GXS Bank launches preferential rates for homeowners under Reno Club

Customers can access exclusive deals from Grab, Singtel, and other partners.

GXS Bank has launched the GXS Reno Club, aimed for homeowners seeking to renovate their homes.

In partnership with its ecosystem partners Grab and Singtel, the Singapore-based digital bank can enjoy a preferential interest rate on their “RENOCLUB” GXS FlexiLoan and balances in their savings accounts of up to S$20,000.

Homeowners who avail of the service can also access exclusive GXS Reno Club deals from Grab, Singtel and their partners.

Each month, the first 1000 consumers who take up a GXS FlexiLoan installment loan with a minimum amount of S$15,000 over a 12-month tenure will be eligible for the GXS Reno Club’s benefits, the bank said.

The average renovation will set Singaporeans back by S$35,000 to over S$80,000 for an HDB flat in 2025, said Jenn Ong, head of retail at GXS Bank, citing a report by Qanvast.

When it comes to repayment, homeowners are offered flexibility to repay their loan in installments or in full without any early repayment charges, GXS Bank said.

In celebration of the launch of the GXS Reno Club, GXS Bank, Grab and Singtel are rolling out a launch promotion from 10 April to 30 June 2025, including a 1% cashback.

During the period, GXS Reno Club members drawing their first GXS FlexiLoan for renovations can enjoy a 1% reduction on their interest rate for the first year with a minimum loan amount of S$15,000 over a 12-month tenure.

The rate reduction will take the form of cashback and will be credited monthly across 12 months.

Customers can also earn an additional bonus interest of 0.8% per annum for six months. The bonus interest will be credited on balances in the Main Account and Saving Pocket(s) of their GXS Savings Accounts, capped at S$20,000.

Homeowners can enjoy up to S$100 off on home furnishings when using Grab’s PayLater or GrabPay at Harvey Norman, Prism+, and Gain City.

Members will also receive six months of free Amazon Prime subscription on cast.sg, Singapore’s only app marketplace, GXS Bank said.

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