GXS Bank, a digital bank backed by Grab Holdings and Singtel, has launched Boost Pocket.

This is a new addition to its GXS Savings Account that offers customers the opportunity to earn higher interest rates on their savings.

Launched on 12 September 2024, Boost Pocket combines the benefits of a term deposit with the flexibility of the bank’s existing savings products.

The Boost Pocket offers a base interest rate, credited daily, and a bonus interest rate that is applied at the end of the chosen tenure.

Customers can choose from one-month or three-month tenures, with interest rates locked in for the duration.

The one-month tenure offers an interest rate of 3.28% per annum, while the three-month tenure offers 3.48% per annum.

Early withdrawals are allowed, with customers still earning base interest without penalties.

To mark the launch, GXS Bank is offering a special interest rate of up to 3.48% per annum for the first tranche of Boost Pockets.

Customers can open a Boost Pocket through the GXS Bank app with deposits ranging from S$100 to S$30,000.

They can also sign up for the GXS Savings Account via the Grab and Singtel Dash apps.

Boost Pockets are available on a first-come, first-served basis, with the option for customers to roll over their tenure at the prevailing interest rate or have their funds automatically transferred back to their main account once the term ends.

Customers are limited to holding one Boost Pocket at a time.

GXS Bank’s deposits 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.

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.” ‍

Featured image credit: Edited from Freepik