I first heard about Ryt Bank on YouTube a while ago, thanks to their really attractive interest rates on savings accounts. However, I never looked into it until today when my friend and I discussed it. Now I’m curious to learn more.
I’ve been using Maybank’s Fixed Deposit (FD) for my savings because I need the money in 2-3 years for personal reasons. I don’t really invest outside of that, and it earns me less than RM50 a month. It’s not much, but it’s essentially free money.
Ryt Bank, on the other hand, offers much better returns for a one-month tenure (I usually reinvest every month to keep my savings liquid). Their interest is compounded daily, it’s fully liquid, and PIDM insured.
However, I’m a bit skeptical. I remember watching a Coffeezilla video a while back about Yotta Bank, which claimed to be FDIC-insured, but users couldn’t access their money due to issues with the middleman between them and the actual bank. This made me wary of newer financial products like these. My friend assured me that Ryt Bank is a legitimate bank backed by Bank Negara, not just a fintech company.
So, I guess my question is: How does Ryt Bank offer such a high interest rate and all these perks compared to Maybank? Are there any red flags I should watch out for?