KUALA LUMPUR, NOV 16 — Grab-powered GXBank is now open for public beta in Malaysia and they are giving early access to 20,000 selected Malaysians on a waitlist. To recap, GXBank offers an interest rate of 3.00% per annum and the interest will be credited on a daily basis. However, you’ll only receive the daily interest if the daily interest payable for your GXBank account is at least 1 sen (RM0.01).

GXBank rounds up daily interest to the nearest RM0.01

In our initial post, we mentioned that you’ll need to reload at least RM122 to be entitled to receive the daily interest of at least 1 sen per day. However, GXBank has highlighted that you actually only need about half of that amount to receive the daily interest.

As specified under GX Account Specific Terms for Interest, the daily interest payable for each of your Main Account and Savings Pockets is rounded up or down to at least RM0.01. This means if your payable interest is 0.5 sen (RM0.005), you will be getting 1 sen per day.

4.3 The Bank will pay you interest by crediting each of your Main Account and Savings Pocket(s) daily when the daily interest payable for each of your Main Account and Savings Pocket(s) is rounded up or down to at least RM0.01, or at such other intervals, or through such other means as the Bank may determine in our discretion and notified to you from time to time. The interest so earned will be credited to the respective Main Account and Savings Pocket(s) the same day. If the daily interest is less than RM0.01, such interest will be zero-rised and will not be credited to the relevant Main Account and Savings Pocket(s). When the daily interest is less than RM0.01 at the time the account is closed for whatever reason, such interest will be zero-rised and will not be credited to the relevant Main Account and Savings Pockets(s). Interest paid is subject to withholding tax or any other taxes, levies or impositions as may be imposed by the relevant Authorities from time to time.

-GXBank Terms and Conditions

RM60.84 is all you need to earn 1 sen daily interest

Therefore, the minimum amount required to receive the daily credited interest is RM60.84. When calculated based on an interest rate of 3% and divided by 365 days per year, the daily payable interest is RM0.00500055, which will be rounded up to RM0.01 per day.

To recap, GXBank accepts deposits via DuitNow transfer and it is protected by PIDM up to RM250,000 for each depositor. GXBank is among the 5 digital bank licence holders approved by Bank Negara Malaysia.

As an early bird perk, GXBank is offering RM20 cashback when you deposit a minimum of RM100 and they are also offering up to 6 months free GrabUnlimited when you link GXBank as your primary payment method in your Grab account.

However, usability for the digital bank app is still quite limited as you can’t use your GXBank funds for retail payments except for fund transfers via DuitNow. GXBank has plans to issue a debit card with RM1 MEPS processing waiver but there’s no timeline for that at the moment.

You can download the app via the Apple App Store and Google Play Store, and sign up to be on the waiting list. — SoyaCincau