Singaporean digital bank GXS Bank (GXS) which is backed by superapp Grab Holdings Ltd and communications technology group Singtel, has announced that it has opened up the GXS Savings Account to all eligible individuals in Singapore as the bank ramps up in its next phase of growth.

GXS said in a statement on Wednesday that it has also increased the maximum deposit amount for its GXS Savings Account to SGD 75,000 ($56,717) per account.

According to the statement, all deposits in GXS will continue to be fully covered by the Singapore Deposit Insurance Corporation (SDIC) up to SGD 75,000 per account.

The GXS Savings Account is designed to encourage better saving habits.

For example, it incorporates an intuitive feature that allows customers to allocate funds into different Saving Pockets for their savings goals.

Savings in these Saving Pockets currently earn 3.48 percent per annum in interest and customers simply need to set up a Saving Pocket to earn this high interest rate without having to maintain a minimum balance or commit to a lock-in period.

The GXS Savings Account also credits interest daily to address pain points faced by consumers for whom cash flow and liquidity is a concern, such as gig workers, entrepreneurs and early jobbers.

With its daily interest crediting feature, GXS Savings Account-holders can enjoy the benefits of daily interest compounding without worrying about losing out on their interest if they need to withdraw their savings at any point.

GXS Chief Executive Officer Charles Wong said that GXS is looking forward to helping more consumers in Singapore to stay on track with their savings and to reach their goals faster, especially in this environment of rising costs.

“The many pain points that consumers and small businesses face as they try to grow their money is a clear indication that they have been under-served for too long,

“As a purpose-built digital bank, our focus has always been on how we can use data and technology to solve these pain points and make money work better for them,” he said.

According to him, the bank’s customers have embraced unique features of the GXS Savings Account, particularly its Saving Pockets feature which enables them to allocate funds to different saving goals and to earn higher interest rates on these savings.

“We are excited to open sign-ups for the GXS Savings Account again and to help more consumers in Singapore achieve their aspirations,” he added.

According to the statement, the ease in which customers can grow their savings through the GXS Savings Account has driven the product’s popularity among consumers in Singapore.

It said all available GXS Savings Account slots were taken up within months of the product launch in August 2022.

It noted that since March 2023, the waitlist registration for the GXS Savings Account has also grown by more than 2.5 times.

The roll-out of the GXS Savings Account to more customers follows closely after the launch of the Bank’s first credit product, GXS FlexiLoan, in April 2023.

GXS FlexiLoan is the first unsecured term loan offered by a bank in Singapore that enables customers to pay off their loan partially or in full without any early repayment fees and with the additional perk of interest savings.

In the coming months, GXS will also launch a debit card, which will enhance the benefits for GXS Savings Accounts-holders when they spend through their account, including rewards and cashback.

GXS is a digital bank with a focus to make banking better for the everyday consumer and small business. This includes Singapore’s underserved individuals and businesses.

The bank aims to improve financial inclusion and to drive financial revolution for its customers through the secure and ethical use of technology and data.

GXS holds a banking licence issued by the Monetary Authority of Singapore.

Grab and Singtel launch Singapore’s first digital bank