GXS Savings Account Review: All-Digital, Attractive Interest Rates, No Fees, and No Strings Attached

A digital-first savings account with sleek tools, smart features and no strings attached — could GXS be your next go-to for effortless money management?

The GXS Savings Account is part of the digital banking revolution reshaping how Singaporeans manage and grow their wealth. Jointly backed by Grab and Singtel, GXS Bank is a trusted name for innovation, and its digital savings account offers a fresh take on everyday banking — one that’s designed to help you save smarter, not harder. With no minimum deposit, no fall-below fees, and a powerful feature known as “Savings Pockets,” the GXS Savings Account is especially appealing for those who want to track their financial goals clearly while earning decent interest with minimal fuss.

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The GXS Savings Account is a breath of fresh air in a landscape cluttered with complex savings products. It strips away the usual red tape — no minimum deposit, no fall-below fees, and no need to juggle multiple conditions to earn a decent interest rate. At up to 2.28% p.a. with Boost Pockets, it offers fuss-free returns that work well for younger savers, gig economy workers, or anyone who prefers set-it-and-forget-it banking.

That said, the account’s earning power tapers off sharply beyond the initial S$5,000, and it may not appeal to high-net-worth individuals or users looking for bundled wealth products. Still, as a sleek, user-friendly entry point into digital banking, GXS hits the mark.

The GXS Savings Account is built around simplicity, automation, and ease of use. There’s no need to maintain a minimum balance and no penalty fees if your balance dips — a big plus if you’re just starting out or prefer not to overthink your banking.

What sets it apart is its “Savings Pockets” feature. You can create up to 8 pockets, each with its own name, goal, and progress tracker. Think of it like having digital piggy banks in one sleek app — perfect for goal-based savers who want to keep their money organised. Plus, the money in your pockets earns the same attractive interest rate as the main account, so there’s no trade-off between structure and returns.

» MORE: The differences in bank account types you need to know

#1. Decent interest rates with no hoops to jump through

Unlike many traditional savings accounts that require salary crediting or minimum card spend to unlock higher interest tiers, GXS gives you up to 2.28% p.a. — no strings attached. It’s ideal for those who want solid returns without having to jump through multiple hoops every month.

This makes it especially appealing for gig workers, freelancers or side hustlers who may not have consistent monthly income. You simply deposit your funds and let your interest grow, no effort required.

#2. Greater clarity when saving and budgeting with Savings Pockets

The Savings Pockets feature is a unique highlight. It lets you split your money into up to 8 mini-accounts, each dedicated to a different savings goal. Whether you're planning a holiday, buying a new phone, or building an emergency fund, the pockets help you visualise your goals and stay on track.

Each pocket can be labelled and customised, with a target amount that you work towards. It’s a much neater and more intuitive way to manage your money compared to using a single lump-sum account or juggling spreadsheets.

#3. Protected by SDIC up to S$75,000

Just like traditional banks, GXS is a member of the Singapore Deposit Insurance Corporation (SDIC). This means all your deposits — across your main account and pockets — are insured for up to S$75,000 per person.

This adds a layer of security, especially for a digital bank that doesn’t have physical branches. So while GXS is app-based, your money enjoys the same protection as it would in more familiar banks like DBS, UOB or OCBC.

The GXS Savings Account is well-suited for:

• Digital-first users who prefer managing finances via mobile apps.

• Goal-based savers who benefit from using separate pockets to organise savings.

• Individuals with small-to-medium cash balances who want to maximise interest on their first S$5,000.

On the flip side, this account might not be ideal for:

• High-net-worth individuals holding more than S$75,000, since only that amount is protected under SDIC and the rest earn a much lower rate.

• Users who prefer face-to-face banking or physical branches for assistance.

• People looking to bundle savings with credit cards or insurance products to unlock higher returns, as GXS doesn’t offer such linkages (yet).

Currently, there are no ongoing promotions with SingSaver and GXS.

Here’s how GXS Savings Account stacks up against other savings accounts available in Singapore:

OCBC 360

The OCBC 360 Account offers a higher maximum interest rate, but only if you meet multiple conditions — crediting your salary, spending on an OCBC credit card, and even taking up investment or insurance products. It suits users who already bank with OCBC and want a full-featured ecosystem. In contrast, GXS appeals to those who want a clean, minimalist experience without any hoops or bundled products.

UOB One

UOB One is a powerhouse if you can meet the criteria — spend S$500 on a UOB card and credit your salary to earn up to 7.8% p.a. But that’s a big “if.” If your income or spending is inconsistent, your effective rate may drop significantly. GXS remains predictable and simple, which is perfect for passive savers or gig economy workers.

Mari Savings Account

The Mari Savings Account is a great alternative if you’re looking for a digital savings product with strong returns. It offers up to 3.00% p.a. and is Shariah-compliant. Mari also supports goal-based saving, but GXS may have a slight edge in terms of app design, ecosystem partnerships (e.g. Grab), and overall user experience.

The GXS Savings Account has zero fees — no fall-below penalties, no monthly charges, and no minimum deposit. It’s one of the few truly no-fee accounts on the market, making it very accessible for younger users or anyone just looking for a clean, modern banking experience.

To open a GXS Savings Account, you must:

• Be a Singaporean citizen, PR, or foreigner with a valid pass (e.g. EP or S Pass)

• Be at least 18 years old

• Have a mobile number registered in Singapore

• Use Singpass to verify your identity

You’ll also need a smartphone that supports the GXS app, which is where all banking features are accessed.

Applications for the GXS Savings Account are done entirely through the GXS mobile app. Simply download the app from the App Store or Google Play, follow the onboarding steps, and verify your identity using Singpass MyInfo.

Once set up, you can instantly deposit funds, create Savings Pockets, and start earning interest. The account can be opened and managed without ever stepping into a branch.