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.
Clicked (or rather, tapped) on it without checking if there’s any referral programs and minutes later, I’m earning passive income on my idle cash haha.
That was back in 17th February 2023 and since then, I have given it a more thorough test by transferring funds in/out of the accounts multiple times to evaluate their responsiveness and it has passed with flying colours during my attempts.
All my transfers were completed promptly without issues. Nice!
After my trial period with $1000 in GXS, I was convinced enough to put in another $4000 to hit the temporary maximum account balance of $5000.
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.
After all, it is owned by Grab X Singtel (GXS, get it?) .. Pretty sure we’re in good hands.
If you’re curious about the $5k cap, see below. Looking forward to higher caps in future.
Meanwhile, I have been receiving about $0.50 daily from it which is rather nice for idle funds.
The positive reinforcements are a nice touch for folks who love daily gratification.
GXS Save Boost (Bonus Extra $10)
It gets even better.
GXS has a Save Boost Promotion that’s on-going until 31st March 2023.
The idea is simple: GXS will match every S$2.50 you’ve earned in total interest in your GXS Savings Account, up to a maximum of S$10.
Assuming you can get around $0.47 per day for 22 days for $10.34 with a deposit of $5000, 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.
Returns are not guaranteed to be always 3.48% p.a.
Do take note that the returns isn’t guaranteed.
Just last year in 2022, returns for the GXS Saving Pockets were around 1.5% so there’s that.
I just found it to be a nice place to park idle cash temporarily in addition to my MoneyOwl WiseSaver account (detailed review here) that is still yielding good rates at the moment. No cap to the amount you can put in – even if it was $100k or more.
“Grab” your $10 Save Boost from GXS if you’re still “Singtel” (sitting) on the fence!
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Hello! I’m Kevin, Turtle Investor
At the age of 30, I am the Personal Finance Blogger who laid claim to a negative net worth of minus $25,755 – and decided to turn things around.
- Seven years later in 2019, I hit CPF Full Retirement Sum (FRS) of $176,000 without making a single cent of CPF top-up
- In nine years, I have added more than $1 million to my net worth
- In total, I have earned more than six-figures in alternative income in addition to my job
My blueprint for financial independence can help give you a head start in your own FIRE – Financial Independence, Retire Early (optional) – journey. More tidbits about myself here if you’re curious.
I am married to a lovely wife and that means dual income with no kids. In my free time, I chase miles so that we can fly in business class. My hobbies include making pocket change off this blog and sharing everything I know with you!
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.