GXS Digital Bank

[CrashWire]

I thought there is a MAS rule regarding that? or is it just a norm?

Clause 5.9: "The Bank may introduce additional terms and conditions governing new features, services and products without giving you any advance notice."

Most of the bigger banks follow ABS's code of consumer banking practice:

https://www.abs.org.sg/docs/library...l3bd2ab9f299c69658b7dff00006ed795.pdf#page=10

Not sure if there's any enforcement mechanism.

 

[royalmix]

Changing a reward can be done anytime, like giving you higher or lower interest rates!

Charging you or changing whatever fees need to give notice!

GXS had waited till Dec 1 to effect the change, a "reward loophole" or mistake on their part.

 

[iceoxfch]

Most of the bigger banks follow ABS's code of consumer banking practice:

https://www.abs.org.sg/docs/library...l3bd2ab9f299c69658b7dff00006ed795.pdf#page=10

Not sure if there's any enforcement mechanism.

The preamble (page 2) states that the initiative is voluntary.

The introduction (page 3) states that members of ABS which offer financial services to individual customers must comply with this Code.

If GXS repeatedly violates ABS's code, they could be expelled from ABS. However, as the Code is not law, they cannot be sued for violating the code.

GXS terms and conditions take precedence.

 

[sohguanh]

Anyone using the GXS debit card in Msia the rate is good? FSM debit card 5% cash rebate for overseas spend promo ending soon after Dec 2023 so thinking what next to use from Jan 2024 onwards. Don't like those youtrip etc same pattern kind as trap monies I don't like.

 

[Adi Dassler]

Just curious how much u guys pump in GXS for their 2.68% savings pocket?

 

[letterstome]

Just curious how much u guys pump in GXS for their 2.68% savings pocket?

not the best rates, put your money elsewhere

 

[sglandscape]

Just curious how much u guys pump in GXS for their 2.68% savings pocket?

moved out since they cut rates, my overflow account is now Maribank at 2.88% and they recently have 2 months promo to get 5.07%/4.34% if you maintain either 5k/20k ADB during the period.

Otherwise have CIMB at 3.5%, HSBC (above 3% but need to be invited), SCB (above 3.5% but also need to be invited).

 

[sglandscape]

Anyone using the GXS debit card in Msia the rate is good? FSM debit card 5% cash rebate for overseas spend promo ending soon after Dec 2023 so thinking what next to use from Jan 2024 onwards. Don't like those youtrip etc same pattern kind as trap monies I don't like.

Use the Trust credit card if you prioritise spending the least on FX fees. GXS debit card have the usual FX fees (applied on top of the mastercard FX rate).

 

[zeroX26]

moved out since they cut rates, my overflow account is now Maribank at 2.88% and they recently have 2 months promo to get 5.07%/4.34% if you maintain either 5k/20k ADB during the period.

Otherwise have CIMB at 3.5%, HSBC (above 3% but need to be invited), SCB (above 3.5% but also need to be invited).

SCB no need invitation. Invite is only for 3.8%, otherwise the other one that's above 3.5% is open to public

 

[Thai_Rak_Thai]

Just curious how much u guys pump in GXS for their 2.68% savings pocket?

74k but I leave in main pocket. I get about $4.82 a day

 

[Peanut15]

is it worth it to borrow money on GXS and buy T-bill to earn the little difference? Technically risk free right?

 

[royalmix]

GXS might be introducing a new product, returns look attractive but no details, in process of development!

 

[royalmix]

74k but I leave in main pocket. I get about $4.82 a day

pocket or main? pocket higher rate!

 

[sglandscape]

is it worth it to borrow money on GXS and buy T-bill to earn the little difference? Technically risk free right?

The EIR higher than Tbills, sure lose money.

 

[Thai_Rak_Thai]

pocket or main? pocket higher rate!

Main. I lazy to create pocket. Did that previously at 3.5% rate that didn’t last long

 

[sglandscape]

Main. I lazy to create pocket. Did that previously at 3.5% rate that didn’t last long

It takes under 10s to do so but the rate differential not a lot for small amounts now anyway.

 

[Peanut15]

The EIR higher than Tbills, sure lose money.

EIR is 2.9%, but Tbill more than 3.5-4% . Not meh? so earn about 1%

 

[sglandscape]

EIR is 2.9%, but Tbill more than 3.5-4% . Not meh? so earn about 1%

The EIR is 2.9% if you borrow and repay each month, otherwise it won't be 2.9% if you calculate it correctly.

 

[Adi Dassler]

GXS might be introducing a new product, returns look attractive but no details, in process of development!

Wow, interesting. Bookmarked for latest updates.

 

[crystalnox]

The EIR is 2.9% if you borrow and repay each month, otherwise it won't be 2.9% if you calculate it correctly.

How do you get 2.9% EIR?