Hello Grasshoppa,

Remember when GXBank made waves as Malaysia’s first fully digital bank? Everyone was hyped. No branches, no paperwork, high-interest savings, & the sleek GX Mastercard. It felt like the future had finally arrived for banking in Malaysia. But it’s been a couple of years now. The initial hype has settled, & like any new player in the game, GXBank had to make some changes. So, what’s different today in 2025 compared to its launch in 2023? Let’s break it down.

When GXBank first dropped, it came in hot. They offered an attractive 3% p.a. daily interest on both the main savings account & the individual savings pockets you could create. No minimum balance, no lock-ins. It was the perfect excuse to stop using your old-school savings account that gave you peanuts.

Then came the GXBank Mastercard, a 1% unlimited cashback on all transactions (online & in-store), no foreign transaction fees, waived RM1 MEPS ATM withdrawal fees, which was every budget-savvy Malaysian’s dream. And if you wanted to save for that Bali trip, your kid’s tuition, or just a PS5, those “Savings Pockets” made financial discipline easier to visualise & stick to. Fast forward to today in 2025. GXBank has matured. They’ve made some adjustments, trimmed some perks, but also introduced new ones to stay competitive & relevant.

First off, the interest rate has been revised. Instead of 3%, now you get 2% p.a. on your savings. Still not bad, especially when most conventional banks are giving less than 1%. They’ve also maintained the user-friendly experience & kept the “no hidden fees” philosophy.

Now, regarding that GX Card, the cashback structure has changed. Local spending gets you 0.1% cashback now (a big drop from the original 1%), but they’ve retained the 1% unlimited cashback for overseas in-store purchases, which is still great for frequent travellers. The no foreign transaction fee still applies, so you’re not getting robbed every time you swipe overseas.

They’ve also added a small but useful incentive – if you link your DuitNow ID to your GX account for the first time & keep it there for 30 days, you’ll get RM8 cashback. Not life-changing money, but it’s a nudge in the right direction for integrating digital banking fully. (During their launch, I was offered 1 year GrabUnlimited subscription for free to link my DuitNow ID)

Another clever move? Seasonal promotions. During Chinese New Year, GXBank gave out up to 4x cashback & even ran deposit campaigns with additional rewards. These one-off promos help keep customers excited & engaged.

So, what does all this mean for you?

GXBank started strong, made some necessary pivots, & still remains one of the more attractive digital banks out there if you know how to use it smartly. Sure, the benefits aren’t as generous as they were at launch, but they’re still better than many legacy banks.

If you’re a frequent overseas shopper or a disciplined digital saver, GXBank is still worth parking some of your money in. Just don’t expect the same fireworks as day one – think of it as evolving from a flashy white belt to a solid, reliable purple belt in digital banking.

OSS!