Grab and Singtel’s GXS Bank has made its savings account available on a first-come, first-served basis. The digital bank has also raised the deposit cap for its GXS Savings Account to S$75,000.
This move possibly indicates that the Monetary Authority of Singapore (MAS) has raised the cap limit from S$5,000. All deposits in GXS will continue to be fully covered by the Singapore Deposit Insurance Corporation (SDIC).
The GXS Savings Account aims to encourage better saving habits with a feature that allows customers to allocate funds into different Saving Pockets for their savings goals.
Customers using the Saving Pockets can earn 3.48 percent per annum in interest without having to maintain a minimum balance or commit to a lock-in period.
The GXS Savings Account also credits interest daily so customers will not lose out on the interest if they make a withdrawal.
The roll-out of the GXS Savings Account to more customers follows closely after the launch of the bank’s first credit product GXS FlexiLoan in April 2023.
In the coming months, GXS will also launch a debit card, which will enhance the benefits for GXS Savings Accounts-holders when they spend through their account, including rewards and cashback.
Consumers can sign up for a GXS Savings Account on the GXS app, or through their Grab and Singtel Dash apps.
Charles Wong
Charles Wong, CEO of GXS said,
“Our customers have embraced unique features of the GXS Savings Account, particularly our Saving Pockets feature which enables them to allocate funds to different saving goals and to earn higher interest rates on these savings.
We are excited to open gxs.com.sg sign-ups for the GXS Savings Account again and to help more consumers in Singapore achieve their aspirations.”
