GXS Bank has launched Boost Pocket, a feature within the GXS savings account that boosts the interest rate that customers can earn on their savings.
The Boost Pocket has a base interest rate, which is credited daily. It also carries a bonus interest which applies to Boost Pockets that are held until the end of tenure and is credited on its completion.
The base and bonus interest rates undergo regular review by the bank and may change. However, existing Boost Pockets will not be affected as the prevailing base and bonus interest rates are maintained for the entirety of the customer’s chosen tenure.
In the event a customer needs to withdraw their funds from their Boost Pocket before the end of their committed tenure, they will still earn the base interest rate until the date of withdrawal. GXS Bank does not charge a penalty fee for early withdrawal of funds.
In conjunction with the launch, GXS is offering a special Boost Pocket interest rate of up to 3.48% per annum for its first tranche, depending on the tenure chosen.
Customers with GXS savings account can only open one Boost Pocket through the GXS Bank app and can fund it with any amount between $100 to $30,000 and hold it for 1 or 3 months. If customers wish to extend their tenure, they can choose to roll over with the same tenure at the prevailing interest rate at the time of extension. At the completion of the tenure, their funds will automatically be transferred from the Boost Pocket to their main account.
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Given the requirements of a licensed digital bank, there are a limited number of Boost Pockets at any one time and they are available on a first-come-first-served basis. As a licensed bank in Singapore, all deposits in GXS Bank are insured up to $100,000 by the Singapore Deposit Insurance Corporation (SDIC) and GXS saving account customers may deposit up to $75,000 per account.
