GXS Bank Interest Rate

GXS Bank interest rate just got nerfed. In February, I wrote about GXS Bank account that pays me daily 2.38% per annum without having to do anything. GXS Bank is a digital bank, and it holds a banking licence issued by the Monetary Authority of Singapore. GSX Digital Bank is backed by a consortium consisting of Grab Holdings Inc. – Southeast Asia’s leading super app, and Singtel – Asia’s leading communications technology group.

GXS Bank account is also covered by Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 per depositor per Scheme member by law. The Singapore Deposit Insurance Corporation (SDIC) is a statutory board under the Ministry of Finance in Singapore. Its main purpose is to provide deposit insurance for depositors in Singapore. This means that in the event of a bank failure, depositors will be protected up to a certain limit by the SDIC.

What do I like about GSX Bank? GSX Bank uses the concept of pockets. You can create up to 8 Saving Pockets and 2 Boost Pockets. The main account pays an interest rate of only 2.08% per annum. The current maximum balance allowed for GSX Savings Account is S$75,000.  This means you cannot transfer funds into your GXS Savings Account once it reached the maximum.

Since I opened a digital account with GXS Bank, I have created 3 Saving Pockets. The first pocket is for Supplementary Retirement Scheme (SRS). On a monthly basis, I have been transferring money into the Supplementary Retirement Scheme (SRS) Saving Pocket. In November, I shall close this pocket and transfer them into my SRS account to maximize the tax relief for this year.

The second Saving Pocket I created is to save twenty percent of my monthly salary. Every month when I receive my monthly wage, I will transfer twenty percent into this pocket. This helps to build up my cash on hand where I can use it when I need them in future. Recently when the stock market crashed, I used the money in this pocket to purchase DBS and OCBC shares.

The third Saving Pocket will be the dividends from the REITs that I have in my stock portfolio. These are passive income and putting them into the saving pocket help me to compound the return further. Similar to the second savings pocket, I also used the money to purchase more REITs and bank stocks when the stock market crashed due to Trump’s tariffs.

Now comes the sad news. GXS Bank interest rate will be revised from 30th May 2025. With effect from 30th May 2025, the interest rate for the Main Account will be adjusted from 2.08% per annum to 1.68% per annum. The interest rate for Saving Pockets will be adjusted from 2.38% per annum to 1.98% per annum.

At this point of writing, I could not find any news of the interest rate adjustment on their website. As per the below screenshot, the interest rate for Savings Pocket is still 2.38%. However, I received the GXS Bank interest rate adjustment via email notification.

One thing I noticed is that the interest rates for the Boost Pocket is lower at 2.28% as compared to the Savings Pockets. How can we call it a Boost Pocket when the interest rates are lower?

Last, I just want to share that this is not a sponsored post and solely based on my own research and opinion. There are no affiliate links in this post. With falling interest rates, I believe everyone like me is looking for the best place to park your idle money to earn extra cash. Despite GSX Bank is going to adjust their interest rates, I still enjoy GXS Bank as I get paid interest daily. If you like this post, do check out GSX Digital Bank at GXS Savings Account | Earn 2.28% p.a. with Boost Pocket