GXS Savings Account Review 2024: Digital Savings Account with Attractive Interest Rates, No Fees, and No Strings Attached

Alevin Chan

Alevin Chan

Last updated 09 January, 2024

GXS Savings Account offers up to 2.68% per annum on your cash savings, on par with many popular bank savings accounts. And it does so with no fuss, zero fees, and nary a hoop to jump through.

Savings accounts used to be simple, straightforward affairs. You open an account, deposit your cash – and once a month, collect interest on your money. You can spend or save as you like when you like. 

Sure, how much interest you earn depends on your bank balance, so the more you save, the more you earn. But in return, there are no conditions to fulfil or hoops to jump through just to qualify for a certain interest rate. It was easy-breezy in every sense.

If you’ve been hankering for those halcyon days, you’re in luck. The GXS Savings Account works just like savings accounts of yore, rewarding you with flat interest on your deposits, no ifs, ands, or buts.

Read on to find out the deets about this new kid on the block and its refreshingly uncomplicated take on a savings account.


How does the GXS Savings Account work?

The GXS Savings Account is the savings product of digital-only bank GXS. As with traditional bank accounts, you can deposit your cash and earn interest on your money.

Unlike traditional banks, interest is earned not monthly but daily. So you’ll see a steady stream of passive income trickling into your account day by day. 

Deposits are split into two categories – Your Main Account and Savings Pockets. You are free to split up your savings however you choose between these accounts. There is no limit to how many Savings Pockets you can create and name.

GXS Savings Account does not have any fees or charges. Neither is there any minimum deposit amount or fall-below fees. 

Perhaps best of all, GXS Savings Account pays interest on your deposits without additional requirements, making it a refreshingly straightforward offering.

 

GXS Savings Account interest rates

Account Types

Interest rate

Main Account

2.38% per annum

Savings Pockets

2.68% per annum

GXS Savings Account pays out slightly different interest rates on each of its two deposit categories. 

Money you put into your Main Account earns interest of 2.38% per annum. Meanwhile, cash deposited in a Savings Pocket will earn 2.68% annually.

This structure helps you to achieve your savings goals just that tiny bit quicker, although we wouldn’t mind a much higher rate for Savings Pockets.


What are the benefits of GXS Savings Account?

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

GXS Savings Account makes it easy to earn interest on your cash deposits. All you have to do is simply make a deposit and watch your interest roll in.

There’s nothing else you have to do – no monthly minimum to spend, no GIRO transactions to make, no insurance plans to purchase, and no salary to credit. This fuss-free approach is undoubtedly appealing if you’d rather not have to hit “KPIs” when banking.

On top of a more convenient experience, you can also enjoy decent interest rates of between 2.38% to 2.68% per annum. This is comparable to the rates other banks offer for lower deposit levels.

 

#2. Greater clarity when saving and budgeting

Let’s talk a little more about Savings Pockets. Think of Savings Pockets as digital “money jars” which you can freely deposit into and withdraw from. 

You can create as many as you like and name each after a specific money goal. For instance, you may have one for “Holiday”, one for “Tech Upgrades”, and one more for “Car Downpayment”.

This is a simple idea that encourages you to save for specific goals. By having separate pockets for each goal, you’ll likely find it easier to track your progress and stick to your savings habits. 

You can also use Savings Pockets to help you better control your budget by creating separate pockets for different spending categories. This is similar to the “Cash Envelope System” touted by personal finance gurus. 

 

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

The deposits you make to your GXS Savings Account (Main Account and Savings Pockets included) are protected by the Singapore Deposit Insurance Corporation (SDIC) up to S$75,000, which means you can expect the same standard of safety as with traditional banks.

Incidentally, SS$75,000 is also the maximum amount you can deposit into your GXS Savings Account, although you will continue to earn interest beyond that point.

 

 


What fees and charges should I be aware of?

GXS Savings Account does not come with any charges or fees at all. There are also no account fees, fall-below fees, deposit fees or withdrawal fees. 

Basically, you won’t be paying a single cent when using this savings account – at least for the time being. 


How does GXS Savings Account compare against other savings accounts?

Savings account

Interest rate (per annum)

Fees and charges

GXS Savings Account

- 2.38% to 2.68%, no cap

none

Trust Savings Account

- Up to 2.5% on S$125,000 per year


- Base interest: 1.5% 

- With 5 card transactions each month: 2%

- With NTUC membership: 2.5% 

none

Mari Savings Account

2.5%, no cap

none

OCBC 360

- Base interest: 0.05% 


- Up to 0.6% with min S$500 spend on eligible cards


- Up to 2.4% for increasing account average daily balance by min S$500/mth 


- Up to 2.4% for 12 months for eligible insurance or investment spend


- Up to 4% for min salary crediting of S$1,800/mth and above


- Up to 2.4% for account average daily balance of S$200,000 or more

- Fall-below fee: S$2 (min average balance, S$3,000)


- Cheque book fee (optional): S$10

UOB One

- Up to first S$75,000 deposited


- 0.65% with S$500 min monthly spend


- Up to 4% with S$500 min monthly spend and 3 eligible GIRO transactions


- Up to 4.85% with S$500 min monthly spend, 3 eligible GIRO transactions and salary crediting of S$1,600/mth and above

- Fall-below fee: S$5 (min average balance, S$1,000)


- Early account-closure fee: S$30 (within 6 months of opening)


- Cheque book fee (optional): S$10

SCB Bonus$aver

- Up to first S$100,000 deposited


- Base interest: 0.05%


Bonus interest: 

- 1.25% (min S$500 monthly card spend), 2% (min S$2,000 monthly card spend)


- 2.5% for min salary crediting of S$3,000/mth and above


- 1.5% for 12 months for eligible insurance or investment spend


- 0.33% for bill payment online or via GIRO

- Fall-below fee: S$5 (min average balance, S$3,000)


- Early account-closure fee: S$30 (within 6 months of opening)


- Cheque book fee (optional): S$10

DBS Multiplier

- Up to first S$50,000 deposited


- Base interest: 0.05% 


Total eligible transactions per month:

- S$500 to S$15,000: 1.8% to 2.4% 

- S$15,000 to S$30,000: 1.9% to 2.5%

- More than S$30,000: 2.2% to 4.1%

- Fall-below fee: S$5 (min average balance, S$3,000)

- waived for those under 29, first-time DBS Multiplier user


- Early account-closure fee: S$30 (within 6 months of opening)

CIMB FastSaver

- 1.5% (for first S$25,000)

- 2.5% (next S$25,000)

- 3.5% (next S$25,000)

- 0.8% (above S$75,000)

- Early account-closure fee: S$50 (within 6 months of opening)


- Counter transaction: S$5

 

 


How do I apply for GXS Savings Account?

(Note: At the time of writing, slots are full for GXS Savings Account, and no new applications are accepted.)

To open a GXS Savings Account, download the GXS mobile app and follow the on-screen instructions. Do note the following eligibility requirements:

  • Be at least 16 years old,
  • Have a residential address in Singapore,
  • Have a valid visa e.g. Dependant’s Pass (DP), Employment Pass (EP), Work Permit, and
  • Have a Singpass Myinfo account.

Are there any promotions for GXS Savings Account?

Currently, there are no promotions for GXS Savings Account. We’ll update this space if we learn of any! 


Read these next:

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.

FINANCIAL TIP:

Use a personal loan to consolidate your outstanding debt at a lower interest rate!

Sign up for our newsletter for financial tips, tricks and exclusive information that can be personalised to your preferences!