If you’re like me and use Grab frequently, GXBank might just be the perfect banking option.
I’ve decided to use GXBank mainly for its GrabRewards benefits since I rely on Grab for rides, food deliveries, and even grocery runs.
Plus, it helps me track my Grab spending more easily.
But beyond that, does GXBank really live up to the hype?
Let’s take a deep dive into this GXBank review to explore its features and determine if it’s worth your time.
What Makes GXBank Stand Out?
1. 2% p.a. Daily Interest on Savings
One of the biggest draws of GXBank is its 2% annual interest, compounded daily.
Unlike traditional banks that compound interest monthly or quarterly, GXBank ensures you earn interest on your interest every single day.
That means your money grows faster!
And the best part?
No minimum balance is required. You can start with any amount, and your savings will still earn daily interest.
2. Savings Pockets – Automate Your Goals
I love this feature because I like organizing my savings into different goals. With GXBank’s Savings Pockets, you can:
- Create multiple pockets (e.g., vacation fund, emergency savings, new gadgets)
- Set specific targets and automate contributions
- Earn the same 2% daily interest on all pockets
This makes goal-based saving effortless and helps keep my spending separate from my savings.
3. DuitNow Payments – Cashless Made Easy
Gone are the days of scrambling for cash. GXBank integrates DuitNow, making it super easy to pay friends, shop online and make instant cashless payments at DuitNow-enabled merchants.
You can even save favorite transfers for quick access, which is a small but useful touch.
4. Scheduled Transfers – Set & Forget
I’m a big fan of automation, so this feature is a lifesaver. You can schedule recurring transfers to send money to family, pay bills or move funds into your Savings Pockets.
No more manually remembering to transfer money—it just happens automatically.
5. Free Withdrawals & No Hidden Fees
GXBank doesn’t charge for withdrawals at MEPS ATMs, and there are no fees for account maintenance.
Unlike some banks that sneak in charges for falling below a minimum balance, GXBank is transparent and cost-effective.
6. Cyber Fraud Protect – Extra Security for Your Money
With cybercrime on the rise, GXBank provides Cyber Fraud Protect, which covers losses from:
- Unauthorized bank transfers
- Fraudulent online purchases
- Phishing scams
It’s an affordable safety net, with plans starting at just RM1/month.
7. GXSecure – Added Protection for Transactions
This feature ensures that only you can approve transactions from your registered device.
No more worrying about SMS TAC fraud—all approvals happen within the app.
The GXCard: A Must-Have for Travelers & Daily Spenders
If you’re looking for a debit card that earns cashback, GXCard might be for you. Here’s what makes it special:
- 1% Cashback on Overseas Purchases – Perfect for travel expenses.
- 0.1% Cashback on Local Spending – Small, but every little bit helps.
- No Markups on Exchange Rates – Saves you money on international transactions.
- Zero Fees for ATM Withdrawals Overseas – Withdraw cash anywhere without extra charges.
- 1.5x GrabRewards at Jaya Grocer – More points for your grocery runs.
Heads-up: While GXBank’s foreign transaction fees are 1.2%, if you frequently spend internationally, the Wise card might be a better option due to its mid-market exchange rates and no foreign transaction fees.
Check out my article on the Wise card here!
Maximizing GrabRewards with GXBank – My Experience
Since I use Grab almost weekly, I decided to link my GXBank account to my Grab app—and the rewards started stacking up!
Here’s what I found:
- If you’re a GrabUnlimited subscriber: Earn 1.5x points per RM1 spent on Grab services.
- If you’re not a subscriber: Earn 0.75x points per RM1 spent.
- Get 1x GrabRewards point for every RM3 spent when topping up your GrabPay Wallet using GXBank.
This setup lets me rack up GrabRewards without changing my spending habits.
If you’re already using Grab, why not make the most of it?
Learn more about GX Campaigns here!
What Other Users Are Saying
GXBank has received mixed reactions from users. Here are the key takeaways:
1. User Interface & App Experience
✅ Many say the app is better than traditional banking apps like MAE, UOB, and CIMB.
✅ No major glitches reported by long-term users.
⚠️ Some Android users experience repeated location requests (similar to the Grab app).
2. Interest Rates & Savings Features
✅ 2% daily interest payout (was 3% previously, but still competitive).
✅ Savings Pockets help users separate spending from savings.
✅ GXBank ran a 5% p.a. Raya promo—suggesting more promotions in the future.
3. Debit Card & Withdrawals
✅ Fee-free ATM withdrawals at any bank’s ATM.
✅ 1% cashback on debit transactions, though some question its long-term sustainability.
⚠️ Savings Pockets funds can’t be spent directly—only the main account is used for transactions.
4. Security & Trust Concerns
✅ PIDM-insured deposits up to RM250,000—your money is protected.
⚠️ Some users are hesitant about storing large sums in a digital bank owned by Grab.
Final Thoughts: Is GXBank Worth It?
For me, GXBank makes sense because of the GrabRewards perks and easy tracking of my Grab spending.
The daily interest, fee-free banking, and automation tools are all great bonuses.
However, I’m also aware that the long-term sustainability of its high cashback and interest rates is uncertain.
While I wouldn’t store my entire savings here, it’s a solid option for spending, earning rewards, and getting daily interest on extra cash.
Would I recommend it?
If you use Grab frequently, yes.
If you’re looking for the best place to store large savings long-term, maybe not.
💬 Have you tried GXBank yet?
Let me know your thoughts or any smart hacks you’ve discovered!
