Daily interest for your business with GXS Biz Account
Daily interest for business growth.
Currently only open to Sole Proprietorship businesses.
Download the GXS Bank app.
We are currently only open to Sole Proprietorship businesses. We will open to more business types soon.
Daily interest on your balances.
Grow your deposits faster with interest credited daily. Earn 1.88% p.a. on every deposit, every day. Grab merchant partners and Singtel customer get extra - earn 2.68% p.a. daily¹.
Zero fees, no lock ins.
Never worry about hidden costs. There are no fall below, domestic transfer, or annual fees. No minimum balance needed too.
Easy transfers, easier tracking.
Deposit funds instantly via FAST, and make outward payments seamlessly and without cost via FAST and PayNow. Track every inflow and outflow on the app in real time.
Save your Grab earnings.
Exclusively for Grab merchant partners:
Cash out earnings to GXS Biz Account without fees.
Bank conveniently on a secure app.
Make payments or check on transactions quickly and securely on the GXS Bank app.
The best of Grab and Singtel for your business.
Exclusively for Grab Merchant partners²
Up to S$500 in Grab-funded discounts for your customers with a free 1 month participation in a GrabFood GrabUnlimited Campaign, Grab's flagship marketing campaign for top eaters.
Exclusively for Singtel customers²
Get a new iPhone 15 128GB at $1,068 (U.P. S$1,311). Up to 2 devices per customer.
Boost sales and customer retention with Singtel Business Loyalty Lite Solution. Enjoy FREE 12 months subscription (worth $1,046.40) with unlimited push notifications to your customers.
DY?
Sign up in under 4 minutes. No paper work, no branches.
Got questions?
We got answers.
What is GXS Biz Account?
GXS Biz Account is an interest-bearing current account that is specifically designed for sole proprietorship business owners. The GXS Biz Account offers interest up to 2.68% p.a. (base interest rate of 1.88% p.a. and launch promotion bonus interest rate of 0.8% p.a.). Campaign Terms apply for launch promotion bonus interest.
What do I need to Open GXS Biz Account?
We're excited to have you on board! To open a GXS Biz Account, you'll need to:
- Be at least 18 years old
- Have a residential address in Singapore
- Be a Singaporean citizen or Singapore Permanent Resident
- Have a Singpass Myinfo account
- Have a sole proprietorship with an active ACRA registration account
Make sure that your sole proprietorship details and residential address are updated on ACRA and Singpass respectively, before signing up for an account.
If you require assistance on your Singpass access, you many contact Singpass Helpdesk directly.
How is daily interest calculated for GXS Biz Account?
You earn interest daily based on the balance of your GXS Biz Account at the end of each day. Base interest earned on the account balance is 1.88% per annum. For GrabMex and Singtel customers, the GXS Biz Account offers interest up to 2.68%p.a. Campaign Terms apply for promotion bonus interest.
We multiply your balance by the interest rate per annum over 365 days. Interest will be credited to your account when you earn at least S$0.01 in accumulated interest.
For example, based on an interest rate of 1.88% per annum applicable on balances in your GXS Biz Account:
- On 19 September 2024, your balance in your GXS Biz Account is S$40,000. You will earn an accrued interest of S$2.06027
- S$2.06 will be credited to your account on 20 September 2024 morning. Your balance will now be S$40,002.06. The remaining S$0.00027 will continue to accrue the next day
Are there any service charge or fees with my GXS Biz Account?
You'll be pleased to know that there are no hidden service charges or fees for GXS Biz Account.
Are my GXS Biz Account deposits with GXS Bank protected or insured?
Your deposits in your GXS Biz Account are insured up to S$100,000 by the Singapore Deposit Insurance Corporation (SDIC), under the Deposit Insurance Scheme. Here's a description of the scheme:
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
GXS Bank is a separate entity and is not associated with the businesses of Grab, Singtel and their entities. The GXS Biz Account and GXS FlexiLoan Biz are provided by GXS Bank. GXS Bank holds a banking licence and is regulated by the Monetary Authority of Singapore.
¹Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027. Approval of your application is subject to receipt of all supporting documents and further review. GXS Bank reserves the right to approve or reject your application without providing any reasons. Late interest charges may apply in the event of late repayment. Your loan is subject to review from time to time, and may be cancelled by GXS at its discretion. Terms and Conditions apply.
²Fulfillment of the exclusive Grab and Singtel benefits are subjected to conditions mentioned in Biz Ecosystem Terms - Grab and Biz Ecosystem Terms - Singtel. The benefits are managed by Grab and Singtel. Eligibility and fulfillment of said rewards will be based on Grab and Singtel T&C and discretion.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Full Terms and conditions apply, please visit:
Business Account Terms here.
Business FlexiLoan Terms here.
Ecosystem Terms - Grab here.
Ecosystem Terms - Singtel here.