GXBank launched in October 2023 as Malaysia's first operational digital bank — beating the other four BNM licensees to market. It is backed by GXS, a joint venture between Grab and Singtel, two of Southeast Asia's largest tech and telco companies. Two and a half years later, the question most Malaysians are actually asking is straightforward: should I move my savings there?
This is a single-product review. We are looking at the GXBank savings account specifically — the rates, the real-world app experience, the protections, and the trade-offs. If you want a broader comparison across all five digital banks, see our full digital bank comparison guide.
What GXBank Actually Is
GXBank is a fully licensed bank regulated by Bank Negara Malaysia (BNM) under the Financial Services Act 2013. It is not an e-wallet or stored value. Your deposit is a real bank deposit — PIDM-protected and subject to the same regulatory framework as Maybank, CIMB, or any other conventional bank.
The difference: no physical branches. Everything runs through the app — account opening, transfers, support, savings management. That is by design. No branches means lower overhead, which is how GXBank affords to pay higher savings rates.
GXBank integrates tightly with the Grab ecosystem (GrabPay, GrabFood, rides), but you do not need to be a Grab user to open an account.
Savings Rate — The Main Draw
The primary reason people open a GXBank savings account is the interest rate. GXBank publishes two, and the difference between them is the whole story.
The base rate is 2.00% p.a. It applies to your Main Account and to any Savings Pocket, from the first ringgit, with no minimum balance and no conditions. That is roughly two to eight times the 0.25%–1.00% p.a. most conventional banks pay on a standard savings account, and you can withdraw the money whenever you like.
The bonus rate is 3.18% p.a. over 3 months or 3.70% p.a. over 6 months, and it applies only inside a Bonus Pocket. Three details that the headline number leaves out:
- The bonus rate is inclusive of the 2.00% base, in GXBank's own words. It is not 3.70% on top of 2.00%.
- Each Bonus Pocket holds a maximum of RM12,500, and you can open four. So RM50,000 is the most you can earn the bonus rate on. Anything above that sits at 2.00%.
- Your money is not locked, but withdrawing early forfeits the accrued bonus interest. GXBank's wording is that the 2.00% p.a. base interest already credited to your account daily remains yours to keep. So an early exit costs you the difference, not your capital.
A necessary disclaimer: Digital bank savings rates are variable and can change at any time. The figures above were verified on GXBank's own site on 29 July 2026, and GXBank's page carries them as effective from 30 July 2026. Always check the current rate directly in the GXBank app or on their official website before making a decision.
The structural reason GXBank can pay more is real and durable: no branch network means lower overhead. But apply that to the base rate, which is the rate on money you can actually reach.
For context on whether any savings rate actually beats inflation, check our inflation calculator — it puts the "real return" question into perspective.
How GXBank Compares
A side-by-side comparison against three alternatives:
| Feature | GXBank | Maybank Savings | Boost Bank | AEON Bank |
|---|---|---|---|---|
| Savings rate — base | 2.00% p.a. | ~0.25%–1.00% p.a. | up to 3% p.a. on Savings Jars | 0.25% p.a. prevailing |
| Savings rate — best, and its condition | 3.70% p.a. — 6-month Bonus Pocket, RM12,500 per pocket, 4 max | n/a | up to 4% p.a. — Special Jars, earned by partner spend | 3.00% p.a. — promotional rate on Savings Pots |
| PIDM insured | Yes — up to RM250,000 | Yes — up to RM250,000 | Yes — up to RM250,000 | Yes — up to RM250,000 |
| Minimum balance | None | Varies by account type (typically RM20–RM250) | None | None |
| Monthly fees | None | RM8/month on some accounts if below minimum | None | None |
| Physical branches | None | 350+ nationwide | None | None (AEON Mall kiosks available) |
| App store rating | 4.5+ stars (iOS & Android) | 3.5–4.0 stars | 4.0+ stars | 4.0+ stars |
| Licence type | Conventional (FSA) | Conventional (FSA) | Islamic (IFSA) | Islamic (IFSA) |
| Backed by | Grab + Singtel | Government-linked (PNB) | Axiata + RHB | AEON Financial Service |
Rates verified against each bank's own site on 29 July 2026 and subject to change. Always verify current rates directly with each bank.
The key takeaway from this table: all four options are PIDM-insured. Your money is equally protected regardless of which bank holds it. The difference is in the rate, the fees, and whether you need physical branch access.
If fixed deposits are on your radar as an alternative to savings accounts, check our FD rate comparison tool — FDs typically offer higher rates but lock your money for a fixed period.
PIDM Coverage — The Non-Negotiable
GXBank deposits are protected by Perbadanan Insurans Deposit Malaysia (PIDM) up to RM250,000 per depositor — the same protection covering Maybank, Public Bank, CIMB, and every other member institution. This is a statutory requirement, not a marketing claim. PIDM membership is mandatory for all licensed banks in Malaysia.
PIDM covers: savings balances, fixed deposits, current account balances. PIDM does not cover: investments, unit trusts, structured products, or e-wallet balances held outside the banking licence.
For most Malaysians using GXBank as a savings vehicle, the RM250,000 ceiling is more than sufficient.
App Experience
GXBank's app is genuinely well-built. Account opening takes under 10 minutes — you need your MyKad and a selfie for eKYC verification. The interface is clean, loads quickly, and avoids the bloated menus that plague some traditional banking apps.
What works well:
- Fast onboarding with eKYC (no branch visit required)
- Clean dashboard showing balance, interest earned, and recent transactions
- Instant transfers via DuitNow and FPX
- QR payments integrated with GrabPay merchants
- Push notifications for every transaction (good for security awareness)
What could be better:
- Customer support is app-based only — no phone line, no email, no branch to escalate to
- During peak periods or system maintenance, some users report slower response times from support
- No cheque deposit, no cash deposit, no ATM card (as of this writing)
- Feature set is still narrower than what a full-service traditional bank offers
If you are comfortable managing finances entirely on your phone, GXBank delivers a smoother experience than most traditional bank apps. If you need cash deposits, cheques, or face-to-face support, it cannot serve those needs.
Fees
This is where GXBank shines compared to traditional banks. As of this review:
- Monthly maintenance fee: None
- Minimum balance requirement: None
- DuitNow transfers: Free
- FPX transfers: Free
- Account opening: Free
- Account closure: Free
There are no hidden charges on the basic savings account. Traditional banks — Maybank, CIMB, RHB — often charge RM8–RM10 per month if your balance falls below a minimum threshold. Over a year, that is RM96–RM120 in fees that effectively reduce your net return to near zero on a small balance. GXBank eliminates this entirely.
Who GXBank Is For
GXBank makes the most sense for:
- Malaysians who want a higher return on liquid savings without locking money into a fixed deposit
- Grab ecosystem users who benefit from tight integration between banking and ride-hailing/food delivery
- Younger savers comfortable managing money entirely through an app
- Anyone tired of paying monthly fees on a traditional savings account with a low minimum balance
- People building an emergency fund who want easy access and a reasonable rate — keep it in the Main Account or a plain Savings Pocket at 2.00% p.a., not a Bonus Pocket, so an early withdrawal costs you nothing
Who Should Skip GXBank
GXBank is not the right fit for everyone:
- If you need physical branch access — for cash deposits, cheque services, or face-to-face support, a traditional bank is still necessary
- If you require Shariah-compliant banking — GXBank operates under a conventional licence. Consider AEON Bank, the only IFSA-licensed digital bank offering retail savings. Boost Bank is not an alternative here: it also holds a conventional FSA licence
- If you have deposits exceeding RM250,000 — PIDM covers up to RM250,000 per bank. Spreading larger sums across multiple banks is a standard risk management practice
- If you need a full-service banking relationship — home loans, credit cards, trade finance, business accounts. GXBank's product range is still limited compared to established banks
- If you are uncomfortable with app-only banking — some people prefer the reassurance of a physical presence. That is a valid preference, not a weakness
The Bottom Line
GXBank is a legitimate, BNM-licensed, PIDM-insured bank that pays meaningfully more on savings than most traditional alternatives. The app works well. There are no fees. The Grab integration is a genuine convenience for users already in that ecosystem.
The trade-off is clear: you give up branch access, a long institutional track record, and a broad product suite. For a savings account — which is fundamentally about parking money safely and earning a return — those trade-offs are acceptable for most people.
The practical approach: keep your primary banking relationship with an established bank for salary crediting, loans, and credit cards. Use GXBank as a dedicated savings account, with your emergency fund at the 2.00% p.a. base rate where you can reach it, and a Bonus Pocket only for money you have genuinely earmarked six months out. Best of both worlds without overcommitting to a single institution.
Whether GXBank maintains this edge long-term depends on how the digital banking market matures. For now, it delivers on its core promise.
Related Guides
- Best Digital Banks in Malaysia 2026 — all five licensed digital banks compared on rates, features, and who each suits
Amendment — 31 July 2026. This review previously stated that Boost Bank and AEON Bank are both Islamic banks, and directed readers who require Shariah-compliant banking to consider either. That was wrong about Boost. Bank Negara Malaysia licensed the Boost/RHB consortium under the conventional Financial Services Act 2013 on 29 April 2022, and PIDM lists Boost Bank Berhad under Licensed Banks, not Licensed Islamic Banks. AEON Bank is the IFSA-licensed digital bank offering retail savings. The comparison and the Shariah-compliance pointer have both been corrected.
Savings rates in this review were verified against GXBank's own website on 29 July 2026. Other details reflect information available as of April 2026. Savings rates, features, and terms may change — always verify current details directly with GXBank. money.com.my may earn a commission if you open an account through our links. This does not affect our editorial assessment — we review products based on their merit, not their affiliate terms.