Thread by @TheFuturizts

Two debit cards.

Pink allows you to earn 3.88% pa on your savings.

Purple gives you 1% cashback on most expenses.

But which is the better digital bank?

Here’s our (unsponsored) opinion.

AEON BANK (Pink)

📈Earnings rate: 3.88% pa (+1.50% cashback)*

💰Payout Frequency: At the end of each month.

🕌Shariah-compliant: ✅

🏦PIDM protected: ✅

*More about AEON Bank’s cashback on (iii). 👇

i. Dubbed as Malaysia’s first digital Islamic Bank, AEON Bank allows you to:

• Earn 3.88% pa profit (compounded daily).

• Receive profits as a lump sum at the end of each month.

• Spend with debit card, get AEON points.

• Redeem AEON points as cashback (1000 pts = RM5.00).

And more.

ii. AEON Bank is currently the highest paying cash app that supports instant deposits and withdrawals.

QR payments and transfers can be made via DuitNow.

The bank is also a member of PIDM, so your savings are protected up to RM250,000.

iii. Until 31 August, you’ll receive:

• 3,000 AEON points upon successful registration (worth RM15).

• 3x* AEON points by spending with the debit card.

*If you spend RM1,000, you’ll get 3,000 AEON points (RM15), which makes the cashback 1.50%.

iv) Let's talk about AEON Bank's cons.

Being an Islamic bank, you won’t be able to use the debit card at merchants that are not Shariah-compliant.

This means that you’ll not earn AEON points, which limits the 1.50% cashback.

GXBANK (Purple)

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

💰Payout Frequency: Daily.

🕌Shariah-compliant: ❌

🏦PIDM protected: ✅

1) Though the earnings rate is lower, GXBank pays you everyday with no cap on your deposits.

There is no minimum balance requirement (unlike AEON Bank: RM20).

GXBank is also protected by PIDM.

You can deposit/withdraw funds instantly using DuitNow.

2) The most attractive feature of GXBank is the 1% cashback.

You’ll receive it on (almost) everything that you spend on, including QR payments to merchants.

Unlike AEON points (which you have manually redeem),

you’ll receive the cashback by the next day after the posting date of your transaction.

3) Since there are lesser restrictions for the cashback, this makes GXBank the better card for travel.

The purple bank also wins out over Wise, based on comparisons done by @themillennialf_:

4) Tell me the cons of GXBank.

Unfortunately, the purple bank is not Shariah-compliant. 🥲

This takes the attractiveness away for many, and we totally understand.

The Futurizts' verdict on both banks:

-> AEON bank has the higher earnings rate.

-> GXBank is more attractive when it comes to spending (especially for overseas).

⚠️Important note: Both banks are relatively new and often go under emergency maintenance.

They are also prone to bugs and errors in transactions.

Use them at your own risk, and never put all of your eggs in one basket.

FYI, we’re not sponsored by AEON Bank or GXBank to write this post.

The insights shared are based on our personal experience of using the app.

For a more detailed comparison of both banks (and Rize), refer here:
thefuturizts.beehiiv.com/p/growing-savi…