*This article has been updated as of 2 May 2024.

DISCLAIMER: We are not paid by Rize. 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.

Rize is a Shariah compliant digital banking app that is powered by Al Rajhi Banking & Investment Corporation (Malaysia) Bhd, the world’s largest Islamic bank.

They are currently running a deposit campaign that allows users to earn up to 3.8% pa with their savings account.

Expiring by 30 June, the special profit rate applies to any amount in your account.

How do the payouts work?

Your profits are calculated daily based on the current balance in your savings account.

The payout occurs once at the start of each month. You’ll receive a lump sum of all the interest accrued during the entire month.

No delays for deposits or withdrawals. Protected by PIDM.

Since this is a banking app, your funds are flexible.

You can deposit/withdraw them instantly using DuitNow, or transfer between banks. Think of it as Touch n’ Go+, but with a slightly higher earnings rate.

Al Rajhi Bank is also a member of PIDM.

In the unlikely event that Rize collapses, your funds are insured up to RM250,000.

How does it compare to other options?

Alright, but what are the cons?

• Horrendous customer service - I waited 3 months to open my account previously.

• Limited time promotion - The 3.8% pa offer expires by the end of June.

• Rize is digital only - Everything, from depositing funds to registration, must be done online. So, if you prefer traditional banking, this app may not be for you.

How do I register?

• Download the app from the App Store or Google Play.

• Fill in your details and complete the registration process.

• Activate the account by depositing a minimum of RM20.

• You’re set! You’ll start earning 3.8% pa for any amount.

IMPORTANT: To activate your account, you must transfer funds from a bank account under your own name. Transfers via TnG will not be valid for this purpose.

Our Verdict

Although it has its downsides, 3.8% pa with zero lock-in period is really hard to ignore.

Personally, I’m just in it for the promotion and flexibility, since Rize allows funds to be withdrawn instantly.

Thanks for reading till the end!

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