SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- GXS Bank announced that it has launched Boost Pocket, a feature within the GXS Savings Account that boosts the interest rate customers can earn on their savings.
Boost Pocket incorporates the best features of a term deposit and the flexibility for which GXS Bankʼs products are known.
Boost Pocket carries a base interest rate, which is credited daily. It also carries a bonus interest which applies to Boost Pockets that are held until the completion of the tenure and which is credited at the end of the tenure.
Similar to a term deposit, the base and bonus interest rates will be reviewed by the Bank regularly and may change from time to time [1]. However, this will not affect existing Boost Pockets as the prevailing base and bonus interest rates are locked in for the duration of the customerʼs chosen Boost Pocket tenure.
Should a customer need to withdraw their funds from their Boost Pocket before their committed tenure, they would still have earned the base interest rate up to the day of withdrawal. GXS Bank does not charge a penalty for early withdrawal of funds in a Boost Pocket.
To celebrate the launch of the Boost Pocket, the Bank is offering a special Boost Pocket interest rate of up to 3.48 per cent per annum for its first tranche. Customers can select from two Boost Pocket tenures - one month and three months. The one-month tenure carries an all-in special interest rate of 3.28 per cent per annum, while the three-month tenure will earn them 3.48 per cent per annum in interest. The all-in interest rates include both the base and bonus interest rates.
Ms Jenn Ong, Head of Retail at GXS Bank, said, "The GXS Savings Account was developed from the ground up to make it easy for customers to grow their savings without having to jump through multiple hoops. Boost Pocket, the latest enhancement to the GXS Savings Account, takes this to the next level. With Boost Pocket, we have married the best features of a term deposit - attractive interest rates which are locked in for the tenure of the pocket - and the flexibility of our savings account to help our customers reach their saving goals faster."
Savings get a Boost
To give their savings a boost, customers with a GXS Savings Account can open one Boost Pocket through the GXS Bank app. They can fund it with any amount from S$100 to S$30,000 and hold it for one or three months.
Should they wish to keep their savings in the Boost Pocket for a longer period of time, customers can also choose to roll over with the same tenure at the prevailing interest rate at the time of extension. GXS customers can choose to extend their Boost Pocket any time while their Boost Pocket is open.
If they choose not to do so, funds in their Boost Pocket will automatically be transferred back to their Main Account at the completion of the tenure. GXS Bank customers also have the flexibility of withdrawing their funds at any point of holding a Boost Pocket.
To ensure high customer service standards and to meet its requirements as a licensed digital bank, a limited number of Boost Pockets are up for grabs at any one time. Boost Pocket is available on a first-come-first-served basis. Customers can only hold one Boost Pocket at a time. New sign-ups for the GXS Savings Account are also available on a first-come-first-served basis.
As a licensed bank in Singapore, all deposits in GXS Bank are insured up to S$100,000 by the Singapore Deposit Insurance Corporation (SDIC). GXS Savings Account customers may deposit up to S$75,000 per account.
Consumers can enjoy accelerated savings with Boost Pockets by signing up for the GXS Savings Account on the GXS app, or through their Grab and Singtel Dash apps. The GXS Bank app can be downloaded from Appleʼs App Store and Google Play Store.
More details on the GXS Savings Account can be found at .
About GXS Bank
GXS Bank is a digital bank with a relentless focus to make banking better for the everyday consumer and small business. This includes Singaporeʼs 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 Bank holds a banking licence issued by the Monetary Authority of Singapore.
It is owned by a consortium consisting of Grab Holdings Inc. – Southeast Asiaʼs leading super app, and Singtel – Asiaʼs leading communications technology group.
[1] Several considerations go into adjustments of interest rates, including the monitoring of interest rates across markets and in Singapore