It has been nearly a year since GXBank, a fully digital bank led by Grab, was launched to the public and similar to its rival AEON Bank, it is in the process of winding down its attractive offers. When the bank was first introduced, it offered a 3% interest rate for its users deposits, as well as a 1% unlimited cashback for all spending through its debit card.
However, these two features will soon be revised, which might not be good news for its customers. In an email blast to its users, the bank revealed that starting 1 October 2024, the 3% interest rate will be lowered to 2% for both the main account and savings pockets.
Moreover, GXBank will be introducing new terms for its debit card cashback programme that will be effective from 6 November 2024. No details have been given on what the new rate or terms will be, but a representative from the digital bank told us that an announcement will be made soon.
AEON Bank recently also revised its profit rate from 3.88% to 3% for its savings pots and 0.88% for savings accounts. Its points-based cashback programme lowered the number of points customers can earn from 3 points to one point for every RM1 spent.
(Source: GXBank)
