Buffed: GXS Bank Increases Savings Account Limit, Get Fuss-free Daily Interest of 3.48% P.A. on up to S$75,000

Update: the rates are decreasing from 17th August 2023

GXS today announced via email an increase in the maximum amount of money you can have in your GXS Savings Account from a mere S$5,000 to a much more respectable S$75,000. This means that you can get GXS’s current 3.48% p.a. interest on any amount up to S$75,000 if you put them into Saving Pockets.

Thanks to those who shared in the Telegram group!

Savings pockets are fully liquid

Make sure to place your funds into Savings Pockets to get the 3.48% p.a. rate. Money left in the Main Account will only get 0.08% p.a. interest.

Savings Pockets are goals you can set for yourself and put money into, and the funds can be withdrawn at any time. I reviewed this feature in my video earlier this year while the savings limit was still S$5,000.

Fuss free and daily crediting of interest

Aside from the simple act of placing funds into Savings Pockets, there is no other condition required to get the 3.48% p.a. interest rate.

On top of that, interest is credited daily which is definitely something quite nice. Here are some examples of what you can get with different balances:

Balance	Interest Rate	Daily	Monthly	Annual
S$25,000	3.48% p.a.	S$2.38	S$71	S$885
S$50,000		S$4.76	S$143	S$1,770
S$75,000		S$7.15	S$214	S$2,655

As a digital bank, funds in GXS also get the same SDIC insurance coverage which insures funds up to S$75,000 per bank.

Amounts S$75,000 and beyond will still get interest

Despite the cap being S$75,000, interest will still be credited even when you reach this figure. You would not, however, be able to transfer in amounts if your account balance is S$75,000 or greater.

Applications opened… question mark?

While applications seem to be opened to new customers, the process does not seem to work properly. It should be fixed in due course, I imagine.

You can try downloading the app on your smartphone to see if it works.

Rewards Boost promo

On top of increasing the account limit, GXS is also introducing a rewards campaign starting from today, 19th July 2023, to 31st August 2023.

By maintaining S$500 in the Main Account (which gets only 0.08% p.a. interest) you can get Grab and/or Dash points.

	19th July to 31st August 2023
	Spend 1-4X	Spend 5-9X	Spend ≥10X
What you get when you spend using GXS on Grab	300 Grab Points	2,000 Grab Points	5,000 Grab Points
What you get when you spend using GXS on Dash	300 Dash Points	2,000 Dash Points	5,000 Dash Points

This seems like a pretty decent promo since there does not seem to be a minimum spend amount required per transaction. With each Grab or Dash point worth roughly 0.2 cents each, you can get up to S$10 worth of Grab points when you do 10 transactions using Grab, and another S$10 worth of Dash points when you do 10 transactions using Dash.

Dash QR code payments is a little less common than Grab’s, and GXS lists Cheers and 7-11 as examples of such merchants.

You can check out the frequently asked questions and terms and conditions for this promo here.

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