GXS Savings Account review: Earn up to 1.75% p.a. with Boost Pockets

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When it comes to earning more on our cash savings, digital banks like GXS remain worth looking at.

With the GXS Savings Account, you can earn 0.88% p.a. on the Main Account and 1.08% p.a. on Saving Pockets, with interest credited daily.

GXS also offers Boost Pockets, where you can earn up to 1.75% p.a. by setting aside your funds for fixed tenures of 1, 3, 4, 8 or 12 months.

The GXS Savings Account does not require salary crediting, card spending or a minimum balance to earn these rates.

This makes it relatively straightforward compared with savings accounts where you may need to fulfil several requirements to earn a higher interest rate.

If you’re not yet familiar with the GXS Savings Account, here’s a closer look at what it offers, how much interest you can earn, and whether it could be worth considering for your savings.

What is the GXS Savings Account?

The GXS Savings Account is a savings account offered by GXS, one of the digital banks licensed by the Monetary Authority of Singapore (MAS). 

GXS  is backed by a consortium consisting of Grab Holdings and Singtel. In case you’re still wondering, this explains its name GXS (or Grab x Singtel).

Since its launch in August 2022, all available GXS savings account slots were taken up within months. 

According to the company, the waitlist registration for the GXS Savings Account has also grown by more than 2.5 times since March 2023. 

GXS also started offering GXS FlexiLoan, the first unsecured term loan amongst banks in Singapore. 

This allows customers to pay off their loan partially or in full without any early repayment fees and with the additional benefit of saving on interest payments. 

GXS also introduced GXS Invest, which is a new product within the GXS app that allows you to invest fuss-free in a money market fund. Learn more about GXS Invest here.

What is the interest rate on the GXS Savings Account?

The GXS Savings Account consists of three parts: the Main Account, Saving Pockets and Boost Pocket.

GXS Main Account offers 0.88% p.a., with interest credited daily.

GXS Saving Pockets offers an interest rate of 1.08% p.a. and you can open up to 8 Saving Pockets and deposit up to S$95,000. There is no lock-in for funds placed in Saving Pockets.

It might also be worthwhile knowing that GXS credits interest to your account daily. 

This means that you do not have to worry about losing out on the interest if you need to withdraw your savings at any point in time. 

What is the interest rate on the GXS Boost Pocket?

GXS Bank (GXS) launched Boost Pocket to help GXS Savings Account customers grow their savings faster.

This allows customers with a GXS Savings Account to open a Boost Pocket through the GXS App. 

The Boost Pocket carries a base interest rate of 0.88% p.a., which is credited daily. 

It also has a bonus interest rate of up to 0.87% p.a. that will be applied if the Boost Pocket is held to the 1 month, 3 months, 4-months, 8 months or 12 months maturity.

This means that you can earn an interest rate of up to 1.75% p.a., which applies to the 12-month tenures through the GXS Boost Pocket.

If you want to retain your savings in the Boost Pocket for an extended period, you can opt to roll it over for the same duration at the current interest rate applicable at the time of extension. 

Funds in the Boost Pocket will automatically be transferred back to the Main Account once matured if not extended.

GXS customers have the flexibility to extend or withdraw their Boost Pocket at any time while it remains active.

Customers can fund the Boost Pocket with any amount starting from S$100. 

You can open up to eight Boost Pockets. This means that you can fund a maximum total of S$95,000 across all your Boost Pockets.

This gives me some flexibility to split my cash across different tenures.

For example, instead of putting all my spare cash into a 12-month Boost Pocket, I could divide it across shorter and longer tenures depending on when I expect to need the money.

What are the latest GXS Bank promotions?

GXS occasionally offers promotions that allow customers to earn additional cashback or a higher effective return.

I would look at these separately from the regular GXS Savings Account rates because the promotions may come with additional conditions and can change over time.

GXS Save and Invest promotion: Earn up to 3.2% p.a.

From 1 to 30 September 2026, GXS is offering up to 3.20% p.a. on a qualifying 4-month Boost Pocket when you also invest through selected GXS Invest products.

There are two tiers:

The 4-month Boost Pocket itself earns 1.40% p.a., with the additional return paid as promotional cashback.

To qualify, you will need to invest in GXS Invest Bond, Growth, Diversified or Gold and hold the qualifying investment through 31 January 2027. GXS Invest Cash Plus does not qualify.

The Boost4 deposit must also be fresh funds and held until maturity.

As the GXS Invest portion is an investment and can rise or fall in value, I would only consider this promotion if I was already comfortable investing in one of the qualifying products, rather than investing solely to earn the higher Boost Pocket return.

GXS First Boost promotion for new customers

GXS currently has a First Boost campaign for new GXS Savings Account customers.

New customers can receive S$20 cashback when they open a new 3-month Boost Pocket named “First Boost” or “FIRST BOOST”, deposit at least S$5,000 in fresh funds, and maintain the Boost Pocket until maturity.

Together with the prevailing 1.22% p.a. interest on the 3-month Boost Pocket, GXS advertises this as an effective annualised return of up to 2.82% p.a. on S$5,000.

The campaign is currently available until 30 September 2026, subject to eligibility and limited availability.

You can find out more about GXS latest promotion here. 

How does GXS compare to MariBank and Trust Bank?

If you’re looking for a fuss-free savings account with daily interest and no salary crediting requirement, GXS remains competitive.

GXS offers 1.08% p.a. on Saving Pockets and up to 1.75% p.a. on Boost Pockets.

MariBank currently offers a base rate of 0.88% p.a. with no salary crediting or minimum spending requirement. Its higher headline rate of up to 3.08% p.a. includes additional bonuses for new users, salary crediting and ShopeeVIP membership.

Trust Bank offers a higher headline rate of up to 2.40% p.a., but this requires customers to meet bonus interest categories such as salary crediting, spending, PayNow inflows, investment purchases, maintaining S$100,000 average daily balance, or referring a new credit card customer.

In case you’re wondering how does GXS compare to Trust Bank and MariBank, I've compiled them in the table below.

What users may not like about GXS

#1 – Account limit of S$95,000 on Boost Pocket

Like I mentioned earlier, you can open a maximum of five Boost Pockets with a total deposit cap of S$95,000. 

This means that even if you have a lot of savings, you will only be able to enjoy the promotional interest rate up to S$95,000 of deposits in your Boost Pockets. 

Separately, the maximum amount I can hold across my overall GXS Savings Account may vary by customer and is displayed within the GXS app.

To find out which other savings accounts allow you to earn a higher interest rate on your savings, check out our guide to the best savings account in Singapore. 

#2 – Boost Pockets are less flexible than Saving Pockets

Saving Pockets allow you to withdraw funds back to your Main Account anytime.

Boost Pockets, on the other hand, are meant for cash that you can set aside for a fixed tenure.

You will need to hold the Boost Pocket until maturity to receive the additional bonus interest.

This makes Boost Pockets closer to a short-term fixed savings option, rather than a fully flexible savings pocket.

#3 - Some traditional banking functions remain limited

As a digital bank, GXS does not offer all the same services that I might be used to from a traditional bank.

For example, I cannot deposit or withdraw physical cash through a GXS branch or ATM, and GXS does not support cheques or telegraphic transfers.

However, it does support common electronic payment methods including FAST, PayNow and e-GIRO, and I can also receive funds through inter-bank GIRO.

For most day-to-day digital transfers this may not be an issue, but I would still consider whether I need services such as cash deposits or cheques before using GXS as my main bank account.

The full terms and conditions can be found here. 

Who can open a GXS Savings Account?

To apply for a GXS Savings Account, I generally need to:

• Be at least 16 years old
• Have a residential address in Singapore
• Be a Singapore citizen, Permanent Resident or eligible foreigner with a valid visa or pass
• Have a Singpass Myinfo account

GXS currently does not accept applications from US citizens. Other eligibility conditions may also apply.

The account can be opened through the GXS Bank app.

Is the GXS Savings Account safe?

GXS holds a banking license issued by the Monetary Authority of Singapore. 

As shared earlier, it is backed by two names many of us are familiar with – Grab and Singtel.

Also, all deposits in GXS will be fully covered by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor.

However, investment products such as GXS Invest are not deposits and are not covered by the Deposit Insurance Scheme.

What would Beansprout do?

For money that I want to keep readily accessible in my Liquidity Pot, I would first look at the GXS Saving Pocket.

It offers 1.08% p.a., with interest credited daily, and I do not have to credit my salary or spend on a card to earn the prevailing rate.

I would just make sure that the money I want to earn the higher flexible savings rate on is sitting in a Saving Pocket rather than the Main Account, which earns 0.88% p.a.

For spare cash that I am confident I will not need for a while, the Boost Pocket may be worth considering.

The 12-month Boost Pocket currently offers the highest prevailing rate at 1.75% p.a., while shorter tenures allow me to regain access to my money sooner.

I would therefore choose the tenure based not just on the highest interest rate, but also on when I expect to need the cash.

The September Save and Invest promotion could offer an additional benefit if I was already planning to invest in one of the qualifying GXS Invest funds.

However, I would not invest purely to unlock the 3.00% or 3.20% p.a. promotional return on my Boost Pocket.

The investment itself can fluctuate in value, so I would decide whether it fits my portfolio first before considering the promotional savings benefit.

Overall, I see GXS as a relatively straightforward option for my Liquidity Pot, where I keep cash safe and accessible for emergencies, bills and near-term goals while still earning some interest. I also like the flexibility of separating my money across Saving and Boost Pockets depending on when I expect to need it.

I would still compare its rates and flexibility with other savings accounts, as well as other options in my Liquidity Pot such as fixed deposits, T-bills and Singapore Savings Bonds, before deciding where to keep my cash.

To find out which savings account could help your cash work harder, check out our guide to the best savings accounts with the highest interest rates in Singapore.

Once you have already set aside enough cash for your safety buffer and upcoming expenses, you may also want to explore how the Four Pots of Wealth framework can help you grow your wealth beyond savings accounts.

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