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⚡ Quick Answer
GXBank is one of Malaysia’s five licensed digital banks — backed by Grab and Kuok Group. It offers up to 3% p.a. on savings and zero fees on most transactions, making it a solid option for anyone who wants a high-yield, no-fuss digital account. Use referral code BENN226 when signing up to earn up to RM225 in rewards.
What Is GXBank?
GXBank (full name: GX Bank Berhad) is one of five digital banks licensed by Bank Negara Malaysia under the Financial Services Act. It launched to the public in 2023, making it one of the first digital banks to go live in Malaysia.
The bank is backed by the Grab-Kuok consortium — the same Grab behind your food deliveries and ride bookings. That backing matters because GXBank has deep integration with the Grab ecosystem, offering rewards for Grab users from day one.
Unlike traditional banks, GXBank operates entirely through its app. No branches, no counters, no paperwork. You can open an account in under 10 minutes with just your MyKad and a selfie.
How to Sign Up for GXBank
Signing up takes under 10 minutes. Here’s the process:
- Download the GXBank app from the App Store or Google Play
- Tap “Open Account” and verify your IC number
- Complete eKYC — you’ll need your MyKad and a quick selfie
- Enter referral code BENN226 to unlock up to RM225 in rewards
- Fund your account with at least RM1 to activate it
Approval is typically instant. The whole process is done on your phone — no branch visit required.
Download GX Bank & use code BENN226 — earn up to RM225 in rewards →
GXBank Interest Rates & Savings
This is where GXBank stands out from traditional banks. As of 2026, GXBank offers:
| Balance Tier | Interest Rate (p.a.) |
|---|---|
| Up to RM100,000 | Up to 3.00% |
| Savings Pockets | Competitive, varies by pocket |
Compare that to a standard Maybank or CIMB savings account, which typically pays 0.25%–0.60% p.a. On a RM20,000 emergency fund, that’s the difference between earning RM120 a year (at 0.6%) vs RM600 a year (at 3%). The gap adds up fast.
GXBank also offers Savings Pockets — a feature that lets you ring-fence money for specific goals (holiday fund, emergency fund, etc.) and earn interest on each pocket separately. It’s a genuinely practical way to organise your savings without opening multiple accounts.
Key Features
Grab Integration
If you use Grab regularly, GXBank adds value through GrabRewards integration. You can earn additional rewards on Grab spending when you pair your GXBank account with Grab. It’s not a complete Grab card replacement — but it’s a meaningful perk for everyday Grab users.
GX Debit Card (Mastercard)
GXBank issues a free Mastercard debit card with:
- No annual fee
- Cashback on eligible transactions
- NFC tap-to-pay
- Accepted everywhere Mastercard is accepted online and offline
DuitNow & Free Transfers
GXBank supports full DuitNow functionality. Sending money to any Malaysian bank or registered DuitNow ID is free and instant. Zero transfer fees for domestic transactions — no conditions, no minimums.
Zero Fees
GXBank charges zero fees for account opening, monthly maintenance, DuitNow transfers, debit card issuance, and bill payments. If you’re currently paying a monthly fee at a traditional bank, switching to GXBank as a secondary account eliminates that cost entirely.
GXBank Account Limits
All licensed digital banks in Malaysia operate under Bank Negara’s framework, which includes some restrictions:
| Limit | Amount |
|---|---|
| Maximum account balance | RM100,000 |
| Default daily transfer limit | RM10,000 |
| Daily DuitNow limit | RM10,000 |
The RM100,000 balance cap is the standard ceiling for all digital banks under Bank Negara’s current rules. For most everyday users, this is well above what they’ll keep in a savings account. If you hold large balances or need higher transfer limits, you’ll need a conventional bank account alongside GXBank.
GXBank vs Other Digital Banks Malaysia 2026
Malaysia now has five licensed digital banks. Here’s how GXBank compares:
| Bank | Interest Rate | Backed By | Standout Feature |
|---|---|---|---|
| GXBank | Up to 3.00% p.a. | Grab, Kuok Group | Grab integration, Savings Pockets |
| RytBank | Up to 3.60% p.a. | YTL Group | Highest headline interest rate |
| AEON Bank | Up to 2.88% p.a. | AEON Group | AEON retail rewards |
| KAF Digital | Varies | KAF Investment Bank | Islamic banking products |
| Boost Bank | Varies | RHB, Axiata | Boost e-wallet loyalty tie-in |
RytBank offers a higher headline rate (up to 3.6%), but GXBank’s Grab ecosystem, Savings Pockets feature, and overall app maturity make it more practical for daily use. If squeezing out the highest interest rate is your only goal, check RytBank. For most people who already use Grab, GXBank is the better fit.
Is GXBank Safe?
Yes. GXBank is licensed by Bank Negara Malaysia under the Financial Services Act 2013. Your deposits are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 — the same protection you get at any conventional bank. GXBank is not an e-wallet or investment app; it’s a fully regulated bank.
Pros & Cons
Pros
- Up to 3% p.a. interest — far above traditional savings accounts
- Zero fees: no maintenance fee, no transfer fees, no card fee
- Account opening in under 10 minutes
- Savings Pockets for goal-based saving
- Grab integration for rewards
- PIDM-protected deposits up to RM250,000
Cons
- No physical branches — all support via in-app chat
- RM100,000 maximum account balance
- Limited financing products (no personal loans, limited credit facilities)
- Grab integration is less useful if you’re not a Grab user
Our Recommendation
GXBank is worth having — especially as a secondary savings account. The 3% interest rate is a straightforward upgrade from what most conventional banks pay on savings, and the zero-fee structure means there’s no cost to keeping it active.
It works best for: everyday Grab users who want to earn rewards, people looking for a high-yield savings alternative without the complexity of investing, and anyone tired of paying unnecessary bank fees.
It’s not a full bank replacement — you’ll still want a conventional account for cash deposits, loans, or if you keep balances above RM100,000. But as a companion account for savings and daily spending, GXBank is one of the better options in the market right now.
Use referral code BENN226 to earn up to RM225 in rewards when you sign up.
Download GX Bank & use code BENN226 — earn up to RM225 in rewards →
Frequently Asked Questions
Is GXBank a real bank in Malaysia?
Yes. GXBank is licensed by Bank Negara Malaysia as a digital bank under the Financial Services Act 2013. It is not an e-wallet or fintech app — it’s a fully regulated bank. Your deposits are protected by PIDM up to RM250,000.
What is GXBank’s interest rate in 2026?
GXBank offers up to 3.00% p.a. on savings balances up to RM100,000. This is significantly higher than conventional savings accounts, which typically pay 0.25%–0.60% p.a. on similar balances.
Can I use GXBank as my main bank account?
For daily spending, savings, and bill payments — yes. But there are limitations: no physical branches, a RM100,000 balance cap, and limited loan products. Most users keep GXBank as a secondary account alongside their main conventional bank.
What is GXBank’s referral code?
Use referral code BENN226 when signing up to earn up to RM225 in rewards. Enter it during the account opening flow in the GXBank app.
Is GXBank better than RytBank?
RytBank offers a slightly higher headline interest rate (up to 3.6% p.a.) vs GXBank’s 3%. But GXBank has a more mature app, Grab integration, and a larger user base. If you’re a Grab user and want an all-round digital bank, GXBank is the better choice. If you’re purely optimising for interest rate, RytBank has the edge.
What happens if GXBank shuts down?
As a licensed bank under Bank Negara, your deposits are protected by PIDM up to RM250,000. Even in an unlikely closure scenario, your money up to that limit is covered. The same protection applies to all licensed banks in Malaysia.
