Nerfed: GXS Slashes Interest Rate to 1.38% p.a. From 6th August 2025
In an email and push notification sent out to its users, digital bank GXS has announced a drop in rates for its Main Account and Savings Pocket. This comes at just a few months from its last rate drop.
The new rates will take effect from 6th August 2025.
GXS
GXS Savings Pocket: 1.08% p.a. on up to S$95,000
GXS FlexiCard: No minimum income required! Get unlimited cashback of up to S$3 for each transaction at least S$10 and above.
💰 GXS Savings Account
- Sign up for GXS Savings Account
- Get S$20 cashback when you deposit min. S$5,000 into 3-month Boost Pocket named “First Boost”
- On top of 1.22% p.a. interest on Boost Pocket, that is 2.82% p.a. effective interest
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💳 GXS FlexiCard
Enjoy a free Grab ride and 18% cashback on all Grab spends in Malaysia all weekend! No minimum spend required³
⚠️ Terms and conditions
For reference only; refer to exact details in terms and conditions
Rates fall by 0.6% p.a.
GXS is slashing rates to just 1.08% p.a. on its Main Account and 1.38% p.a. for its Savings Pockets:
| Account | Current Rates until 6th August 2025 (p.a.) | New Rates From 6th August 2025 (p.a.) |
|---|---|---|
| Main Account | 1.68% | 1.08% |
| Savings Pokcet | 1.98% | 1.38% |
Savings Pockets has no lock-in and can be withdrawn anytime, so there is no reason to be using the Main Account. Even then, at 1.38% p.a., even the Savings Pocket’s rate are very unattractive.
GXS also offers Boost Pocket which works like fixed deposits. Currently, there are 1-month and 3-month tenures which offer 1.58% p.a. interest. The 1-month tenure is pretty nonsensical right now since GXS Savings Pocket would give you 1.98% p.a. for another month (until 6th August 2025) with full liquidity. The 3-month tenure is for people to lock in the 1.58% p.a., but even then I think it’s too low to consider.
Alternatives
Personally, I feel that the drop in rates is a little too drastic. We’ll see if other providers follow suit.
Thankfully, there are other fuss-free alternatives that have yet to drop rates to such an extent. I will also compile a list of other bank accounts that offer high interest rates with a few more conditions like salary crediting and card spending so stay subscribed for that, or refer to this video I did recently.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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