GXBank Review - Savings Account Paying 3% P.A.?!

Sign up with GXBank (themillennialfinance.com/gxb)
In this video, we review GXBank - Malaysia’s first digital bank!
We cover:
00:00 - GXBank Review
0:20 - Is GXBank safe?
1:27 - Sign up process and user experience
2:22 - How to deposit GXBank
3:05 - Feature: 3% Interest p.a.
3:46 - Feature: Savings pockets
4:49 - Feature: Debit card (coming soon)
Malaysians can already sign up. Just head over to the Google Play Store or Apple App Store to download!
#gxbank #bankmalaysia #FirstDigitalBank
Disclaimer: This is a sponsored video. However, all opinions are that of The Millennial Finance.
Invest in Malaysian and US stocks with moomoo (themillennialfinance.com/moomoo)
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#TheMillennialFinance

[@yijietan1633]

Great summary, personally I love the “pocket” feature as I have always wondered why the normal banks don’t do this. The “pocket” user interface is very good imo

[@MillennialFinanceMalaysia]

Yep, super easy to use and find! I’m using it myself haha

[@Vincentmiaw99]

Cool new product can't wait to truly it

[@yweiyuen3560]

Hi. Awesome content. Been waiting content on GXBank. For now, I dont feel much difference in features as compared to other traditional bank with internet banking and RIZE except the pocket feature which is quite cool and quick registration online. I feel that WISE as a digital bank will be better since there is a multicurrency feature in there. Cant wait for your followup video on this. Im not financial professional so it will be great to see comparison with traditional banks or something like WISE or RIZE.

[@MillennialFinanceMalaysia]

Thanks! Wise won’t be a digital bank here in the near future, no news of any BNM license 😅 I think GXBank will be ahead of rize once they launch the debit card

[@user-gi4wb6rg2b]

Rize, Versa, Stashaway, KDI, GOinvest -- those are *digital cash management* Accounts & not bank & not protected by PIDM, even if they are still an alternative way to saving & investment accounts. Btw some are come with robo-advisors investing into overseas too. In this video is focusing on another much higher interest rate & reliable (protected by PIDM) & safe as any of our local bank saving accounts. Btw, Malaysia Government has awarded only 5 consortiums as Malaysia licensed digital banks but too bad, Rize (Alrajhi bank) is NOT one of them.

[@abubakarbinzainabgburn8986]

For example, a writer may need to brainstorm for more ideas and supporting details after examining outline for the paper.

[@alyplee7568]

Can't recall where but I came across somewhere that GX Bank is waving the RM1 cash withdrawal

[@MillennialFinanceMalaysia]

Yeah I think they are for a period of time

[@thilip7]

Hi any idea why it shows why it's shows "Your device isn't compatible with this version" when I try to download the app. Using Honor 20 pro and Galaxy S9+.

[@MillennialFinanceMalaysia]

Hmm not sure. You updated to the latest OS?

[@bexplosive97]

Is your device android 11 and above?

[@FateSoulzZ]

Hi, does this mean I still get the 3% interest p.a. whether or not I put it into the pocket feature?

[@MillennialFinanceMalaysia]

Yes!

[@pulencem-oq7ju]

Why gxbank does not let me open a gx acc without an existing acc other bank.. Im about to cry😭😭

[@MillennialFinanceMalaysia]

Didn’t know about this 😳 seems a bit odd

[@skybirthday8659]

i need to know that this bank need 18 years old only can register or ?

[@MillennialFinanceMalaysia]

From what I know yeah you gotta be 18 to apply

[@edwinchia6043]

Does the cashback applies to online purchases like shopee and lazada?

[@MillennialFinanceMalaysia]

Yep!

[@chongweiwithathan2785]

Until the 4-5% from rize, is gone ill still not put anything here lolll but great video 🎉

[@MillennialFinanceMalaysia]

Haha that’s fair. Was annoyed with rize having all those issues

[@serigamel]

Is it not shariah compliant? Wondering bcos saw someone on twitter mention that its conventional so im not sure if i should place my money here

[@CRAZYFLYER425]

yes, not shariah compliant and is conventional bank

[@serigamel]

@@CRAZYFLYER425 what would this mean for muslims? The 3%p.a interest considered as riba’?

[@CRAZYFLYER425]

@@serigamel i not sure abt that, but based on their description "GX Account is a conventional savings account that can be opened and enjoyed by customers irrespective of their beliefs.", shd be not restricted for muslim friends place their fund into their bank account

[@nazmi1429]

⁠@@serigamelinterest is haram because of the bank use the money to invest in the non shariah compliant company like alcohol, gambling etc.

[@subellayahya9676]

Bro macam mana nak ada bank account ni

[@Divyv520]

Hey Milennial Finance , really nice video! I was wondering if I could help you enhance Editing in your videos and also make highly engaging Short Videos for you ?

[@cklau308]

I thought Rize was the first digital bank launched in Malaysia before GX Bank? pls enlighten me.

[@MillennialFinanceMalaysia]

Yeah this is a bit of a weird one. Rize wasn’t listed under the 5 digital banks given licenses from BNM, but they’re definitely a digital bank so idk 😅

[@gezza1739]

If u could use qr pay for this then it would be better

[@MillennialFinanceMalaysia]

Think it’s coming soon!

[@SaadonAksah]

Well the pidm protection is a plus. But too bad its not shariah compliant.

[@MillennialFinanceMalaysia]

Yep 😅

[@whiitly]

What’s shariah compliant?

[@supersaiya3456]

​@@whiitly for muslim, syariah compliance. if you want to know just research or google it..

[@zhensenplay]

any concern if not shsrsv?

[@FarraHelena]

Seriously? Not shariah compliant? How would one know ?

[@user-wj5nq8bu5e]

so if i put in 30k, i will get roughly Rm 2.4 per day huh.

[@MillennialFinanceMalaysia]

Yep around there

[@najmieeffendy939]

Syariah compliance?

[@MillennialFinanceMalaysia]

Unfortunately not

[@AIRAwesome75]

Can't add favorite.

[@ainazdaniel9832]

yes, you are right

[@zaimhilmi103]

What about Be U by Bank Islam tho? They claim they were the first digital bank 😂

[@MillennialFinanceMalaysia]

Yeah another weird one. This + rize weren’t listed as digital banks when BNM was issuing the license but I’ve no doubt they’re properly regulated too. Maybe those from existing banks don’t count 😂

[@haiqalubaidilah]

Didn't know about this and I instantly opened an account. Thanks for the quick insight about this new bank! If my math checks out, you have 35k-ish in your pocket savings 🤔 Good for you man! Keep up the great work 💯💯

[@MillennialFinanceMalaysia]

Glad you found it helpful! Have closer to around 50k now haha

[@leechurn7758]

@@MillennialFinanceMalaysia really liked to find out how you managed save so much. :D

[@idoohpad8078]

Ask Grab drivers they will know the integrity issue with Grab, now they want to do bank? Hope they dont screw their depositors like how they screw their drivers

[@MillennialFinanceMalaysia]

Not sure about the driver side of things but with BNM oversight and PIDM protection it’s all good for me

[@zwanswag1230]

and now money unable to wthdraw 😂 freeze

[@MillennialFinanceMalaysia]

You having issues? I haven’t had any so far