GXBank to offer 5% p.a. interest in conjunction with Hari Raya

[sprinter1970]

Referring to GXBank official website. They will be offering 5% daily interest rate from 10 April to 9 May 2024 via the Saving Pockets function. Big wake up call for conventional banks.

 

[joannekay]

@sprinter1970 My advice is to just milk the shit outa these promos as more digital banks launch, same like when e wallets and e-commerce started here, all promos and freebies until left with 1-3 winners. We as consumers just reap the benefits first

 

[sprinter1970]

@joannekay

 

[debwater]

@sprinter1970 Big banks don't need to offer such high interest rate to attract deposits.

Plus it's only for one month and it's 5% pa. Which is not as big of a difference as it seems

 

[akadascribe]

@debwater Where can I find the terms and conditions? Saw a comment which said it’s only for first 5k in pocket

 

[zoli1108]

@akadascribe 10 pockets maximum so thats 50k.

 

[sprinter1970]

@debwater Why would one choose other bank, if GX can offer liquidity, daily compounded interest and 5% interest with same 250k PIDM assurance. I understand it’s just a temporary promotion to attract funds, but why not rip the benefits while we can. To me it’s the perfect place for emergency fund. I honestly don’t really care who wins out of this, as long as there are new players that could stir up the competition, we consumer will always be the winner.

 

[amerchristian]

@sprinter1970 They are just trying the build their deposit base using this promotion, once they reach their target, watch them drop rates by a lot just like in SG, I won't be surprised if people here complain about the rates in the next couple of months when this happens or perhaps even earlier with this promotion

 

[011235813]

@sprinter1970 5% on a 250k deposit even with daily compounding is so small it's not even worth your time moving money around. It's all marketing.

 

[mattmanticus]

@011235813 3% on 250k gives rm20 a day. 5% on 250k gives rm34 a day. Rm34 a day, is enuff to pay my parking, lunch, petrol....every day for a month...why not?

 

[joep222w]

@mattmanticus Why would you even have 250k in a savings account to move in the first place?

 

[mattmanticus]

@joep222w why not? One doesnt need to be fully invested at all times. You always need liquid cash to pay contractors, renovations, deposits.

 

[hafu14]

@011235813 Uh it's definitely worth moving money around, comparing to savings or fixed deposit. You know money transfet is free, right?

Instant withdrawal, daily compounding. Even at the non-promotion 3% it's unbeatable.

 

[011235813]

@hafu14 do the calculations. is that really worth it? to me it's not. would rather focus on growing my career.

 

[scarletrozes]

@011235813 It literally takes a few seconds to move the money. Your career isn't going to run away from you between the time taken.

 

[011235813]

@scarletrozes daily compounding vs non daily compounding is like rm300+ per year diff with a 250k deposit. now if you have 25K deposit that shrinks even more.

seriously, do the math before jumping on the next marketing gimmick.