GXBank has announced that it will be revising its savings rate as well as the 1% unlimited cashback for the GX Card in the coming months. These revisions will take place on 1 October 2024 for the savings rate and 1 November 2024 for the GX Card cashback.

The first digital bank to launch in Malaysia, GXBank gained popularity at a rapid pace thanks to the competitive 3% p.a. savings rate for both Main Account and Savings Pocket feature. With interest credited daily and zero lock-in periods, and seasonal promos to sweeten the deal, it was no surprise that savvy Malaysians placed their savings here. According to the bank, Malaysians have earned almost RM29 million in interest to date.

However, from 1 October 2024, the savings rate for both Main Account and Savings Pocket will be revised to 2% p.a. while retaining the same daily interest crediting and zero lock-in periods.

In addition, the 1% unlimited cashback feature on GX Card – another popular feature among GXBank users – will also see a revision from 6 November 2024. The notice from GXBank did not indicate what this change will be, whether it will be removed or its cashback rates changed. It is likely that the digital bank will announce this closer to the effective date, as all banks are mandated to give 21 days notice ahead of any changes.

The revisions were communicated to GXBank customers in an email and in-app notification sent out earlier today. According to GXBank, these revisions it is making are to enable the bank to give more to its customers. No further details were shared, but the bank is expected to launch GX FlexiCredit, a hybrid credit/loan product that doesn’t involve a credit card, in the near future, as well as financing solutions tailored to small businesses.

The GXBank revisions follow another digital bank’s recent revision of rates. AEON Bank, the first Islamic digital bank in Malaysia, recently revised its savings rate for both Standard Account-i and Savings Pot from 3.88% p.a. to 0.88% p.a. and 3% p.a. respectively.

• TAGS:
• GX Card
• GXBank