A notice on the company’s website states that GXS is “working towards increasing this limit even further”.
The Grab- and SingTel-backed digital bank GXS has increased the deposit limit on its savings accounts from $5,000 to $75,000, signalling that the Monetary Authority of Singapore (MAS) has raised the deposit cap on Singapore’s digital full banks (DFBs).
GXS’s higher deposit limit is effective from July 19, and users who move their funds into the digital bank’s savings pockets can earn interest of 3.48% per annum.
