Banks With Highest Interest On Savings Account – Money GXS Bank Vs Trust Bank Vs MariBank: Which Digital Bank Should You Choose? Choose the one that best suits your needs
The long-awaited third digital bank, MariBank, recently launched its services in Singapore, joining two other digital banks, GXS Bank and Trust Bank, which are available to retail customers.
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These “digital banks”, unlike traditional banks, operate entirely online without any physical branches. Customers of these digital banks will be able to manage their finances through the app, which will be supported by a 24/7 helpline. In most cases, digital banks do not set any minimum balance requirements for their savings accounts.
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GXS Bank (GXS), a consortium backed by Grab Holdings and Singtel, began offering its services to a select group of people on 31 August 2022. It claims to have a market potential of approximately 3 million customers across the Grab and Singtel ecosystems. .
While its competitor, Trust Bank (Trust), backed by Standard Chartered Bank and FairPrice Group, launched its services a day later, on 1 September 2022. It aims to use the ecosystem and a potential daily market of about 1 million customers.
The newest digital bank investor, MariBank is owned by Singaporean tech giant Sea Group. It started rolling out its services to Sea Group employees in the third quarter of 2022 and has made them available to the public by invitation only from 14 March 2023.
With these three banks attracting customers across different ecosystems, here’s what you need to know if you want to open a digital bank account with one of them.
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GXS and MariBank were the two successful applicants who were awarded full digital banking (DFB) licenses by MAS in December 2020. The DFB licenses were awarded based on the value proposition of the applicants’ business models, their ability to drive accountability and long-term- the longevity of the digital banking business, their growth prospects, and their other contributions to Singapore’s financial centre. These banks will have restrictions in their first to two years of operation, such as their deposits being limited to $50 million and an initial paid-up capital of $15 million.
On the other hand, Trust has a full banking license, which allows it to offer a full range of banking products similar to traditional banks. Standard Chartered Bank, which has a 60% stake in Trust, was awarded the “Significantly Rooted Foreign Bank” (SRFB) status in 2020, which paved the way for the establishment of Trust Bank with a full banking license. Therefore, even though Trust is a digital bank, it can offer more banking services, such as withdrawing money from ATMs in Singapore that are owned by Trust or Standard Chartered Bank.
However, the Deposit Insurance Scheme, which is run by the Singapore Deposit Insurance Corporation (SDIC), protects Singapore dollar deposits in all three banks for up to $75,000. This is the same amount of protection you would receive on your deposits . traditional banks.
While the three banks may want to attract more customers, their first priority will be to improve their ecosystems.
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GXS aims to improve banking services offered to underserved and underserved segments, such as entrepreneurs, gig economy workers, and early adopters. It also markets itself as a Gen Z bank and seeks to provide its customers with personalized support as their banking needs and expectations change over time.
Anyone over the age of 16 who has a residential address in Singapore and a Singpass Myinfo account can apply for an account at GXS.
Whereas for the Trust, it intends to use NTUC and its unions, as well as its other social enterprises beyond the FairPrice Group, to bring significant savings to daily living expenses and better address the needs of workers and their families. Trust also claims to provide a differentiated customer experience that is tailored specifically for Singapore. Anyone aged 18 and over can apply for a Savings Bank account, including foreigners.
The new entrant, MariBank, aims to deeply integrate Singapore’s digital economy with young consumers and SMEs through its three platforms: Shopee, Garena, and SeaMoney. Currently, MariBank offers its services by invitation only to those who are either Singapore citizens or permanent residents and are 18 years of age and above.
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Although Trust Bank has launched more products, which include a savings account, a debit/credit card and an insurance product, in order to make a fair comparison between all three banks, we will only compare the savings accounts.
GXS offers a basic interest of 2.38% per annum (p.a.) compounded daily on the main savings account. You can also allocate your savings into up to 8 different funds (also known as Savings Funds) to save for different goals. These funds will serve as fixed deposits, earning a maximum interest of up to 2.68% p.a. each, available daily. However, there is a total deposit amount of $75,000 in accounts and savings accounts.
In comparison, you can earn up to 2.5% interest p.a. for the first $125,000 and a savings account with the Trust. This includes a basic interest of 1.5% and a bonus interest of 0.5% p.a. (for non-NTUC Union members who make eligible purchases with the Amana card every month) and 1% (for NTUC Union members who make 5 eligible purchases with the Amana card every month). For balances over $125,000, you will earn an interest rate of 0.05% p.a.
On the other hand, MariBank offers 2.88% p.a (offer rate until December 31, 2023) accumulated daily on its Mari Savings Account for up to $75,000 of deposits. There is no payday loan required and no minimum spend required to get the deposit rate. However, note that MariBank does not currently issue payment cards.
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However, all three digital banks do not offer minimum balances or charge their customers any of the cut-off fees typically associated with traditional banks.
The mobile applications of the three digital banks can be downloaded from the Google Play Store and the Apple App Store, while only the MariBank application is available on the Huawei Appgallery.
The GXS app offers a simple and intuitive interface that allows you to put your savings into customized portfolios for different life goals. She also uses techniques like visualization and smart nudges to help her clients develop and maintain a savings habit.
Similarly, the Trust app is also built on advanced technology, prioritizing security while using any of the services on the app. It also allows users to interact 24/7 via voice and in-app customer service messaging.
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Additionally, the Trust app, which you can switch between English and Mandarin, lets you see your Linkpoints discounts in real time and easily redeem other coupons using the in-app spend tracker. You can also manage your debit or credit card using the app and see all of your transactions, including up to the last 7 years of monthly statements.
Finally, MariBank’s software offers a simple and easy-to-use interface and incorporates security tools and processes, including industry-standard encryption, identity verification and fraud monitoring. The app is currently only available in English and allows you to access up to two years of transaction information.
It’s common for new businesses or those entering an existing market to offer attractive sign-up rewards as a way to quickly gain market share.
In that case, consumers would be disappointed by the lack of incentives brought by GXS and MariBank. One reason could be that both digital banks are not yet ready to launch their services to the masses, as they are offered to a small group of users by invitation only. The second reason may be due to the DFB system, which does not allow digital banks to engage in value-destructive competition to gain market share.
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On the other hand, Trust has more attractive sign-up rewards, such as a $25 NTUC e-voucher after the first use of the card, up to 21% off promotions for FairPrice Group use, and an additional $10 NTUC voucher for each appeal. . As a result, Trust reached the milestone of 100,000 customers within just 10 days of launching its services.
Also Read: I Signed Up For GXS Digibank Using Singtel Dash By Invitation Only, Here Are The Steps To Earn 3.48% Interest
Each of the three banks seeks to serve a different target market by having unique value propositions, which can be beneficial if you fall into one of these groups.
Trust Bank may have more to do with many of us who shop at FairPrice Group. The Trust not only offers attractive interest rates on its savings account on a large deposit balance of $125,000 but also helps reduce our daily living expenses by linking to the NTUC Linkpoints Rewards system. Moreover, the current attractive subscription deals can be a big attraction for many to start using its services over those of other digital banks.
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On the other hand, with recent changes, GXS, which has reduced its offer interest rate, is offering depositors as much as 2.68% p.a. interest on their savings of up to $75, 000. To enjoy this high interest rate, users must create and deposit funds in their savings accounts, as the main account only earns an interest of 2.38% p.a.
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