GXS Bank recently announced that it will be adjusting its interest rates with effect from 17th March 2026. The Main Account rate will drop from 1.08% per annum to 0.88% per annum, while the Saving Pockets rate will be revised from 1.18% per annum to 1.08% per annum. According to GXS, the change is meant to stay aligned with current market conditions, and the bank emphasised that it wanted to be transparent about the adjustments.
What Is GXS Bank?
For those unfamiliar, GXS Bank is one of Singapore’s digital banks operating under a licence issued by the Monetary Authority of Singapore. It is backed by a consortium led by Grab Holdings Inc., Southeast Asia’s leading super app, and Singtel, one of Asia’s largest communications technology groups. Despite being digital‑only, GXS accounts are protected under the Singapore Deposit Insurance Corporation (SDIC), which insures deposits of up to S$100,000 per depositor per Scheme member. This provides an added layer of security for anyone considering parking their savings with a digital bank.
Why I Enjoy Using GXS Bank
One of the features that drew me to GXS is its concept of “Saving Pockets.” The bank allows users to create up to eight Saving Pockets and two Boost Pockets, making it easy to organise money according to different goals. Since opening my account, I have created three pockets that help me stay disciplined and intentional with my savings.
The first pocket is dedicated to my Supplementary Retirement Scheme (SRS). Each month, I transfer a portion of my income into this pocket. When November comes around, I close the pocket and move the accumulated amount into my actual SRS account to maximise my tax relief for the year.
The second pocket is where I save twenty percent of my monthly salary. As soon as my pay comes in, I transfer this amount over. It has become a simple but effective way to build up my cash reserves for future needs.
The third pocket is reserved for dividends from the REITs in my investment portfolio. Since these dividends are passive income, channelling them into a dedicated pocket helps me track and compound them more effectively.
GXS daily interest feature remains one of its most appealing qualities, especially for savers who prefer seeing their money grow in real time. Instead of waiting for monthly crediting cycles, interest is calculated and reflected daily, which gives users a clearer sense of progress and encourages consistent saving habits. Even with the upcoming revision in rates, the ability to earn interest every single day provides a level of immediacy and transparency that traditional banks don’t always offer. For people who enjoy tracking their finances closely, this daily compounding effect can be surprisingly motivating.
What makes GXS daily interest even more practical is how it works seamlessly with the bank’s Saving Pockets system. Because each pocket earns interest independently, you can allocate money toward different goals and still enjoy the same daily growth across all pockets. Whether you are saving for retirement contributions, building an emergency fund, or setting aside passive income from dividends, the daily interest mechanism helps each category grow steadily in the background. It is a simple, intuitive system that rewards discipline and makes short‑term and long‑term saving feel more tangible.
My Thoughts on the New Interest Rates
The reduction in interest rates is disappointing but not surprising, given the broader low‑interest environment we are currently in. At the time of writing, I am still exploring whether other digital banks might offer better daily interest. Even so, the Saving Pockets feature remains a strong reason for me to continue using GXS. It helps me organise my finances in a way that traditional banks don’t currently offer.
I genuinely hope that local banks like DBS, OCBC and UOB will consider adopting a similar feature. It would be incredibly useful for anyone trying to save more intentionally or plan for different financial goals.
Final Thoughts
This post is not sponsored, and there are no affiliate links. Everything I have shared is based on my own experience and research. With interest rates trending downward, many of us are simply trying to find the best place to park our idle cash while still earning something meaningful. If you are in the same boat, I hope this gives you a clearer picture of what is changing at GXS and how its features might still work in your favour.