GXS Bank is a Singapore digital bank backed by Grab and Singtel, offering savings accounts with up to 1.75% p.a. interest — no salary crediting or minimum spend needed. Our referral code is YONG477. Use it when signing up to give your referrer S$8. As a new user, you can also earn up to S$20 cashback when you deposit S$5,000 into your first Boost Pocket. Here’s everything you need to know before you sign up.

Not financial advice. All figures are for educational reference only. Data verified as at 28 August 2026 unless noted.

What Is GXS Bank?

GXS Bank is one of Singapore’s four licensed digital full banks. It’s a joint venture between Grab and Singtel, launched in 2022 under a digital full bank licence from the Monetary Authority of Singapore (MAS). Because it’s a full bank — not just a fintech app — GXS is subject to the same regulatory standards as DBS, OCBC, and UOB.

GXS is designed entirely around simplicity. No physical branches, no minimum balance, no fees to maintain your account. Everything happens through the GXS Bank app on your phone.

The bank’s main products are the GXS Savings Account (with three pocket types), the GXS Credit Card, the GXS FlexiCard, and the GXS FlexiLoan. For most everyday Singaporeans, the savings account is the star of the show.

You can read our full deep-dive in the GXS Bank Review 2026 — this article focuses specifically on the referral code and current sign-up bonuses.

GXS Referral Code YONG477: How to Claim Your S$8

When you sign up for a GXS Savings Account using a friend’s referral code, they earn S$8 in their GXS account. Our referral code is YONG477. Here’s how to use it:

1. Download the GXS Bank app from the App Store or Google Play
2. Tap “Sign Up” and complete your Singpass verification
3. When prompted for a referral code, enter YONG477
4. Your referrer earns S$8 once your account is activated

You don’t need a referral code to open an account. But if you have one, use it — it costs you nothing and rewards a friend. The referral programme runs until 31 December 2026.

Current GXS Sign-Up Bonuses (August 2026)

GXS regularly runs promotions for new users. Here’s what’s available right now for new GXS Savings Account sign-ups as at August 2026:

Source: GXS Bank official website, August 2026. T&Cs apply. Verify current promotions on gxs.com.sg/promotions.

The “First Boost” promotion is the most valuable. When you combine the S$20 cashback with the 1.22% p.a. Boost Pocket rate on a S$5,000 deposit, GXS calculates an effective interest rate (EIR) of 2.82% p.a. over the 3-month period. That’s competitive even against traditional fixed deposits.

GXS Bank Savings Rates Explained (August 2026)

GXS Savings Account has three sub-account types — Main Account, Saving Pockets, and Boost Pockets. You can open up to 8 of each pocket type, for up to S$95,000 in total deposits.

Source: GXS Bank official savings account page, August 2026. Rates = base 0.88% p.a. daily + bonus on maturity. Effective rates are approximations.

Interest is credited daily — not monthly. That means you see your money grow every single day in the app. For the Boost Pocket, the base 0.88% p.a. is paid daily; the bonus portion is paid out when the pocket matures.

Boost Pocket: Is Locking In Worth It?

The Boost Pocket is GXS’s version of a fixed deposit — but with some differences. Here’s how to think about it:

Why lock in with Boost Pocket? If you have idle cash you genuinely won’t need for 3–12 months, the Boost Pocket earns more than the Saving Pocket (1.75% vs 1.08% p.a. at the top end). The new 4-month tenure is a useful middle ground — longer than a 3-month but not as long as 8 months.

Why not lock in? Traditional bank fixed deposits at DBS, UOB, and OCBC may still offer higher advertised rates for comparable tenures. As at August 2026, the best Singapore fixed deposit rates are up to 2.00% p.a. If earning the absolute highest rate is your goal, compare GXS Boost Pocket against current FD rates before committing.

That said, GXS has one advantage no FD offers: you can open up to 8 separate Boost Pockets simultaneously, each with a different tenure and goal. So you can stagger your lock-ins — a 3-month pocket for short-term cash, a 12-month pocket for longer-term savings — without needing multiple bank accounts.

Use our Singapore retirement calculator to see how much your savings could grow over time at different interest rates.

GXS vs MariBank vs Trust Bank: Which Pays More?

GXS is not the only digital bank in Singapore. MariBank (backed by Sea Group/Shopee) and Trust Bank (backed by Standard Chartered and FairPrice Group) are the main competitors. Here’s a quick comparison on savings rates as at August 2026:

Source: Bank official websites and Seedly comparison, August 2026. MariBank and Trust Bank rates are third-party aggregated; verify on official sites before depositing.

The key differentiator for GXS is daily interest with no conditions. You don’t need to credit your salary, hit a spending minimum, or link any bill. This makes GXS the best option for people who want simplicity above all else.

If you can meet conditions, MariBank currently pays the highest rate overall. See our full comparison in the GXS vs Trust Bank vs MariBank guide.

How to Open a GXS Bank Account

Opening a GXS account takes about 5–10 minutes. You just need a Singapore phone number and your Singpass login. Here’s the step-by-step:

1. Download the GXS Bank app — available on App Store and Google Play
2. Tap “Sign Up” and verify your identity via Singpass (MyInfo)
3. Enter a referral code if you have one (use YONG477 to reward the referrer)
4. Set up your account — Main Account is created automatically; add Saving or Boost Pockets as needed
5. Fund your account via PayNow, bank transfer, or Grab Pay

Your debit card details are issued digitally on signup — you can start using it on Grab and Singtel Dash immediately. A physical debit card is mailed to you within a few business days.

For more details on maximising your GXS account with Syfe Cash+ for overflow savings or pairing with other investment accounts, check our digital banking guides.

Is GXS Bank Safe? What You Need to Know

Yes. GXS Bank holds a full bank licence from MAS — the same regulator that oversees DBS and OCBC. This is not a fintech app or an e-wallet. GXS is a regulated bank.

Your deposits are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to S$100,000 per depositor. This means if GXS were to fail (extremely unlikely given MAS oversight), your money up to S$100,000 is protected.

The maximum deposit limit per GXS account is S$95,000 — well within the SDIC coverage cap. This is intentional and makes GXS a safe, insured savings vehicle for most household cash needs.

Our Verdict: Is GXS Worth Signing Up For?

Yes, for most Singapore residents. Here’s the short version:

• If you want a no-fuss savings account with daily interest and zero conditions — GXS Saving Pocket at 1.08% p.a. beats most standard bank savings accounts
• If you have spare cash you won’t need for 3–12 months — a Boost Pocket offers up to 1.75% p.a., competitive with short-term fixed deposits
• If you’re signing up for the first time — deposit S$5,000 into a “First Boost” 3-month pocket to claim S$20 cashback (EIR ~2.82% p.a.)
• Use referral code YONG477 to reward the referrer S$8

The main trade-off: if you can meet salary crediting and spend conditions, MariBank or Trust Bank may pay more. But for pure simplicity, GXS is hard to beat.