If you’re looking for a digital bank in Singapore, GXS Bank might be the perfect choice for you. GXS Bank is Singapore’s first digital bank for consumers and businesses, offering a range of financial products and services that are designed to make banking easier, more convenient, and more accessible for everyone.
With GXS Bank, you can enjoy a range of account features and benefits, including quick cash with no fees and flexible repayment options. You can also create personalised savings pockets for every savings goal, name them, tag them with a photo, and get motivated to save faster. Plus, you can earn up to 2.68% p.a. interest on your savings with GXS Bank, making it an attractive option for those who want to grow their money.
If you’re interested in learning more about GXS Bank and what it has to offer, keep reading. In this article, we’ll take a closer look at GXS Bank’s account features, financial products, rewards and benefits, data security and trust, and more. By the end of this article, you’ll have a better understanding of what GXS Bank is all about and whether it’s the right choice for you.
Key Takeaways
- GXS Bank is Singapore’s first digital bank for consumers and businesses, offering a range of financial products and services that are designed to make banking easier, more convenient, and more accessible for everyone.
- With GXS Bank, you can enjoy a range of account features and benefits, including quick cash with no fees and flexible repayment options. You can also create personalised savings pockets for every savings goal, name them, tag them with a photo, and get motivated to save faster.
- GXS Bank offers competitive interest rates and fees, as well as data security and trust that you can count on. Getting started with GXS Bank is easy, and you can enjoy customer insights and support to help you make the most of your banking experience.
GXS Bank Overview
If you’re looking for a digital bank that offers a better way of banking, then GXS Bank is the perfect choice for you. GXS Bank is a digital bank that is on a mission to make banking better for Singapore’s everyday consumers and small businesses. In this section, we will provide you with an overview of GXS Bank, including its origin and vision, as well as its partnership with Singtel.
Origin and Vision
GXS Bank was launched in August 2022, and it is the first digital bank in Singapore to cater to both consumers and businesses. GXS Bank is a consortium led by Grab Holdings Inc and Singtel, Southeast Asia’s leading communications technology group. The bank was created to address the pain points that consumers and businesses face when dealing with traditional banks. By leveraging technology, GXS Bank aims to make banking more accessible, convenient, and affordable for everyone.
The bank’s vision is to create a financial revolution in Singapore, where banking is no longer a hassle. GXS Bank wants to make banking simple, transparent, and easy to understand. The bank offers a range of products and services, including savings accounts, loans, and insurance, all of which are designed to meet the needs of consumers and businesses.
GXS and Singtel Partnership
GXS Bank is a partnership between Grab and Singtel, two of Southeast Asia’s leading companies. Grab is a ride-hailing and food delivery company that operates in Southeast Asia, while Singtel is a leading communications technology group. The partnership between these two companies has allowed GXS Bank to leverage the expertise and resources of both companies.
Singtel’s expertise in communications technology has allowed GXS Bank to create a digital banking platform that is secure, reliable, and easy to use. The bank’s digital platform is built on Singtel’s cloud-based technology, which ensures that customer data is protected and secure.
In conclusion, GXS Bank is a digital bank that is on a mission to make banking better for Singapore’s consumers and businesses. With its innovative products and services, GXS Bank is leading the way in the financial revolution in Singapore.
Account Features
As a digital bank, GXS offers a range of features that make banking more convenient and accessible for you. Here are some of the account features that you can expect from GXS:
GXS Savings Account
With GXS Savings Account, you can earn up to 2.68% per annum on your cash savings with no minimum balance requirement. That means you can start saving even with a small amount of money. Additionally, you can create multiple “Savings Pockets” within your account to help you organise your savings and earn higher interest rates on certain pockets.
Digital Banking Advantages
GXS offers a range of digital banking advantages that make banking more convenient and accessible for you. You can access your account anytime and anywhere through the GXS mobile app, which is available on both iOS and Android. You can also make transfers, pay bills, and manage your account with ease through the app. Additionally, GXS uses advanced technology to ensure that your account is secure and protected from fraud.
Account Management with Singpass
GXS has partnered with Singpass to make account management even more convenient for you. With Singpass, you can access your GXS account with just one login, eliminating the need to remember multiple usernames and passwords. You can also use Singpass to verify your identity when making transactions, adding an extra layer of security to your account.
Overall, GXS offers a range of features that make banking more convenient and accessible for you. With GXS Savings Account, digital banking advantages, and Singpass integration, you can manage your account with ease and earn higher interest rates on your savings.
Financial Products
If you’re looking for a bank that offers flexible financial products, GXS Bank is the perfect fit for you. GXS Bank offers two main financial products: the GXS FlexiLoan and the Basic Savings Account.
GXS FlexiLoan
The GXS FlexiLoan is a customisable personal loan designed to serve individuals who face pain points when taking up a traditional personal loan. With the GXS FlexiLoan, you can apply for credit quickly and easily, without having to go through the hassle of visiting a bank branch.
The GXS FlexiLoan gives you control over your loan amount and repayment tenure. You can customise your loan amount to what you need and choose a shorter loan tenure if you wish to repay the loan quickly. Plus, you can access credit at any time, making it the perfect solution for those unexpected expenses.
Basic Savings Account
The Basic Savings Account is the perfect account for those who want to save money and earn interest. With the Basic Savings Account, you can earn interest on your savings and access your money whenever you need it.
The Basic Savings Account is easy to open and comes with no minimum deposit requirement. Plus, you can manage your account online, making it easy to keep track of your savings.
In conclusion, GXS Bank offers flexible financial products that are perfect for those who want to take control of their finances. Whether you’re looking to access credit with the GXS FlexiLoan or save money with the Basic Savings Account, GXS Bank has got you covered.
Rewards and Benefits
GXS Bank offers a range of rewards and benefits to help you get the most out of your banking experience. Here’s everything you need to know about the rewards and benefits offered by GXS Bank in Singapore.
Cashback and Points
With the GXS Debit Card, you can earn cash rewards when you spend a minimum of S$10 on eligible transactions. The cash reward will be credited directly into your Main Account of your corresponding GXS Savings Account. You can earn unlimited rewards, so the more you spend, the more you earn. Additionally, you can earn up to 5,000 Grab and/or Dash rewards points when you save a minimum of S$500 and spend on Grab/Singtel Dash with GXS.
Saving Pockets and Goals
GXS Bank also offers a range of savings pockets and goals to help you save for the things that matter most. You can create up to 10 savings pockets to help you save for specific goals, such as a holiday, a new car, or a down payment on a house. You can also set up savings goals and track your progress towards achieving them.
With GXS Bank, you can earn interest on your savings and enjoy the flexibility to withdraw your money at any time. Plus, you can set up automatic transfers to your savings pockets and goals to make saving even easier.
In conclusion, GXS Bank offers a range of rewards and benefits to help you get the most out of your banking experience. From cashback and points to savings pockets and goals, GXS Bank has everything you need to achieve your financial goals.
Banking for Everyone
GXS Bank is dedicated to providing banking services that are accessible to everyone in Singapore. The bank’s financial inclusion initiatives are geared towards reaching out to the unbanked and underbanked population in the country.
Financial Inclusion Initiatives
GXS Bank’s financial inclusion initiatives are aimed at providing banking services to those who have been traditionally excluded from the banking system. By offering simple and affordable banking services, the bank hopes to help these individuals and families improve their financial well-being.
The bank’s financial inclusion initiatives include:
- Basic Savings Accounts: GXS Bank offers a basic savings account that has no minimum balance requirement and no monthly fees. This account is ideal for those who are just starting to save money or those who have limited funds.
- Remittance Services: GXS Bank offers remittance services that are affordable and convenient. This service is especially useful for foreign workers who need to send money back home to their families.
- Financial Education: GXS Bank provides financial education to its customers to help them make informed financial decisions. The bank offers workshops and seminars on topics such as budgeting, saving, and investing.
Support for Gig Economy Workers and Entrepreneurs
Gig economy workers and entrepreneurs often face unique financial challenges. GXS Bank understands these challenges and offers a range of banking services that cater to these individuals.
The bank’s services for gig economy workers and entrepreneurs include:
- Business Accounts: GXS Bank offers business accounts that are tailored to the needs of small businesses and entrepreneurs. These accounts come with features such as online banking, mobile banking, and merchant services.
- FlexiLoan: GXS Bank’s FlexiLoan is a loan that can be customised to meet the specific needs of gig economy workers and entrepreneurs. This loan is ideal for those who need flexible financing options.
- Financial Planning: GXS Bank provides financial planning services to help gig economy workers and entrepreneurs achieve their financial goals. The bank’s financial planners can help these individuals create a budget, save for retirement, and invest in their future.
GXS Bank’s commitment to financial inclusion and support for gig economy workers and entrepreneurs make it a bank that truly caters to everyone in Singapore.
Interest Rates and Fees
If you’re looking for a digital bank with competitive interest rates and no fees, GXS Bank is definitely worth considering. Here’s everything you need to know about their interest rates and fees.
Daily Interest and Deposit Cap
One of the most attractive features of GXS Bank is their high interest rates. As of January 2024, GXS Bank offers up to 2.68% p.a. for deposits in savings pockets and 2.38% p.a. for your main account [1]. The interest earned on the balance for each Saving Pocket is 2.68% per annum, and 2.38% per annum for your Main Account [2]. You can earn a maximum interest rate of 3.0% only earned for average daily balance of above S$100,000 [1].
GXS Bank also has no maximum deposit limit, which means you can save as much as you want without worrying about hitting a cap [1]. However, the maximum deposit for each Saving Pocket and your Main Account is S$75,000 [1]. Interest will be credited to your account when you earn at least S$0.01 in accumulated interest [2].
No Fees and Minimum Balance
GXS Bank doesn’t charge any fees for opening or maintaining an account with them [3]. This means you can save your money without worrying about incurring any hidden charges. Additionally, there is no minimum balance required to open or maintain an account with GXS Bank [3].
In summary, GXS Bank offers high interest rates with no fees and no minimum balance required. With the convenience of a digital bank, GXS Bank is a great option for those who want to save money without any hassle.
[1] GXS offers 2.68% interest rate. Should you try Grab’s digital bank?
[2] How is daily interest calculated? – GXS Help Centre
[3] GXS Savings Account – GXS Help Centre
Data Security and Trust
When it comes to digital banking, data security and trust are two of the most important factors to consider. GXS Bank understands that your personal data is valuable and should be protected at all times. In this section, we will discuss the measures GXS Bank takes to ensure your data is safe and secure.
Data Protection Standards
GXS Bank is proud to be the first digital bank in Singapore to be awarded the Data Protection Trustmark (DPTM) by the Infocomm Media Development Authority. This demonstrates our commitment to putting data privacy at the heart of our business. We have implemented rigorous data protection standards to ensure that your personal data is always safe and secure.
We use robust encryption technology to protect your data from unauthorised access and ensure that it is always kept confidential. Our systems are regularly audited to ensure that they meet the highest standards of data protection. In addition, we have strict policies and procedures in place to ensure that your data is only accessed by authorised personnel.
Personal Data Management
At GXS Bank, we take your personal data management seriously. We understand that your data is valuable and should be treated with the utmost care and respect. That’s why we have implemented strict policies and procedures to ensure that your data is only used for the purposes for which it was collected.
We will never share your personal data with any third party without your explicit consent. We also provide you with the ability to manage your personal data through our online banking portal. This allows you to view and update your personal information, as well as control the level of access that third parties have to your data.
In conclusion, GXS Bank takes data security and trust very seriously. We have implemented rigorous data protection standards and personal data management policies to ensure that your personal data is always safe and secure. With GXS Bank, you can be confident that your personal data is in good hands.
Getting Started with GXS
Are you excited to start your banking journey with GXS? Here’s everything you need to know to get started.
Signing Up for an Account
Signing up for a GXS Savings Account is easy and can be done entirely online. Simply visit the GXS website and click on the “Open an Account” button. Slots for the GXS Savings Account are limited and available on a first-come, first-served basis. Once you have successfully signed up, you will receive a GXS debit card that can be used for all your transactions.
Setting Up Saving Habits
GXS understands the importance of saving, and that’s why they offer various saving pockets to help you manage your finances better. You can set up saving habits for different goals, such as a holiday, a new car, or a down payment for a house. You can also enjoy cashback on your transactions when you use your GXS debit card for eligible purchases.
Managing your saving habits is easy with the GXS app. You can view your transactions, track your savings progress, and even set up automated transfers to your saving pockets. With GXS, you can take control of your finances and achieve your goals faster.
In conclusion, signing up for a GXS Savings Account is easy, and managing your finances is even easier with the GXS app. With various saving pockets and cashback rewards, GXS is the perfect bank for those who want to take control of their finances.
Customer Insights and Support
GXS Bank is to providing you with the best banking services and customer support. Here are some insights into our banking services and the various customer service channels available to you.
Banking Services Insights
At GXS Bank, we understand that different customers have different banking needs. That’s why we offer a range of banking services to cater to your unique needs. Our services include:
- Savings Accounts: Our savings accounts offer competitive interest rates, allowing you to grow your savings faster.
- Loans: Whether you need a personal loan or a business loan, we have you covered. Our loans come with flexible repayment options and competitive interest rates.
- Insurance: We offer a range of insurance products to help you protect yourself and your loved ones. From life insurance to travel insurance, we have you covered.
Customer Service Channels
At GXS Bank, we believe in providing you with excellent customer service. That’s why we offer a range of customer service channels to cater to your needs. Here are some of the channels available to you:
- GXS App: Our mobile app is available 24/7, allowing you to access your account and get help whenever needed.
- Help Centre: Our Help Centre answers frequently asked questions and lets you chat with our customer support team.
- Contact Us Form: If you prefer to email us, you can use our Contact Us form to get in touch.
- GXS Hotline: If you need to speak to someone urgently, call our hotline at (+65) 3105 2055.
Our customer support team is available 24/7 to assist you with any queries or concerns. We are committed to providing you with the best banking experience possible.
The Future of GXS Bank
GXS Bank has made a name for itself in the banking industry with its innovative digital banking services. As the world continues to shift towards digitalization, GXS Bank is to lead Singapore’s banking industry.
Innovation and Growth
GXS Bank’s commitment to innovation and growth has been a critical factor in its success. The bank has consistently introduced new products and services that have helped it stay ahead of the curve. For example, GXS Bank’s Savings Account offers a risk-free interest rate of 2.68% on Saving Pockets, which is higher than most traditional banks offer.
Moreover, GXS Bank has embraced technology to provide customers with a seamless banking experience. The bank’s mobile app is user-friendly and allows customers to access their accounts, transfer money, and pay bills. GXS Bank’s commitment to innovation and growth is a testament to its dedication to providing its customers with the best banking experience.
Continued Commitment to the SEA Region
GXS Bank has focused on the SEA region since its inception. The bank’s focus on the region has enabled it to understand its customers’ unique needs better. As a result, GXS Bank has been able to provide its customers with tailored products and services that cater to their specific needs.
The Monetary Authority of Singapore has recognized GXS Bank’s commitment to the region and has granted the bank a digital banking license. This license will allow GXS Bank to expand its services further in the SEA region. The bank’s commitment to the area is a testament to its dedication to providing its customers with the best banking experience.
In conclusion, GXS Bank’s commitment to innovation, growth, and the SEA region is exciting news for anyone looking for a digital banking experience. The bank’s focus on technology and commitment to providing its customers with tailored products and services make it a bank to watch in the coming years.
Concluding Thoughts
Now that you have learned everything you need about GXS Bank in Singapore, you can see why it is such an exciting option for those looking for a digital bank.
GXS Bank offers competitive interest rates for consumers and businesses, making it an excellent option for anyone looking to save money. With the GXS Savings Account, you can enjoy interest rates of up to 3.48% p.a. on your savings, which is significantly higher than traditional banks offer.
In addition to its savings account, GXS Bank also offers a range of other banking services, including credit cards, loans, and insurance. This makes it a one-stop shop for all your banking needs, ensuring you can manage your finances efficiently and conveniently.
One of the most exciting things about GXS Bank is that it is a digital bank. This means you can manage your finances anytime using your smartphone or computer. This is especially useful for those who lead busy lives and don’t have time to visit a physical bank branch.
Overall, GXS Bank is an excellent option for anyone looking for a modern, convenient, and competitive banking experience in Singapore. With its range of services, competitive interest rates, and digital capabilities, it is no wonder that GXS Bank is quickly becoming one of the most popular banks in the country.
Frequently Asked Questions
What dazzling benefits can one expect from banking with GXS?
Banking with GXS offers a range of benefits that will leave you dazzled. With GXS FlexiLoan, you can customise your loan to suit your needs and make your financial goals a reality. Additionally, GXS offers a Debit Card and Saving Pockets that help you save for everything you need.
How does GXS ensure the safety and security of its customers’ finances?
GXS takes the safety and security of its customers’ finances very seriously. The bank uses advanced security measures such as two-factor authentication and encryption to protect your account information. Moreover, GXS Bank is a licensed bank under the Monetary Authority of Singapore (MAS), ensuring your finances are safe.
Could you enlighten me on the minimum balance required for a GXS account?
At GXS Bank, there is no minimum balance necessary for your account. This means you can start banking with GXS without worrying about maintaining a minimum balance.
Who is eligible to join the thrilling world of GXS Bank customers?
Anyone who is a resident of Singapore and is above the age of 18 can join the thrilling world of GXS Bank customers. You only need a valid identification document, proof of address, and a smartphone to download the GXS app.
What are the current interest rates that make GXS Bank an enticing option?
GXS Bank offers competitive interest rates on its Savings Account and FlexiLoan. The current interest rate for the Savings Account is up to 1.5% per annum, while the interest rate for the FlexiLoan starts from 4.5% per annum.
How can I contact GXS Bank for a delightful customer service experience?
GXS Bank offers various channels to contact their customer service team. You can contact them via in-app chat, hotline, or email. Additionally, the GXS Help Centre offers navigation tools to support customers, encouraging self-service. It has a variety of help channels like LIVE chat, email, frequently asked questions, knowledge base, and more.
Banking with GXS is a thrilling experience that offers a range of benefits and security measures to protect your finances. Join the GXS Bank family today and start your journey towards financial freedom!
