Digital bank GXS Bank (GXS) announced yesterday (July 19) the expansion of its GXS Savings Account offering to all eligible individuals in Singapore, marking the next phase of the bank’s growth strategy.
With this move, GXS aims to help more consumers achieve their financial goals and cultivate better saving habits. The availability of the GXS Savings Account will be on a first-come, first-served basis, giving everyone an equal opportunity to take advantage of the account’s unique features.
In an effort to encourage saving and financial well-being, GXS Bank has also increased the maximum deposit amount for its GXS Savings Account to S$75,000 per account.
Importantly, all deposits within the GXS Savings Account will continue to be fully covered by the Singapore Deposit Insurance Corporation (SDIC), offering account-holders peace of mind and security.
Overwhelming demand for GXS Bank
The GXS Savings Account has garnered significant popularity since its initial launch in August 2022. Within months of its introduction, all available slots for the GXS Savings Account were taken up, indicating strong consumer demand for this innovative savings product.
Additionally, since March 2023, the waitlist registration for the GXS Savings Account has grown by over 2.5 times, further showcasing the product’s appeal and the growing interest among Singaporeans.
One of the primary features that have contributed to the GXS Savings Account’s success is the integration of intuitive Saving Pockets. These Saving Pockets allow customers to allocate funds towards specific savings goals, enabling them to set money aside for different purposes.
Currently, savings in these dedicated Saving Pockets earn an attractive annual interest rate of 3.48 per cent. What sets this feature apart is that customers do not need to maintain a minimum balance or commit to a lock-in period to enjoy this high interest rate, making it convenient and rewarding for savers of all backgrounds.
Another significant benefit of the GXS Savings Account is its daily interest crediting feature. This addresses the pain points faced by consumers, especially gig workers, entrepreneurs, and early jobbers, who prioritise cash flow and liquidity.
With daily interest crediting, account-holders can enjoy the advantage of interest compounding on a daily basis without the worry of missing out on accrued interest when they need to make withdrawals.
Charles Wong, CEO of GXS Bank, expressed his enthusiasm for the latest development, stating, “Our focus has always been on using data and technology to address the financial pain points of our customers. The GXS Savings Account has been well-received, especially with our innovative Saving Pockets feature, which empowers customers to save for their aspirations more effectively. We are thrilled to open sign-ups for the GXS Savings Account again and help more consumers in Singapore reach their financial goals faster in today’s challenging economic environment.”
Plans to launch debit card next
The GXS Savings Account expansion closely follows the recent launch of GXS Bank’s first credit product, the GXS FlexiLoan, in April 2023.
The GXS FlexiLoan, a groundbreaking unsecured term loan in Singapore, allows customers to make partial or full repayments without incurring any early repayment fees, along with the added benefit of interest savings.
To further enhance the benefits for GXS Savings Account-holders, GXS Bank plans to launch a debit card in the upcoming months. The debit card will offer attractive rewards and cashback for account-holders when they make transactions using their GXS Savings Account.
Customers interested in opening a GXS Savings Account can easily sign up through the GXS app or via the Grab and Singtel Dash apps. The GXS app is available for download on Apple’s App Store and Google Play Store.
Featured Image Credit: GXS Bank
