GXS opens savings account to all Singaporeans, maximum deposit raised

It offers a daily interest credit feature.

Singapore’s GXS Bank has opened up the GXS Savings Account to all Singapore individuals and raised the maximum deposit to S$75,000 per account.

All deposits in GXS will continue to be fully covered by the Singapore Deposit Insurance Corporation (SDIC) up to S$75,000 per account.

The GXS Savings Account is designed to encourage savings amongst users, making use of “Savings Pockets” that earn 3.48% per annum in interest. 

It also has a daily interest credit feature, GXS Bank said. This way, account holders can enjoy the benefits of daily interest compounding without worrying about losing out on their interest if they need to withdraw their savings at any point.

Charles Wong, CEO of GXS, said that GXS is looking forward to helping more consumers in Singapore to stay on track with their savings and to reach their goals faster, especially in this environment of rising costs.

“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 sign-ups for the GXS Savings Account again and to help more consumers in Singapore achieve their aspirations,” Wong said.

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All available GXS Savings Account slots were taken up within months of the product launch in August 2022. Since March 2023, the waitlist registration for the GXS Savings Account has also grown by more than 2.5 times.

In the coming months, GXS plans to launch a debit card, which will offer 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. 

The GXS app can be downloaded from Apple’s App Store and Google Play Store.