Ryt Bank Review Malaysia 2026

Yes — Ryt Bank is fully licensed by Bank Negara Malaysia (BNM) as a digital bank. Deposits are insured by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000, the same protection as any major Malaysian commercial bank such as Maybank or CIMB.

The Ryt Bank referral code is BRVRG. Enter it when signing up for a new account to join the 1st Anniversary campaign, which pays a randomised RM100 or RM5 to both sides — RM5 is the guaranteed minimum. After activation you must also complete one qualifying task: create or join a Ryt Group, or make a minimum RM10 transfer via Ryt AI. The reward lands in your Ryt Pocket within 14 business days. Campaign ends 30 Sep 2026.

No. The 1.2% unlimited cashback applies to in-store overseas spending with the physical Ryt Card, where Ryt also charges no FX fee. Purchases on foreign websites and other card-not-present transactions are excluded. A local MyDebit cashback campaign at the same 1.2% ran in December 2025 but was capped at RM12 for the entire campaign and has ended. If you spend mostly in Malaysia, treat the savings rate rather than cashback as the reason to open the account. There is one live local-spend offer: a RM12 Shopee voucher for customers ordering their first physical Ryt Card, which needs three in-store purchases of RM20 or more within 14 days of activating the card, running to 30 September 2026.

Ryt Bank pays 2.05% p.a. base interest daily on every Save Pocket balance, plus a 1.95% p.a. bonus that brings the total to 4.0% p.a. The 4.0% rate covers the first RM20,000 across your Save Pockets; anything above RM20,000 earns the 2.05% base rate. The bonus is kept alive with a stamp card, one stamp per day for a RM10 minimum Ryt Card transaction or a JomPAY bill payment. New customers get the full 4.0% for their first 30 days after activation, with no lock-in at any point.

Ryt Bank is better for savers and frequent travellers — 4.0% p.a. on the first RM20,000 plus 1.2% unlimited cashback with no FX fee on overseas in-store spend. GX Bank is better for credit access, with FlexiCredit up to RM150,000, a product Ryt Bank does not match. The best approach is to hold both: Ryt Bank for savings and overseas spending, GX Bank for credit flexibility.

It is randomised: every successful referral pays either RM100 or RM5, so RM5 is the guaranteed minimum and RM100 is the upside. Both the referrer and the new customer receive their own randomised amount. Rewards are allocated first-come, first-served up to a maximum pool set by Ryt Bank, so the earlier in the campaign you sign up, the better your odds of the pool still being open.