RYT Bank Review: Malaysia's First AI Bank
TL;DR: 4% interest on savings (RM0–20K) + 1.2% overseas cashback attract users, but unreliable Ryt AI in beta phase and card delays. Best as interest earnings savings account.
What is RYT Bank?
Malaysia's fifth digital bank, launched 26 Aug 2025. Licensed by Bank Negara Malaysia and backed by YTL Digital Capital + Sea Limited.
The Good ✅
- 4% interest on savings (RM0–20K, promo until Nov 30)
- 1.2% cashback unlimited on overseas purchases
- Zero FX fees on international transactions
- 2-minute account setup with eKYC
- PIDM protected up to RM250,000
- Daily interest payouts directly to your Ryt Pocket
The Bad ❌
- Ryt AI is still in its beta phase — DuitNow QR, bill payments frequently fail
- Stamp card requirement — Need to spend RM10+ monthly via Ryt Card or JomPay to maintain 4% (hidden gamification)
- 30-day renewal needed — Bonus period expires if you don't keep collecting stamps
- App stability issues — 12+ hour wait times after reinstalling (rare but reported)
- No Shariah banking option available
How the 4% Interest Really Works
⚠️ Important: It's Not Automatic
You must complete a stamp card (5 stamps max) by spending RM10+ per transaction with your Ryt Card or making JomPay bill payments. One stamp = one successful transaction. Maximum 1 stamp per day.
Then: After completing the stamp card, you unlock 4% p.a. on the first RM20,000 in your Save Pocket for 30 days. After 30 days, you must complete another stamp card to renew the bonus.
Quick Comparison
| Feature | RYT Bank | Traditional Banks |
|---|---|---|
| Savings Interest | 4% (if qualified) | 0.2% |
| Cashback | 1.2% overseas | 0.5% |
| Account Opening | 2 minutes | 1-3 days |
| Reliability | Ryt AI is in Beta stage (unreliable) | Stable |
Best For vs Avoid
✅ Use it for:
Secondary savings account (if you spend RM10+ monthly) • International travel with Ryt Card • Emergency fund with high returns (once stamp card is completed)
❌ Don't use for:
If you need Shariah banking
DuitWise Rating
⭐ 4.5 / 5
Excellent returns + fast setup, but Ryt AI beta-stage reliability issues and gamified requirements prevent higher score.
💡 Tip: Use MY Compare Digital Bank Interest to calculate exactly how much you'll earn keeping RM20,000 in RYT Bank at 4% p.a. (after completing the stamp card requirement).