MariBank Review: How Does It Compare Against GXS And Trust Bank?

Digital banks have been quietly reshaping the way we save, spend, and invest. In Singapore, MariBank — backed by e-commerce giant Sea Group (Shopee’s parent company) — entered the scene in 2023 with a simple pitch: zero fees, a high interest rate, and easy access. But in 2025, with rivals like GXS Bank and Trust Bank also offering compelling features, is MariBank still worth considering? Let’s dive in.

MariBank is one of Singapore’s first digital banks to receive a full digital bank licence from the Monetary Authority of Singapore (MAS). Launched in 2023, it operates entirely online — no physical branches, no paperwork — with the backing of Sea Group, which also owns Shopee and SeaMoney.

As a digital bank, MariBank focuses on simplicity, accessibility, and value. Its offerings are streamlined to suit the digitally savvy user — from salaried employees to gig workers. With no fall-below fees, no minimum deposit requirements, and a clean user interface, MariBank is gaining traction as a minimalist yet rewarding option for banking in Singapore.

MariBank offers three core services: a high-yield savings account, a range of investment products, and its own credit card. While the product line may be smaller than traditional banks, it’s focused on maximising returns and eliminating unnecessary fees.

Mari savings account

The Mari Savings Account is MariBank’s flagship product. As of 2025, it offers a flat interest rate of 2.28% p.a. on your entire deposit — with no hoops to jump through. There’s no need to credit your salary, no need to spend on a credit card, and no complicated tiered system.

Interest is accrued daily and credited monthly, making it easy to track your returns. The best part? There are no monthly fees or minimum balance requirements, and users can withdraw money anytime via FAST with zero charges.

MariBank’s savings account is one of the most user-friendly options in Singapore’s digital banking scene. With a flat 2.28% p.a. interest and zero hoops to jump through, it’s ideal for anyone who wants fuss-free returns without tracking credit card spend, salary credits, or bill payments. That said, the lack of joint account support and financial planning features may limit its long-term utility.

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Mari Invest

Mari Invest is MariBank’s suite of investment products designed for users looking to grow their savings passively. In 2025, it’s split into two distinct options:

Mari Invest SavePlus

This is the go-to option for small investments, starting as low as $1. It’s a decent step-up from the base savings account if you're parking funds for the medium term.

Mari Invest Income

This option targets users looking for regular passive income, with access to the PIMCO GIS Income Fund Admin SGD Hedged - Inc, a decades-old fund with a global fund size exceeding S$100 billion.. The returns are projected to be higher but with slightly higher risk, as the fund may invest in corporate bonds and other fixed income products. Income is paid out monthly.

Mari Credit Card

The Mari Credit Card offers 3% unlimited Shopee Coins on Shopee spend, up to 4.5% cashback on overseas card spend, and 1.7% unlimited Cashback on local card spend. This is a clear draw for unbridled spending, with no annual card fee or overlimit fee. However, the fact that it’s all-digital may still be a turn-off for some.

>> MORE: Mari Credit Card Review

The Mari Credit Card is still in its early stages, but its Shopee-first rewards model hints at its target audience — digital natives who shop online frequently. While it lacks broader cashback features and is not yet widely available, its no-fee structure and decent base cashback make it a promising entry card for Shopee users.

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1. High interest, zero hoops

MariBank’s biggest selling point is its flat 2.28% p.a. interest on your entire balance — no conditions, no categories, no monthly tasks. Unlike traditional savings accounts that require salary crediting, credit card spend, or bill payments to earn bonus interest, MariBank keeps it refreshingly simple. If you’re looking for a place to park your cash and watch it grow passively without juggling requirements, this is as hassle-free as it gets.

2. Fee-free banking experience

MariBank doesn’t charge any account-related fees. That means no fall-below charges, no transaction fees for FAST or PayNow transfers, and no account maintenance costs. It’s especially useful for younger users or freelancers who might be tired of watching small monthly charges nibble away at their savings. Plus, you can open an account with S$0 and withdraw any time with no penalties — it’s banking on your terms.

3. Growing ecosystem with Mari Invest and Mari Credit Card

Beyond just a savings account, MariBank is slowly building out its product suite. Mari Invest offers flexible investment options like SavePlus (for low-risk returns) and Income (for monthly payouts). While returns are not guaranteed, they offer a potentially higher yield than your savings account. The Mari Credit Card, still in beta, rewards Shopee users with 3% cashback — showing that MariBank is aligning its ecosystem with real-world user behaviour.

1. Limited financial tools and services

MariBank is great for saving, but it’s still behind in features like bill payments, budgeting tools, joint accounts, and loans. If you rely on your bank for more comprehensive financial management — such as handling GIRO payments, applying for personal loans, or consolidating your finances across currencies — you might find MariBank’s current feature set underwhelming.

2. Interest capped at S$100,000

While the interest rate is impressive, you are stuck at a maximum deposit of S$100,000. For high-net-worth individuals or those looking to consolidate larger cash reserves, this cap limits how much you can truly earn. You’d likely need to complement MariBank with other high-yield or investment products to make the most of your funds.

3. Digital only with limited customer support

MariBank is a digital-only bank, there’s no branch network or face-to-face support, which can be a dealbreaker for users who prefer human assistance for complex queries.

Here’s how the three most popular digital banks stack up in 2025:

>> MORE: Digital banking showdown: GXS Bank vs. Trust Bank, and the future of traditional banking

MariBank vs GXS Bank

While both banks offer intuitive digital experiences, MariBank wins in simplicity — one flat interest rate across all funds, no conditions. GXS, on the other hand, uses “savings pockets” with varying interest rates, which may appeal to users saving for multiple goals but can be slightly more complex to manage.

MariBank vs Trust Bank

Trust Bank may offer a slightly higher interest rate (up to 2.75% p.a.) if you’re an NTUC Union member and spend on its Trust card. But if you’re not a member or don’t meet spending thresholds, MariBank's flat 2.28% p.a. becomes more attractive for low-maintenance savers.

MariBank vs traditional banks

Compared to traditional banks like DBS Multiplier or OCBC 360, MariBank’s strength lies in its simplicity. No salary crediting, no card spend, and no monthly conditions mean fewer hoops to jump through. However, it lacks advanced features like foreign currency accounts or bundled insurance products.

MariBank is best for:

• Young professionals who want to grow their savings passively without juggling salary crediting and card spend requirements.

• Gig workers and freelancers who prefer flexibility and might not have a regular monthly income to meet traditional bank conditions.

• Shopee power users who will benefit from the cashback on the Mari Credit Card.

It might not be ideal for:

• Families looking for joint accounts

• Frequent travellers needing multi-currency features

• Users who want full-service banking with wealth advisory or loans

Signing up for MariBank is fully digital. Simply download the MariBank app from the Apple App Store or Google Play Store. You’ll need your Singpass for identity verification, and the entire process takes less than 10 minutes. Once verified, you can start using your savings account and explore investment options immediately.

The Mari Savings Account 2025 Boost Your Balance Promotion is an exclusive, invite-only offer running from 21 April to 30 June 2025. Eligible MariBank customers can earn up to 3.48% p.a. on their first S$50,000 by meeting specific deposit and balance requirements.