Hi guys. Successfully registered for GX Bank today, got my RM 28 "gift" as well.

For the withdrawal process, is it instantaneous? How long does it take for money to appear in the receiving bank?

The official FAQ does not mention anything about withdrawing money...

Thanks for info.

Thanks for the suggestion. I tried with RM 28, transfer out to CIMB and immediately transfer back to GX Bank again. Everything done in just 2 minutes. All instantaneous.

I am interested in the 5% p.a. promo rate too!

Quite importantly, one needs to be prepared for what will happen when it comes to mass withdrawal day... Rize's a lesson already. Maybe should withdraw 1-2 days before the final date...

oh so you can use GX Bank QR feature to do cross-border payment in SG? FX rate is mid-market rate with NO markup and fees whatsoever?

That's fast! Thanks for the heads up. Already locked my money in Pocket.

Haha in the worst case, just move money out from Pockets to Main account... opportunity cost is negligible.

Makes me wonder why 4978 lol mind showing your calculations?

Mind showing which part... I am confused...

I think the full 5000 MYR per saving pocket is eligible for 5% p.a.

Interest rate convention they use is simple interest, ACT/ACT (actual/actual), same as the FD rate convention used by most Malaysia banks.

Ohhh you are playing with the 0.01 round-up, round-down thing!

Got it bro! You are a genius!

Super calculative like me haha No wonder can't find a girlfriend until now...

He is trying to abuse the 0.01 round up round down thing

P.S. ikanbilis you have opened a can of worms...

This post has been edited by TOS: Apr 5 2024, 11:23 PM

They look like this: https://imgur.com/a/0mQNpfY

You can check whether you are eligible for the 5% interest when you click into your pocket(s):

"Current interest at 5.00% p.a."

Oh, the banner didn't show up in your account? You need to click into the saving pockets to see the "5.00% p.a." notice.

Play with round up round down, finally kena liao

For me, numbers are right. Just one pocket. 2159.99*0.05/366 = 0.29508 = 0.30 = 0.18 + 0.12

Onshore MYR FX market is not open today. The rates may not be accurate.

Yea read that too bro haha.

Too much money in the little red dot...

Err so tonight 61 or 61.01?

I am a little confused with the calculations.

This post has been edited by TOS: May 9 2024, 11:00 PM

Thanks guys.

Done creating 10 pockets. Still can earn 6% effective rate on 610 MYR is really cool and good news for the masses...

The new revised rate is now 3% p.a. for each saving pocket, given that the 5% Hari Raya promo is now over. But then we can abuse the "round up" mechanism.

The minimum interest to earn is 0.01 which can be round up from 0.005. So, to find out the minimum savings to put to earn 0.01 we seek to solve find 0.005*366/0.03 = 61 MYR.

The reason why the effective rate is 6% instead of the "quoted" 3% is that the round up doubles the original payout (0.005 -> 0.01).

Imagine what would happen if GXBank didn't set a 10 pocket maximum limit and people start abusing this to create infinite pockets...

I am thinking of maximizing the total absolute value instead of just looking at the percentage.

So, if I want 0.02 instead of 0.01, I should be looking at 0.015 right (prior to round up)? Each pocket saving should now be (0.015*366)/0.03 = 183 MYR instead of 61 MYR.

Effective rate will be (0.02*366)/183 = 4% p.a., still higher than many other FD and also consider the liquidity... (no penalty for withdrawal)

If I push further, looking at 0.03, then it will be 0.025. Each pocket saving = (0.025*366)/0.03 = 305 MYR

Effective rate will now be (0.03*366)/305 = 3.6% p.a., comparable to many FD out there, but with added liquidity... (no penalty for withdrawal)

Judging from opportunity cost, the 4% "floating deposit" option looks enticing.

This post has been edited by TOS: May 10 2024, 07:48 AM