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. At launch, GXBank offered around 3% p.a. on savings balances up to RM100,000. That was significantly higher than the 0.25%–1.00% p.a. most conventional banks offer on standard savings accounts.
A necessary disclaimer: Digital bank savings rates are variable and can change at any time. GXBank has adjusted its rate structure since launch. Always check the current rate directly in the GXBank app or their official website before making a decision.
What matters more than the exact number is the structural advantage. No branch network means lower overhead, which means GXBank can afford to pay depositors more. It has consistently positioned its savings rate well above traditional bank equivalents — whether the gap is 1.5% or 2.5% at the time you read this, the direction has been consistent.
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 | ~2.5%–3% p.a. (variable, verify current) | ~0.25%–1.00% p.a. | Competitive profit rate (variable, verify current) | Competitive profit rate (variable, verify current) | | 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 are approximate 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
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 Boost Bank or AEON Bank instead, both of which are IFSA-licensed Islamic digital banks
- 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 where your emergency fund earns a better rate. 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.
This review reflects 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.