The Grab- and SingTel-backed digital bank GXS will be reducing its interest rates for its savings account from 3.48% per annum (p.a.) to 2.68% p.a., just over two weeks after they announced the increase in deposit limit on savings accounts from $5,000 to $75,000. This will come into effect on Aug 17.
Users who had signed up with the digital bank were informed via email on Aug 7, which also highlighted a revision in interest rates on GXS's main savings account from 0.08% p.a. to 2.38% p.a.
In the email statement, GXS says: “To make your money work just as hard for you, whether they are tucked in Saving Pockets for your saving goals or in the main account for your spending needs, we will be revising our interest rates for your GXS savings account.”
On July 19, GXS increased its deposit limit on its savings accounts from $5,000 to $75,000, signalling that the Monetary Authority of Singapore (MAS) had raised the deposit cap on Singapore’s digital full banks (DFBs).
It also announced on the same day that its savings account is open to all eligible individuals in Singapore.
However, a pop-up notification seen by The Edge Singapore on the GXS website states that there is no more availability for new users to register for a GXS savings account.
See also: GXS raises deposit limit from $5,000 to $75,000, savings accounts now open to public
“All GXS Savings Account slots have been taken up! We’re working to open new slots ASAP. For early access to new slots, register via the GXS app! (While you’re here, have you checked out the GXS FlexiLoan yet?)”, the notification reads.
The digital bank’s savings account was the first product GXS launched in August 2022. This was followed by an unsecured credit product, FlexiLoan, in April.
