SINGAPORE: Singapore is experiencing a paradigm shift in banking as digital players like Trust Bank, GXS, and Maribank redefine how people manage their finances.
According to Seedly, these digital banks have “no minimum balance requirements” and provide “daily accrued interest rates,” making them the best digital bank savings accounts in Singapore.
Trust Bank
Trust Bank, backed by Standard Chartered and FairPrice Group, offers a hassle-free banking experience through its user-friendly Trust App, available on both the Google Play Store and Apple App Store.
Trust Bank caters to a broad audience with no minimum balance requirements, including Singapore citizens, permanent residents, and foreigners aged 18 and above.
- Interest Rates:
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Base interest rate: 1.50% p.a. for deposits up to S$500,000 (accrued daily), 0.05% p.a. for deposits over S$500,000
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Spend Bonus Rate: Additional 0.5% with 5 eligible purchases on the Trust card as a non-NTUC Union Member on deposits up to S$500,000 or additional 1% (with 5 eligible purchases on the Trust card as an NTUC Union Member on deposits up to S$500,000)
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Balance Bonus Rate: Additional 0.5% when you maintain min. $100,000 Average Daily Balance (ADB) for the month on deposit balance up to $500,000.
- Trust Link Card: A popular overseas spending card that enhances the banking experience
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- Special Promotion: Until Feb 29, 2024, Trust Bank offers FairPrice Group E-Vouchers for successful sign-ups and credit card spending.
GXS Bank
Co-founded by Grab and Singtel, GXS Bank has revolutionised digital banking services for retail customers.
The introduction of the GXS Debit Card adds to its comprehensive banking ecosystem. Although current GXS Savings Account slots are full due to high demand, prospective customers can register through the GXS app for early access to new slots.
- Interest Rates:
- Base interest rate: 2.38% p.a. on daily accrued deposits up to $75,000
- GXS Saving Pockets: Customizable savings goals with an increased interest rate of 2.68% p.a.
- Innovative Feature: Saving Pockets allow users to personalise savings goals, earning a higher interest rate on each pocket.
Maribank
Maribank, backed by Sea Group, aligns itself with the Shopee ecosystem, offering additional benefits for Shopee users.
The Maribank Savings Account features an extended interest rate promotion of 2.88% p.a. until Mar 31, 2024, making it an appealing choice for Shopee enthusiasts.
- Interest Rates:
- Base interest rate: 2.50% p.a. (2.88% p.a. with the extended promotion)
- Shopee Integration: Users can opt to top up their ShopeePay balance for added convenience.
- Sign-Up Promotions: New users enjoy enticing Shopee vouchers and upsized cashback vouchers, adding extra value for frequent Shopee shoppers.
Take your pick!
With features like no minimum balance requirements, daily accrued interest rates, and attractive promotions, these digital banks provide a new financial landscape for Singaporeans. /TISG
Read related: Singapore’s Best Savings Accounts for Dec 2023