Malaysia’s first digital bank, GXBank, is making changes to its interest rates and cashback programme as it enters its second year.
From 1 October 2024, the daily interest rate for Main Accounts and Savings Pockets will be reduced from 3.00% p.a. to 2.00% p.a. while still being credited daily.
Meanwhile, the GX Card cashback programme is also being revised, with changes to the unlimited 1% cashback offer taking effect from 6 November 2024. Details of this have not been shared.
Over the past year, GXBank has onboarded over 800,000 users earning nearly RM29 million in interest.
More than half of the bank’s customers are actively using Savings Pockets to set aside funds for future needs.
Around 26,000 customers have signed up for GXBank’s Cyber Fraud Protect, a feature introduced in collaboration with Zurich Malaysia, which provides coverage against unauthorised transactions and cyber threats.
In addition, GXBank recently opened up the wait list for GX FlexiCredit, aimed at offering flexible credit options to help customers better manage their finances.
The full launch of GX FlexiCredit is expected soon, further expanding the bank’s suite of financial services for individuals and businesses across Malaysia.
Featured image credit: Edited from Freepik
