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GXS Bank review

Earn up to 1.58% p.a. daily interest from Singapore's first digital bank for consumers and businesses.

How does GXS Bank work

GXS Bank, the Singapore-based digital banking challenger backed by the Grab-Singtel consortium has finally unveiled its first financial product, almost two years after obtaining a digital full bank license from the Monetary Authority of Singapore (MAS).

Designed for everyday consumers, self-employed entrepreneurs and small businesses, the GXS Savings Account is a free digital banking account that supports everyday transactional needs. In addition, it offers up to 1.58% p.a. interest that’s accrued and credited on a daily basis (minimum $0.01), instead of the usual monthly scheme.

However, GXS bank is still in an early access phase. This means that its banking services will be rolled out progressively and available via invitation only, starting with selected employees and underbanked customers within the GXS, Grab and Singtel ecosystem for now.

According to Charles Wong, the Singapore CEO of GXS, the bank will launch other lending and other income-generating products over the coming months.

GXS Savings Account features

Here are some of the key banking features offered by GXS Bank:

  • Use it as a debiting account. With this main account, users will be able to deposit, withdraw and use the funds for regular transactions like a standard savings account.
  • Attractive daily interest rate. Earn a base daily interest rate of 0.08% p.a. with the GXS Savings Account. The interest will be credited into your account as long as the interest amount earned on your money is at least $0.01. If the daily accrued interest is less than $0.01, GXS Bank will credit the interest when the aggregate accrued interest payable is at least $0.01.
  • Save money in customisable sub-accounts. Create up to 8 Savings Pockets to build up funds for a specific funding goal. The funds stored in these pockets are segregated and managed separately from the funds in your main account. However, do note that the money in these Savings Pockets can only be used for transferring to and from your main account.
  • Earn bonus interest. Funds in your GXS Savings Pockets accrue an additional 1.50% p.a. interest on top of the 0.08% p.a. base interest rate.
  • Quick deposits and transfers. Make real-time fund transfers with FAST and PayNow.
  • Mobile and web platforms available. Manage your finances on the go with GXS’ intuitive mobile app and web platform. Monthly statements can also be downloaded from the GXS app.
  • 24/7 customer support. Get in touch with customer service directly through the GXS app.

Interest rates and fees

Interest tiers

The following interest rates are accurate as of 5 September 2022 and are subject to change:

GXS Savings AccountDaily accrued interest
Main account0.08% p.a.
Savings Pockets1.58% p.a.

Fees and limits

  • Deposit limits. Currently, GXS customers can only deposit up to $5,000 into their accounts. There are also no minimum balance requirements.
  • Fees. The GXS Savings Account doesn’t charge any opening, monthly and maintenance fees.

No cash withdrawals from ATMs

You’ll not be able to deposit or withdraw cash from your GXS Savings Account, through any ATM in Singapore or otherwise.

Pros and cons

Pros

  • Competitive interest rates. Earn attractive daily interest of up to 1.58% p.a. without having to meet complicated criteria such as those from high interest savings accounts.
  • Customisable sub-accounts. Cultivate a habit of saving by creating up to eight Savings Pockets to meet targeted financial goals.
  • Round-the-clock support. As GXS Bank is a digital-only bank and does not have any physical branches, its customer support is manned 24/7.
  • No minimum initial amount. Starting an account is easy since there’s no minimum initial deposit required.

Cons

  • No cash withdrawals. You’ll not be able to deposit or withdraw cash through any ATM in Singapore or otherwise.
  • Low maximum deposits. Currently, users can only deposit up to S$5,000 into their accounts.
  • Limited banking features. You’ll not be able to set up GIRO arrangements to debit funds for payments to billing organisations. There’s also no option for cheque services.

How to sign up for GXS

Signing up with GXS is currently by invite only. If you’re at least 16 years old, you can register your interest for a GXS Savings Account in a few steps:

  1. Download the GXS app from the Apple App Store or Google Play
  2. Click on ‘Join the revolution’ button
  3. Enter your mobile number and proceed
  4. Stay tuned for an invitation notification and follow GXS’ social media channels for the latest news

How to contact GXS Bank

You can reach GXS customer support through the following ways:

  • Hotline. +65 3105 2055
  • Email. Drop an email at help@gxs.com.sg
  • Live chat. Located in the Help Centre of the GXS Bank app
  • Online form. Fill in your enquiry via the ‘Contact us’ form in the Help Centre of the GXS Bank app
  • Social media channels. Alternatively, you can also reach GXS Bank through their Instagram or Facebook accounts.

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