GXS Bank, the digital bank backed by Grab Holdings and Singtel, has launched Boost Pocket.
this is, GXS Savings Account It offers customers the opportunity to earn higher interest rates on their savings.
Launched on September 12, 2024, Boost Pocket combines the benefits of term deposits with the flexibility of the bank’s existing savings products.
Boost Pocket offers a base interest rate that is credited daily, plus a bonus interest rate that is applied at the end of your chosen term.
Customers can choose a one-month or three-month term and the interest rate will be fixed for that period.
The one-month term carries an interest rate of 3.28% per annum and the three-month term carries an interest rate of 3.48% per annum.
Early withdrawals are permitted and customers will continue to receive the base interest rate without penalty.
To celebrate the release, GXS Bank Boost Pockets is offering a special interest rate of up to 3.48% APR on your first installment.
Customers can open a Boost Pocket through the GXS Bank app by depositing between S$100 and S$30,000.
Customers can also sign up for a GXS Savings Account via the Grab app or Singtel Dash app.
Boost Pockets are available on a first-come, first-served basis, and customers can choose to roll over the term at the current interest rate or have funds automatically transferred back to their main account at the end of the term.
Customers may only hold one Boost Pocket at a time.
Deposits at GXS Bank are insured by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor.
Each GXS Savings Account has a deposit limit of S$75,000.
“GXS Bank is committed to providing the highest level of customer service to our customers,” said Jen Ong, head of retail at GXS Bank.
“The GXS Savings Account was built from the ground up to make it easy for customers to grow their savings without jumping through hoops, and Boost Pocket, the newest feature in the GXS Savings Account, takes this to the next level.
Boost Pocket blends the best features of fixed term deposits – attractive interest rates that are fixed for the duration of the deposit – with the flexibility of our savings accounts to help customers reach their savings goals faster.”
Featured Image Credit: Free Pick
