GXBank Savings Review 2026: Rate, PIDM & Worth It?

Last updated 28 October 2026 · money.com.my Editorial

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. Account opening, transfers and savings management all run through the app. 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 eight times the flat 0.25% p.a. on basic savings accounts, and ten times or more the 0.00%–0.20% that everyday tiered savings accounts pay below their top tiers, at CIMB, Public Bank, RHB, Hong Leong, AmBank and BSN (checked 11 October 2026; Maybank not checked). Some tiered, conditional or targeted accounts pay 1.5% or more, so the gap is smaller if you qualify. You can withdraw the money whenever you like.

The bonus rate is 3.18% p.a. over 3 months or 3.80% 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 3.80% 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 checked on GXBank's own site on 11 October 2026 and read again on 17 October 2026 (our 11 October check found the 2.00% base and 3.18% 3-month rate unchanged since 29 July 2026 and the 6-month Bonus Pocket rate up from 3.70% to 3.80%). GXBank's page shows no effective date. 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:

AEON Bank rates verified against its own site on 29 July 2026, GX Bank rates read on 17 October 2026 and Boost Bank rates read on 25 October 2026, all subject to change. The Maybank column is marked not verified: Maybank's site could not be read when we re-checked savings rates on 11 October 2026. 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:

• Support channels differ by bank. GX Bank has no branch; its About Us page lists 24/7 in-app live chat and customer support on +603 7498 3188. Boost Bank lists +603 8658 3000 (general hotline, Monday to Friday, 9.00 am to 9.00 pm) and support@myboostbank.co. AEON Bank has no physical branch but lists +603-4816 8888, Live Chat and email
• During peak periods or system maintenance, some users report slower response times from support
• No cheque deposit and no cash deposit (not re-verified on 17 October 2026). GX does offer a debit card: its Debit Card page says "Withdraw cash anywhere at ATMs nationwide", and its homepage FAQ says "Some fees may apply for specific services like debit card issuance or cash withdrawals" (the Debit Card page, by contrast, says "ZERO fees for ATM cash withdrawals" with "no issuer fees charged by us")
• 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 listed in the pages we read
• Minimum balance requirement: None
• DuitNow transfers: Free
• FPX transfers: Free
• Account opening: Free
• Account closure: Free

GX's homepage says "all without any fees", but its own FAQ says "Some fees may apply for specific services like debit card issuance or cash withdrawals", while its Debit Card page says "ZERO fees for ATM cash withdrawals" with "no issuer fees charged by us"; the two pages differ on cash withdrawals, so do not read GXBank as a zero-fee bank: check the fees and charges in the app before you transact. We found no monthly or minimum-balance charge 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 lists no such monthly or minimum-balance charge.

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. We found no monthly or minimum-balance fee, although some services such as debit card issuance or cash withdrawals may carry 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 and re-read on 17 October 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.

Amendment, 11 October 2026. This guide gave GX Bank's 6-month Bonus Pocket rate as 3.70% p.a. GX Bank's own page now says "Earn up to 3.80% p.a." and "3.18% p.a. for the 3-month tenure, or 3.80% p.a. for the 6-month tenure. This is inclusive of the 2.00% p.a. base rate", so the figure is now 3.80% p.a.; the 3-month 3.18% and the 2.00% base rate are unchanged. We checked GX Bank's page on 11 October 2026; it shows no effective date. The other rates in this guide keep the dates stated beside them and were not re-checked in this amendment. Confirm any rate on the bank's own page before acting on it.

Amendment, 11 October 2026 (conventional savings rates). This guide said "roughly two to eight times the 0.25%–1.00% p.a." when comparing GX Bank's 2.00% p.a. base rate with what most conventional banks pay on a standard savings account, and its comparison table said "~0.25%–1.00% p.a." under Maybank. We read the savings-rate pages of CIMB, Public Bank, RHB, Hong Leong, AmBank and BSN on 11 October 2026. Their basic savings accounts pay a flat 0.25% p.a., and their everyday tiered accounts pay 0.00%–0.20% below their top tiers. So 2.00% is eight times the basic-account rate (2.00 ÷ 0.25 = 8) and ten times or more the tiered rates (2.00 ÷ 0.20 = 10). Some tiered, conditional or targeted accounts pay 1.5% or more. Maybank's site could not be read, so the Maybank rate cells, and the Maybank cells that stated a figure (minimum balance, fees, branches, app rating), are now marked not verified. Confirm any rate on the bank's own page before acting on it.

Amendment, 11 October 2026 (Boost licence). The comparison table's Boost Bank column said "Islamic (IFSA)" for licence type → "Conventional (FSA)". Bank Negara Malaysia licensed the Boost/RHB consortium under the Financial Services Act 2013 (FSA) on 29 April 2022; this matches our rate data (src/lib/rates.ts, Boost licence FSA) and the correction of 31 July 2026 above, which the table had missed.

Amendment, 17 October 2026 (check date). The disclaimer and the footer gave different check dates (11 October and 29 July). GXBank's savings and Bonus Pocket pages were read again on 17 October 2026: 2.00% p.a. (page effective date 1 October 2024), 3.18% p.a. for 3 months and 3.80% p.a. for 6 months, "inclusive of the 2.00% p.a. base rate". Other figures in this guide were not re-checked in this amendment.

Amendment, 17 October 2026 (Boost rate, support, ATM card, fees). (1) The FAQ and comparison table gave Boost's rate as "up to 3% p.a. on Savings Jars" and its best rate as "up to 4% p.a. — Special Jars, earned by partner spend". They now say 2.5% p.a. on the Savings Account, 3% p.a. on Savings Jars and the BoostUP Jar's 4% (RM500 a month of Boost Wallet spend, campaign 17 Nov 2025 to 17 Nov 2026; other Special Jars on Boost's page pay up to 3.3%). (2) Removed "(AEON Mall kiosks available)" from the AEON Bank branches cell: no saved AEON page supports it. (3) The app-experience bullet said support was "app-based only — no phone line, no email". Boost's pages list +603 8658 3000 (its Product Disclosure Sheet gives Monday to Friday, 9.00 am to 9.00 pm) and support@myboostbank.co, and AEON's FAQ says it has no physical branch but gives +603-48168888, Live Chat and customer.support@aeonbank.com.my. For GX the saved pages show no phone number or email, so the claim is replaced with a not-verified note. (4) The bullet said GX has "no ATM card". GX's Debit Card page says "Withdraw cash anywhere at ATMs nationwide"; the claim is removed and the debit card is stated instead. (AEON's FAQ also describes its Debit Card-i as working at ATMs carrying the MEPS or Visa logo.) "No cheque deposit, no cash deposit" is kept but marked not re-verified. (5) The Fees section, comparison row and Bottom Line implied GX is fee-free ("There are no fees", "no hidden charges"). GX's homepage FAQ says "Some fees may apply for specific services like debit card issuance or cash withdrawals", so those lines now say so, and the Boost fees cell now shows its RM10/year dormant-account charge (Boost's FAQ and Product Disclosure Sheet). Also removed "support" from the list of things that run through the app, as unsupported. GX's Debit Card page lines on "no fees for first card issuance" and "No annual fee" sit inside HTML comments on the saved page and were not used. The date footer now dates GX and Boost rates 17 October 2026 and AEON 29 July 2026. We read Boost Bank's own Savings, Special Jars and home pages and its Product Disclosure Sheet (effective January 2025) on 17 October 2026: "Savings Account: 2.5% p.a. daily interest", "Savings Jars: 3% p.a. daily interest", and, for the BoostUP Jar, "spend a minimum of RM500 monthly with your Boost Wallet" for 4% p.a. (campaign 17 Nov 2025 to 17 Nov 2026); other Special Jars on that page pay up to 3.3% p.a. Rates are variable; confirm in the Boost Bank app.

Follow-up amendment, 17 October 2026 (GX fee wording). The fee cell in the comparison table, the app-experience bullet on the debit card and the Fees paragraph now also quote GX's Debit Card page verbatim ("ZERO fees for ATM cash withdrawals", "no issuer fees charged by us") beside the homepage FAQ line, because the two pages differ on cash withdrawals. Which applies to a given withdrawal is not verified; check the fees and charges in the app.

Amendment, 25 October 2026 (Boost Bank rates). In the comparison table, the Boost Bank cell of the "Savings rate — best, and its condition" row said "4% p.a. — BoostUP Jar, RM500 a month of Boost Wallet spend, campaign to 17 Nov 2026"; it now says Boost's higher rates are on promotional Special Jars, each with its own condition and end date, and that the rate is not stated here. The note under the table now dates the Boost rates 25 October 2026. GX, AEON and Maybank cells are unchanged. We re-read Boost Bank's own savings-account and Special Jars pages on 25 October 2026 (evidence in docs/verification-log/boost-rates-oct25/). The savings page still reads "2.5% p.a. daily interest on your Savings Account" and "3% p.a. daily interest on your Savings Jars", so those figures stay, re-dated 25 October 2026. The Special Jars page lists the BoostUP Jar ("spend a minimum of RM500 monthly with your Boost Wallet, unlock the BoostUP Jar and start saving to earn 4% p.a. daily interest") for "17 Nov 2025 to 17 Nov 2026", and most other Special Jars end on 31 Oct 2026; Boost's savings-account FAQ gives "Special Jars: Up to 3.3% p.a. daily interest" while the Special Jars page says "up to 4% p.a. daily". Because these are campaign rates with near end dates and Boost's own pages disagree on the ceiling, this guide no longer quotes a Special Jar rate: check it in the Boost Bank app. Wording softened from "each needs partner spend or another condition" to "most need partner spend or another condition", because Boost's Special Jars page also lists the Boost Celebration Jar ("no extra requirements needed") and the Unlimited Jar ("Start saving today") alongside jars that do need partner spend, a Great Eastern insurance purchase (Protect Jar) or eligible CelcomDigi transactions.

Amendment, 28 October 2026 (GX Bank support). The app-experience bullet said the GX pages we saved list no phone number. GX Bank's About Us page, saved 17 October 2026, lists 24/7 in-app live chat and customer support on +603 7498 3188, so the bullet now gives that number.