GXS Bank launches term deposit product Boost Pocket

It is currently on offer with an interest rate of up to 3.48% per annum.

GXS Bank has launched Boost Pocket, a term deposit product that boosts the interest rate that customers can earn on their savings.

Boost Pocket incorporates term deposit features, carrying a base interest rate that is credit daily. Customers can select from either a one-month or three-month tranche and input an amount from between S$100 to S$30,000.

It also offers a bonus interest rate that applies to Boost Pockets that will be credit at the end of its term. 

Boost Pocket incorporates the best features of a term deposit and the flexibility for which GXS Bank’s products are known. 

Prevailing base and bonus interest rates are locked in for the duration of the customer’s chosen Boost Pocket tenure.

The bank will regularly review base and bonus interest rates on offer, which may change from time to time. 

There are no penalties for early withdrawal of funds from the Boost Pocket, and customers would still have earned the base interest rate up to the day of withdrawal, GXS Bank said.

Should they wish to keep their savings in the Boost Pocket for a longer period of time, customers can also choose to roll over with the same tenure at the prevailing interest rate at the time of extension.

Alongside the Boost Pocket’s launch, GXS Bank is offering an interest rate of up to 3.48% per annum for its first tranche.

The one-month tenure carries an all-in special interest rate of 3.28% per annum, while the three-month tenure will earn them 3.48% per annum in interest.