MariBank is a savings-focused digital bank that handily holds its own among competitors, but it lacks card services and other banking features. Read on to find out if MariBank is right for you.
The digital banking space in Singapore is becoming livelier than before. The latest player to arrive on the scene is MariBank, which is a wholly-owned subsidiary of Singapore-based SEA Limited, which also owns Shopee.
Here’s our review of MariBank, what it does, and how it stacks up against digital banking peers such as GXS Bank and Trust Bank.
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Table of contents
- What is MariBank?
- What does Maribank offer?
- Benefits of MariBank
- Drawbacks of MariBank
- How does Maribank compare against GXS Bank and Trust Bank?
- Is MariBank right for you?
What is MariBank?
MariBank is a fully digital bank that offers banking services online. It has no physical offices, service branches or ATMs, so all transactions can only be performed over the internet.
To access MariBank services, users will need to download the MariBank mobile app to their phones, and sign for an account. Account registration requires a Singapore-registered phone number and a SingPass ID.
MariBank is licensed and regulated by the Monetary Authority of Singapore and carries a Digital Full Bank License. The bank is also a Deposit Insurance (DI) Scheme member, which means your deposits up to S$75,000 are fully insured by the Singapore Deposit Insurance Corporation (SDIC).
What does Maribank offer?
MariBank caters to both retail banking users and business users. For retail banking, it offers the following two services.
Mari Savings Account
This is a no-frills savings account that pays 2.88% p.a. on your deposits. There is no minimum deposit required, no salary crediting, and no minimum spending required to earn this interest rate.
Interest earned is credited to your account daily, so you get a nice, steady trickle of passive income. Note that this 2.88% p.a. interest is a promotional rate which lasts until 31 March 2024, and may be subject to change.
The Mari Savings Account can also be used for payments. One way is by linking your account to Shopee. This allows you to top up your ShopeeWallet with your Mari Savings Account balance, or pay directly from it during checkout.
Your Mari Savings Account also supports payments via PayNow QR codes. You can also send and receive funds via PayNow.
There are no fees or charges for opening or using a Mari Savings Account.
Mari Invest
Mari Invest is an investment account that lets you grow your money with low-risk investments. At present, Mari Invest provides up to 4.06% p.a. interest (based on a 4-week return as of 31 Dec 2023), although this rate will fluctuate in tandem with market conditions.
There are no fees or charges for using Mari Invest, and 100% of your deposits are invested. The minimum investment is S$1, and there are no lock-ins, so you can withdraw your funds at any time.
Mari Invest participates in the Lion-MariBank SavePlus fund, which is managed by Lion Global Investors. From 30 June 2024, an annual management fee of 0.125% p.a. will be levied on Lion-MariBank SavePlus.
This fee is deducted directly from the fund itself, so no further deductions will be made from your returns.
Note that Mari Invest is not a savings account, and users have to bear investment risk. Funds in Mari Invest are also not insured, although they are held separately in a custodian account, and will be safeguarded from creditors should MariBank go into liquidation.
Benefits of MariBank
Higher interest without the fuss
MariBank Savings Account and Mari Invest allows you to grow your savings faster with higher interest rates, without having to jump through several hoops. All you have to do is to make a deposit of any amount to start earning interest. So there’s no salary crediting needed, no minimum deposit required, and no minimum spending.
Also, the interest rates offered by MariBank are quite competitive, matching up to many other high-yield banking accounts. Here’s how it compares against other popular savings accounts.
|
Savings account |
Realistic interest rate |
|
MariBank |
2.88% p.a. (first S$50,000) |
|
GXS Bank |
2.68% p.a. (Savings Pockets) |
|
Trust Bank |
2.50% p.a. (NTUC union member) |
|
UOB One Account |
3.00% p.a. (first S$30,000) |
|
OCBC 360 Account |
3.85% p.a. (first S$100,000) |
|
DBS Multiplier Account |
1.80% p.a. (first S$50,000) |
Also read: Best Savings Accounts in Singapore to Park Your Money
Shopee and PayNow
If you frequently buy from Shopee, you may appreciate the convenience of paying for your purchases with funds in your MariBank account. You can also top up your ShopeeWallet with MariBank and pay that way instead.
With MariBank, you can send and receive money via PayNow for convenient and seamless money transfers between your other bank accounts, or those of your friends. You can also pay other merchants using PayNow QR.
Deposits insured up to S$75,000
The funds in your MariBank Savings Account are insured up to S$75,000 by the SDIC. This gives you similar levels of protection as with a traditional brick-and-mortar bank.
As noted earlier, this applies only to your MariBank Savings Account, and not MariBank Invest.
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Drawbacks of MariBank
Limited features
At present, MariBank only has a savings account and an investment account for retail bankers. There isn’t much you can do apart from growing your savings with higher interest rates and relatively less fuss.
Payment options are also limited to PayNow QR, and Shoppee transactions.
No spending rewards
MariBank does not offer rewards like cashback or points for spending. This isn’t surprising, as the bank does not have a credit or debit card yet. For now, MariBank appears to be heavily focused on savings, but spending rewards may start being offered if or when it decides to offer card services as well.
No overseas functionality
MariBank seems designed for local use only. With no debit or credit card, you cannot use MariBank to pay when overseas, or make ATM withdrawals while traveling.
There are also no cross-border payment features, and neither is there the ability to hold currencies other than Singapore Dollar.
How does Maribank compare against GXS Bank and Trust Bank?
|
Savings account |
Features |
Interest rate |
Deposit cap |
Fees |
|
MariBank |
Savings account, investment account |
Savings: 2.88% p.a. Invest: up to 3.87% p.a. |
S$75,000 |
No fees |
|
GXS Bank |
Savings account, debit card, loan |
Savings: 2.38% p.a. to 2.68% p.a. (up to S$75,000) Loan: from 2.99% p.a. (EIR 5.65% p.a.) |
S$75,000 |
Savings: No fees Debit card: Overseas and foreign current transactions (not implemented yet) Loan: Late payment fees |
|
Trust Bank |
Savings account, credit/debit card, loan |
Savings: up to 2.00% to 2.50% p.a. Loan: from 3.48% p.a. (6.42% p.a.) |
S$125,000 |
Savings: No fees Credit/Debit card: No fees Loan: 3% early repayment fee |
MariBank vs GXS Bank
At 2.88% p.a, MariBank offers a higher savings interest rate than GXS Bank. The latter provides 2.38% p.a. in the main account, and 2.68% p.a. for funds in the Savings Pockets, which are sub-accounts geared towards specific goals.
Furthermore, MariBank Invest lets you earn potentially higher interest of up to 3.87% p.a., in exchange for taking on investment risk.
However, GXS offers more features, including a debit card, and a revolving loan facility (GXS FlexiLoan) that lets you set your own payment terms.
Hence, MariBank is a better choice if you’re focused on growing your savings with high interest rates. But if you’re looking for a more full-fledged banking experience, including card services, overseas payments and loans. GXS would be better suited.
MariBank vs Trust Bank
Again, MariBank wins out over Trust Bank when it comes to savings, with higher interest rates and greater convenience.
While Trust Bank offers up to 2.50% p.a. interest on your deposits, there’s a bit of work involved in getting there. Firstly, the base interest rate is just 1.50% p.a., but if you make at least five eligible payments in the month, you can get an additional 0.50% p.a. interest (non-NTUC union members) or 1.00% p.a. (NTUC union member).
Thus, to maximise your interest on your savings account, you should have a NTUC union membership and the Trust Card, which you’ll need to use at least five times a month.
Therefore, as with GXS Bank, MariBank is the better option if you’re simply looking for a fuss-free way to grow your savings with high interest and no other nonsense involved.
MariBank vs traditional banks
When compared against traditional banks, MariBank Savings Account’s main advantage is the lack of hoops to jump through to earn a competitively high interest rate – although not the highest.
There’re also no lock-ins, no minimum deposit sum, and comparable deposit insurance coverage up to S$75,000, making it ultimately the more convenient option to grow your savings.
As for MariBank Invest, while its currently advertised interest of up to 3.87% p.a. can more than stand up to fixed deposit rates, remember that this higher interest comes with investment risk, so you should weigh the benefits and risks accordingly.
Is MariBank right for you?
As it stands, MariBank is best suited to those who are looking for a high interest savings account without too much fuss and restrictions. Its no-fee offering will also prove attractive to those adverse to fees and charges, while the all-digital structure adds another layer of convenience and speed.
What is lacking are payment options beyond PayNow, spending rewards and overseas capabilities, but these may very well come online in the near future, depending on how MariBank wants to position itself.
If all that sounds good to you, there’s no harm giving MariBank a try. Just be aware that the 2.88% p.a. savings account interest is subject to change depending on macroeconomic conditions. And if you’re thinking of going for the higher interest offered by MariBank Invest, bear in mind that you’ll be taking on investment risk, even if slight.
Read these next:
Digital Banking Showdown: GXS Bank vs. Trust Bank, and the Future of Traditional Banking
UOB One Account Review: A Hassle-Free High Yield Savings Account Of Up To 7.8% Interest Per Year
OCBC 360 Account Review: Earn Up To 4.65% Interest Per Year On Your Savings
GXS Savings Account Review: Digital Savings Account with Attractive Interest Rates, No Fees, and No Strings Attached
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