a few weeks ago, Emir from The Millennial Finance made an insightful comparison between Wise and GXBank on overseas transactions.

Though GXBank has a slightly unfavourable exchange rate, there are no fees, and combined with the 1% cashback, it easily becomes the best travel card.

Spend at Grab, earn 1.5x Grab points.

GXBank is a joint venture between Grab Holdings and Singapore Telecommunications (Singtel).

In other words, it’s under Grab, so you’ll receive 50% more points when you pay with your GXAccount on Grab services.

You’ll also receive bonus points when you spend with the debit card in JayaGrocer.

No minimum balance requirement.

There is no minimum amount that you’re required to maintain in the account. It can literally be zero.

Until 5 November, you’ll receive RM8 cashback by linking your DuitNow ID with GX Account.

The Futurizts’ Verdict on GXBank

Though AEON bank has the more enticing deal, GXBank is still an attractive place to spend and grow your savings (especially for overseas).

Since these apps are relatively new and often go under emergency maintenance, it’s best to use multiple banking apps so you won’t be locked out from your funds.

Hey what about Rize?

📈 Earnings rate: 3.80% pa.

💰 Payout Frequency: At the end of each month.

🕌 Shariah-compliant: ✅

🏦 PIDM protected: ✅

I wrote about Rize quite awhile back. You can read more about it here.

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Disclaimer: This is NOT a sponsored article. The information contained in this article is for informational and educational purposes only. Nothing herein shall be construed to be financial, legal, or tax advice.