
I’m not exactly sure when it rolled out to the masses, but I chanced upon it one day on my Grab app calling out at me. For the uninitiated, GXS Bank is a digital bank granted a full banking license by the Monetary Authority of Singapore (MAS) in 2022. GXS is a joint venture between Grab Holdings Inc. and Singtel. This GXS Bank review is going to illustrate exactly why you should absolutely sign up for this bank account.
Important → GXS Bank is cutting their flagship 3.48% interest to 2.68% on Saving Pockets effective from 17 August 2023. If you’re looking for a safe place to park your spare cash for a 4% yield with 1 business-day withdrawal, check out my MoneyOwl WiseSaver review.

GXS Bank offers a variety of features that make it an appealing choice, including:
- Easy to use: GXS Bank’s mobile app makes it easy to manage your money on the go
- High-interest rates: GXS Bank offers high interest rates on its savings accounts via Saving Pockets at 2.68% p.a.
- No monthly fees: There is no minimum account balance, and GXS Bank does not charge any monthly fees for its accounts
- 24/7 customer support: GXS Bank offers 24/7 customer support so that customers can get help with their banking needs
So, I clicked (or rather, tapped) on it without checking if there were any referral programs and minutes later, I’m earning passive income on my idle cash.
- Transferring Funds Into Main Account (0.08%)
- What is GXS Bank Saving Pockets (2.68%)
- GXS Rewards Boost [Until 31 August 2023]
- GXS Save Boost – Ended (Until 31 March 2023)
- Interest Rate Not Guaranteed To Be Always 2.68% Per Annum
- GXS Raised Deposit Cap To $75,000 Per Account Effective 19 July 2023
- Plans For A GXS Bank Debit Card In The Near Future
- There Is No Referral Code For GXS Bank
- GXS Bank Review – Pros And Cons
- GXS Bank Frequently Asked Questions
- A. What are the interest rates for GXS Bank saving pockets?
- B. What are the benefits of opening an account with GXS Bank?
- C. What is the minimum balance required to open an account with GXS?
- D. What is the maximum limit for GXS Bank saving pockets?
- E. What is GXS Flexiloan and how does it work?
- F. Does GXS Bank have a credit card or debit card?
- How I’m Using The GXS Bank 2.68% Interest
Transferring Funds Into Main Account (0.08%)
I noted that all my transfers in and out of GXS Bank were completed promptly without issues, which was nice!
That was back on 17th February 2023, and since then, I have given it a more thorough test by transferring funds in and out of the accounts multiple times to evaluate the responsiveness of GXS Bank, and it has passed with flying colours during my attempts.
What is GXS Bank Saving Pockets (2.68%)
GXS Bank Saving Pockets is a feature offered by GXS Bank that allows customers to create personalized savings pockets for specific financial goals.
Customers can create multiple pockets, name them according to their goals, and set a target amount to save.
I have named mine as Passive Income which you can see below.

The GXS interest rate for each saving pocket is 2.68% per annum, and interest is credited daily to the GXS Savings Account.
Customers can access their Saving Pockets through the GXS Bank mobile app and manage their savings accordingly.
After my initial trial period with $1,000 in GXS in February 2023, I was convinced enough to put in another $4,000 to hit the temporary maximum account balance of $5,000.
When the deposit cap was raised on 19 July 2023, I deposited another $5,000 to take advantage of the risk-free 2.68% p.a. interest rate.
Simple calculation → $10,000 * 2.68% p.a. / 365 = $0.7342 per day
One important reminder to take note is that the main account only earns a paltry 0.08% so there is no reason to keep excess funds inside there. Remember to move all your funds into the Saving Pockets.
Daily crediting of interest by GXS Bank is a great feature that gig workers, entrepreneurs and early jobbers can enjoy, since cash flow and liquidity is not a concern. Every single day of having our money in GXS Saving Pockets Daily earns us interest.
Compounding interest without withdrawing any money actually translates to an effective interest rate of 3.54% p.a. Compound interest is the “eighth wonder of the world”, huh?
With effect from 17 August 2023, GXS Bank will be revising their interest rates for GXS Savings Account.
- The interest rate for the Main Account will be adjusted from 0.08% p.a. (old) to 2.38% p.a. (new) credited daily
- The interest rate for Saving Pockets will be adjusted from 3.48% p.a. (old) to 2.68% p.a. (new)credited daily
The official reasoning GXS gives is that many people use the GXS Savings Account not only to save but also to pay on your Grab or Singtel Dash apps. This change supposedly allows our money to work harder for us, whether they are kept in Saving Pockets for our saving goals or in the Main Account for our spending needs, which is true.
But we all know this is fluff. We can always keep just a few hundred bucks in the Main Account for daily needs, and put the rest into Saving Pockets, right? But it is what it is, and we all know that this is coming, sooner or later.
What Is GXS Bank? Is GXS Bank Safe?
GXS is a digital bank relentlessly focused on improving banking for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses. GXS aims to improve financial inclusion and drive a financial revolution for its customers through the secure and ethical use of technology and data.
To be honest, I am not expecting any safety issues pertaining to GXS Bank although it is one of the first digital banks in Singapore.
The reason is simple.
- GXS Bank is one of Singapore’s digital banks holding a banking license issued by the Monetary Authority of Singapore.
- Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.
- GXS Bank stands for Grab X Singtel, I suppose? It is backed by a consortium consisting of Grab Holdings Inc. (GRAB: NASDAQ)— Southeast Asia’s leading super app, and Singtel (Z74:SGX)– Asia’s leading communications technology group.
So yes, I’m pretty sure my money is in safe hands.
If you are curious about the initial $5,000 cap before July 2023, let’s look at the screenshot below.

Earlier, I have received about $0.50 daily from it, which is nice for idle funds.
Now, it has been bumped to $0.95 while I ponder whether to transfer more funds.
The daily positive reinforcements are an extremely nice touch for folks who love daily gratification.
To tackle this question from another angle, if you’re worried about managing your money from a mobile app, you can set a daily transaction limit, which triggers an alert via your mobile app plus email whenever it is changed.
GXS Rewards Boost [Until 31 August 2023]
Effective from 19th July 2023, this GXS bank promotion allows you to get a rewards boost of up to 5,000 Grab and/or Dash rewards points each when you save min. S$500 and spend on Grab or Singtel Dash with GXS from 19 July to 31 August 2023.

GXS Save Boost – Ended (Until 31 March 2023)
It gets even better.
GXS has a Save Boost Promotion that’s ongoing until 31st March 2023.
This customer acquisition idea is really simple.
GXS will match every $2.50 you’ve earned in total interest in your GXS Savings Account, up to a maximum of $10.
Assuming you can get around $0.47 per day for 22 days for $10.34 with a deposit of $5,000, you’d make it with a little time to spare before we reach the end of March 2023 for the 4 x $2.50 bonus.

Interest Rate Not Guaranteed To Be Always 2.68% Per Annum
Do take note that the returns aren’t guaranteed to be fixed at this attractive rate.
Just last year in 2022, returns for the GXS Saving Pockets were only 1.5% so there’s that.
I find GXS Bank to be a nice place to park idle cash temporarily in addition to my MoneyOwl WiseSaver account (detailed review included) which is still yielding good rates at the moment.
There is no cap to the amount you can put into MoneyOwl WiseSaver, even when you have $100k or more.

GXS Raised Deposit Cap To $75,000 Per Account Effective 19 July 2023
If you found it impossible in previous months to get an invite to GXS Bank, it is because digital full banks like GXS must cap their aggregate retail deposits at $50 million and restrict their retail depositor base in their first one to two years of operation.
However, on 19th July 2023, GXS raised the deposit limit on its savings accounts from $5,000 to $75,000. Hence, GXS’s maximum deposit per account is $75,000.
The Straits Times understands that MAS has reviewed the cap and this indicates that MAS has raised the deposit cap for GXS Bank.

Screenshots like the one above have started floating around on chat platforms, and I can confirm that I have received the same email as well.
This announcement follows earlier coverage by Tech In Asia that GXS Bank, the Singapore digital bank formed by the Grab-Singtel consortium, has received US$101 million in capital from Grab, according to VentureCap Insights, which tracks regulatory filings in Singapore.
Plans For A GXS Bank Debit Card In The Near Future
According to The Straits Times, GXS Bank plans to launch a debit card soon.
The GXS Bank debit card will offer benefits such as rewards and cashback when customers spend via their savings account.
In any case, I would recommend signing up for a GXS Bank account now that sign-ups are on a first-come, first-served basis to be ready to have first and early access to it when it is available.
There Is No Referral Code For GXS Bank
As far as I know, there is currently no referral code or promotion for GXS Bank as of 19th July 2023.
The lack of a GXS referral code that provides sign-up benefits also means that people would not be incentivised to open an account just to get attractive rewards. This translates into a more sustainable customer acquisition process for GXS Bank.
Although it was mentioned in mainstream media that they had hit the $50 million deposit cap, the situation seemed to have changed.
If you’re waiting to sign up, I have seen people saying that they were able to sign up for a GXS account after the deposit cap has been raised.
According to my wife, she signed up successfully on 20 July 2023 with the sign-up process taking only 1 minute with verification done via Singpass.
GXS Bank Review – Pros And Cons
To summarize my GXS Bank review, here is a quick recap of the pros and cons of the GXS Bank account.
Pros
- High interest rates on its savings account via Saving Pockets at 2.68% p.a.
- Daily crediting of interest
- No minimum account balance or fall-below fee
- No monthly fees
- Easy account opening in minutes through its mobile app with verification via Singpass
- The SDIC insures deposits for up to S$75,000
Cons
- No physical branches or ATM services for the withdrawal of cash (need to transfer money to another bank)
- Unable to save payees’ bank account numbers (which is a hassle for recurring transactions)
- No credit or debit card (planned to be launched in the upcoming months)
- Limited products in the GXS eco-system (only GXS FlexiLoan at the moment)
- Maximum balance of only $75,000
I feel that it is necessary, to be honest about what I didn’t like about GXS Bank since these points may not be obvious to you prior to signing up. Although they are not deal breakers for me, they might be non-negotiables for you.
It’s important to carefully consider these pros and cons and any other factors that may be important to you when deciding whether to open a GXS Bank account.
It’s also advisable to compare GXS Bank with other banks to see which one offers the best features and services that meet your needs.
GXS Bank Frequently Asked Questions
A. What are the interest rates for GXS Bank saving pockets?
GXS Bank offers a risk-free 2.68% interest rate per annum on saving pockets. This rate is available for savings of up to S$75,000.
B. What are the benefits of opening an account with GXS Bank?
Opening an account with GXS Bank comes with several benefits, including:
- No minimum balance requirement
- No lock-in period
- There is no need for salary crediting, GIRO, bill payments, or credit card spending for higher interest
- Immediate transfers in and out of accounts
C. What is the minimum balance required to open an account with GXS?
There is no minimum balance required to open an account with GXS Bank. You can open an account with any amount you wish.
D. What is the maximum limit for GXS Bank saving pockets?
The maximum limit for GXS saving pockets is S$75,000.
E. What is GXS Flexiloan and how does it work?
GXS Flexiloan is a flexible loan product that allows customers to borrow as little as S$200. Customers can choose their loan tenure and repayment amount, making it easier to manage their finances. The loan interest rate is competitive, and customers can apply for the loan through the GXS Bank mobile app.
F. Does GXS Bank have a credit card or debit card?
There is no option for a credit card or debit card, but GXS Bank plans to launch a debit card in the coming months.
How I’m Using The GXS Bank 2.68% Interest
With the increase in the maximum user deposit from $5,000 to $75,000 and its ability to earn 2.68% interest p.a. that is paid out daily, it is an amazing option for our liquid and emergency funds to earn fantastic returns per year when compounded on a daily basis.
It is a no-brainer for everyone to sign up for a GXS Bank account since sign-ups are open right now.
On top of that, there are absolutely zero conditions to fulfil.
No need to maintain a minimum account balance. No need to credit salary. No need to keep track of credit card transactions.
Simply transfer money into the GXS Main Account (which earns 0.08% p.a.) and move it within the GXS app into Saving Pockets to start receiving those sweet returns.
The GXS bank interest rate of 2.68% p.a. isn’t fixed or guaranteed and can be subjected to changes in future, so keep an eye on it.
Given that GXS holds a digital bank full license and Singapore dollar deposits are insured by the Singapore Deposit Insurance Corporation (SDIC), this translates to me as risk-free returns that are extremely attractive.
In comparison, cash funds like MoneyOwl’s WiseSaver are currently getting about 4% returns, but it is slightly less liquid – I tested a withdrawal which got processed in one working day. While it isn’t immediate, the liquidity is still good enough for emergencies.
Meanwhile, liquid USDC in Coinbase is also getting 4% right now.
My funds in Singapore Savings Bonds are getting around 3.0% to 3.25% on average, and it is higher than GXS Bank’s 2.68% p.a The SSB returns are guaranteed for a period of 10 years, which is definitely going to outlast the current high interest-rate environment.
Staggering funds across different instruments with varying liquidity is a strategy that is working really well if you are in a cash-rich position.
Thanks for reading this GXS Bank review!
This article was updated in July 2023 after GXS Bank raised the deposit limit to $75,000.
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Kevin started Turtle Investor when his net worth languished at negative $25,755. His desire to turn things around led him to build passive income from investments and side hustles that pay for all his daily expenses and overseas vacations. You can learn more about Kevin here.
I’m commenting this on 11th March 2023. I checked my Grab app to try to sign up but it looks like the interest rate is now only 3.08%?
Hi Anthony, not too sure.
The website is showing 3.48% p.a.