MYDIN X BOOST BANK 4% P.A. PROMOTIONAL INTEREST RATE (PLATINUM PRESIDENT WITH PARTNER BENEFITS) CAMPAIGN
What is the MYDIN X BOOST BANK 4% P.A. PROMOTIONAL INTEREST RATE (PLATINUM PRESIDENT WITH PARTNER BENEFITS) Campaign ("Campaign")?
The Campaign offers eligible users a promotional interest rate of 4% p.a. daily interest on end-of-day balances in one (1) special "MYDIN Jar" ("Promotional Interest Rate") from 13 June 2024 until 30 September 2024..
How do I start earning the Promotional Interest Rate?
Just complete the following steps:
1) Link your Boost Bank account to your Boost app (by opening your Boost app, tapping on the 'Bank' icon, and logging in using your Bank PIN)
2) Spend min. RM50 in a single receipt at MYDIN physical outlets each month via Boost app.
Once you have completed these steps, you will be able to unlock one (1) "MYDIN Jar" that will be visible under your "Special Jars" page. Just deposit any amount up to RM25,000 into the MYDIN Jar to start earning 4% p.a. daily interest.
How is the daily interest calculated?
Interest is calculated based on the following formula:
Daily Interest Earned = End-of-day Special Jar Balance x (Interest Rate / Total Days of the Year)
- Interest earned is computed daily at ten (10) decimal points and paid out weekly at two (2) decimal points.
- End-of-day Balance refers to the balance in your Special Jar at 23:59:59 on a given day.
Illustration:
On Day 1, you deposited RM2,000 into your MYDIN Jar.
Jar end-of-day balance = RM2,000
Jar interest rate = 4% p.a.
Total days of the year = 366
- End-of-day balance = RM2,000
- Interest rate = 4% p.a.
- Total days of the year = 366
- Daily interest computation (rounded to 10 decimal points) = RM2,000 x (4% / 366) = RM0.2185792350
- Weekly interest accrued (rounded to 10 decimal points) = RM0.2185792350x 7 days = RM1.530054645
- Weekly interest paid (rounded to 2 decimal points) = RM1.53
On Day 8, RM1.53 interest will be credited to your MYDIN Jar.
What is the maximum capping for this Promotional Interest Rate?
The maximum capping is RM50,000,000 on total eligible deposits on a first-come, first-served basis.
Is there any limit to the total interest that I can earn under this Promotional Interest Rate?
Yes, there is a maximum individual cap of RM 25,000. This means that the promotional interest rate of 4% p.a. will only apply to the RM 25,000 saved in the MYDIN Jar.
When will the interest be credited to my Boost Bank account?
The interest will be credited to your Boost Bank account weekly, ie. every seven (7) days, from the day you open your Boost Bank account and/or Savings Jar(s).
Illustration:
On Day 1, you opened your Boost Bank account and deposited funds into your Savings Jar. On Day 8, your interest earned will be credited to your Savings Jar.
I have fulfilled all the eligibility criteria, but I'm still not earning 4% p.a. daily interest on my Savings Jars. What do I do?
Kindly contact our Boost Bank Support team via one of the channels below:
Hotline: +603 8658 3000
Email: support@myboostbank.co
Webform: https://myboostbank.co/sites/default/files/2024-05/MYDIN_Branches.pdf
I have successfully unlocked the Special Jar. How long can I enjoy the promotional 4% p.a. daily interest rate?
After unlocking the Special Jar, you can enjoy the promotional rate during Month 1 and Month 2. To continue enjoying the rate in Month 3, you will need to complete the transaction criteria in Month 2. This applies to all subsequent months during the Campaign Period.
Illustration:
User A unlocks the Special Jar on 21 August 2024. They can enjoy the promotional rate on this Jar until 30 September 2024.
User A spends RM50 at MYDIN on 15 September 2024. This allows User A to continue enjoying the promotional rate until 31 October 2024.
User A does not perform any MYDIN transactions in October 2024. As such, User A’s Special Jar will be deactivated on 1 November 2024. The funds within the Special Jar, including interest earned, will be returned to User A’s Savings Account.
When will I start earning the 4% p.a. daily interest after I have fulfilled all the eligibility criteria?
You will start earning 4% p.a. daily interest on the next day after you have fulfilled all the eligibility criteria.
What happens to my interest rate after the Campaign Period ends?
After the Campaign Period ends, your MYDIN Jar will automatically be closed and your balance, including interest earned, will be added to your Boost Bank Savings Account.