The S$5,000 limit for a GXS bank account referred to the initial deposit cap for the GXS Savings Account, which has since been significantly increased to S$75,000. This means the S$5,000 limit is no longer current.
Evolution of Deposit Limits for GXS Savings Account
When the GXS Savings Account was first launched in August 2022, it initially had a deposit limit of S$5,000 per account. This initial cap was part of the early operational framework for the digital bank, setting a modest maximum for deposits.
From S$5,000 to S$75,000: A Significant Increase
The S$5,000 limit was a temporary measure. The bank has since substantially raised the maximum deposit threshold for the GXS Savings Account from the initial S$5,000 to a new, higher limit of S$75,000. This increase reflects the maturing digital banking sector and eased regulatory restrictions.
For a clearer comparison of the deposit limits:
| Aspect | Original Limit (August 2022 Launch) | Current Limit |
|---|---|---|
| Deposit Limit | S$5,000 | S$75,000 |
| Account Type | GXS Savings Account | GXS Savings Account |
Impact and Context of the Limit Adjustment
The GXS Savings Account proved immensely popular upon its launch, with all available slots quickly taken up within a few months. The subsequent increase in the deposit limit from S$5,000 to S$75,000 allows customers to deposit more funds and potentially earn higher interest on a larger balance.
This adjustment is also indicative of broader developments within the digital banking landscape. Regulatory bodies are progressively easing restrictions as these new financial institutions demonstrate stability and operational maturity, leading to more flexible offerings for consumers. More details on this can be found regarding eased restrictions on GXS and MariBank.
