Last Updated on August 27, 2025 by Chin Yi Xuan
AI + Banking. Have you ever wondered what this combo would look like in real life?
Launched in August 2025, Ryt Bank is a new digital bank that combines AI to make everyday banking services simpler and smarter for Malaysians.
As a digital bank established by YTL Digital Capital and Sea Limited, Ryt Bank is built by Malaysians with features and solutions designed specifically for Malaysians (#ProudUser).
After using Ryt Bank for the past month, I think Ryt Bank is the best showcase of what a combination of banking and AI could look like in Malaysia.
So, what makes Ryt Bank my new favourite digital bank? Let’s find out:
Table of Contents
Highlights – Why Ryt Bank is my new favourite digital banking app:
- Eligibility: Who can open a Ryt Bank savings account?
- Malaysian
- Individual aged 18 years and above
- Does not hold any savings account with Ryt Bank at the time of application
- Have a Malaysian-registered mobile number
- Get paid daily up to 4% p.a.. No lock-in, so you have the flexibility to deposit and withdraw anytime.
- 3% p.a. daily in your main account
- 1% Bonus Rate on your first RM20,000 across Save Pockets.
- Safety and security: Your funds in Ryt Bank are covered by PIDM, and protected with security features such as multi-factor authentication.
- Manage savings and goals easily with multiple Save Pockets
- Use Ryt AI to manage your everyday banking – from transfers, payments, to savings
- Get 1.2% unlimited cashback for in-store overseas payment with Ryt Card.
In the next section, let me walk you through the features on Ryt Bank that’ll transform your finances:
#1: Earn high interest, paid daily. No lock-in. Plan your savings easily.
With Ryt Bank, there are 2 main ways to manage your money, namely:
- Main Account (3% p.a.): Earns you 3% p.a. interest on your money, where interest is paid daily.
- Save Pockets (3% p.a. + 1% p.a. Bonus Interest Rate): Saving for different goals? Create up to 10 Save Pockets to track your progress!
- Similar to Main Account, Save Pockets pays 3% p.a. interest with an additional of 1% p.a. Bonus Interest Rate on your first RM20,000 deposit across Save Pockets. This Bonus Interest Rate will run from 18/8/2025 to 30/11/2025.
The best thing?
- Unlike traditional Fixed Deposits (FD), there’s no lock-in period for the money in your Main account and Save Pockets – you are free to deposit and withdraw anytime and keep your returns.
- You can start saving from as low as RM1. This makes saving truly easy and flexible.
- Save Pockets allow you to track your goals easily.
#2 Security: Is my money safe?
i. PIDM Coverage up to RM250,000
Ryt Banks also ticks all the boxes when it comes to the safety of your funds.
To start with, the funds deposited in Ryt Bank are covered by Perbadanan Insurans Deposit Malaysia (PIDM) for up to RM250,000 for each depositor.
This covers the risk of an unforeseen event of bank failure.
ii. One account, one device
To add on, transactions via Ryt Bank are restricted to one mobile or secure device per account holder.
This ensures that only your linked device can access the Ryt Bank app and perform transactions.
iii. Multi-factor authentication
As an additional layer of security, Ryt Bank employs a multi-factor authentication process that includes facial verification technology and passcode authentication to protect you against unauthorized access and fraudulent activities.
My experience:
When I try to log in to my Ryt Bank account from another device, I will be required to key in my passcode AND go through face recognition. There will also be a 12-hour cooling-off period before I can make transactions from my new device.
#3 Ryt AI makes everyday transactions simpler and more convenient
Ryt AI, Ryt Bank’s smart banking assistant, is designed to provide practical AI features to everyday banking.
Example use cases of Ryt AI:
- Extract text on transfer and payment details from a screenshot
- Assist you with bill payments
- Check recent transactions
- Move money between Save Pockets
My personal favourite? Taking a screenshot of the account details with the transfer amount, then use Ryt AI to help me with the transfer:
Limited-Time Reward (ending 30/9/2025)
Now, enjoy RM1 cashback when you use Ryt AI to transfer for spend a minimum of RM10.
You can get up to RM5 for 5 transactions – give it a try, it’s REALLY cool!
Side note on AI features in banking apps:
As convenient as AI can be, it is always important to double-check the transaction details before confirming your transactions. Mistakes can happen, so please use AI tools mindfully.
#4: Use Ryt Card and enjoy convenience and exciting rewards while spending:
If you like what you are reading so far, you’ll love the Ryt Card. Ryt Card is a debit card that comes with exciting perks and features.
At the same time, you get to enjoy the convenience of banking via a virtual debit card, coupled with complimentary issuance of a physical card.
The best thing? No branch visit is required to apply for Ryt Card!
Ryt Card Perks:
- Get 1.2% unlimited cashback for all your in-store overseas spending. (until 30/11/2025)
- Enjoy zero foreign exchange (FX) fee for your transactions (until 30/11/2025)
- Get RM8 Shopee Voucher (no minimum spend) when you pay with Ryt Card while shopping in Shopee (26/8/2025 – 25/8/2026)
- No ATM withdrawal fees nationwide
- p.s. You’ll usually be charged a RM1 fee for an interbank cash withdrawal at an ATM of another bank.
- With Ryt Card, you’ll still be charged RM1 during the withdrawal – BUT it’ll be waived by Ryt Bank via the app thereafter.
- 20% off at selected YTL Hotels’ premium restaurants
The Ryt Card also comes with a suite of safety features, where you can:
- Freeze and unfreeze card anytime
- Manage your spending limits and preferences in-app
#5 Ryt PayLater: Buy Now, Pay Later
Ryt PayLater is Ryt Bank’s Buy Now, Pay Later (BNPL) feature that offers users the convenience to split eligible purchases into easy monthly payments.
The key features of Ryt PayLater include:
- Get a credit limit of up to RM1,499 with instant approval and no minimum income required.
- Earn 1.2% cashback for QR payments (capped at RM5/month) (26/8/2025 – 30/11/2025)
- No late fees
- 0% interest when paid fully within the first month
- Ability to split purchases into 3, 6, 9, or 12 months
- Who is eligible? Malaysian citizens aged 21 and above
My suggestion?
Use Ryt PayLater responsibly, and every successful payment will help you build your credit score.
Verdict: My favourite digital bank with practical AI features to manage my finances
Personally, I think the AI implementation in Ryt Bank is a great leap in banking app.
Ryt Bank makes it simple and convenient for me to plan and manage my finances – such as savings, transfers, and payments. Ryt AI helped solve my biggest pain point – when my friends WhatsApp me their bank account details, I can make my transfer with just a screenshot.
My verdict? Give Ryt Bank and its exciting suite of features a try – I’m sure you’ll like it!
Disclaimer
This article is part of a paid collaboration with Ryt Bank. All views, opinions, and insights expressed in this post are based on my honest experience and understanding at the time of writing. While care has been taken to ensure the accuracy of information, you are encouraged to verify details directly with Ryt Bank and consider your own financial circumstances before making any decisions. This content does not constitute financial advice.
Related Posts
