What happened?
MariBank announced that the promotional interest rate on its Mari savings account will be cut to 2.70% p.a. from 1 July 2024.
Previously, the Mari savings account offered a promotional interest rate of 2.88% p.a., which is one of the highest interest rate for savings accounts without salary credit in Singapore.
This follows the cut in interest rates on the UOB One account from May this year.
Let us take find out more about MariBank and if it might still be worthwhile setting up a savings account with MariBank.
What is MariBank?
Owned by Shopee’s parent Sea Group Ltd, MariBank has been progressively rolling out its digital banking services since the third quarter of 2022.
MariBank is a digital bank which currently offers the Mari Savings Account for individual customers, as well as the Mari Business Account and Mari Business Loan for corporate customers.
What is the interest rate on MariBank Savings Account?
MariBank offers the Mari Savings Account that provides customers with a promotional interest rate of 2.70% per annum for up to S$100,000 of deposits from 1 July to 31 December 2024.
Thereafter, the interest rate on the Mari Savings Account will revert to the base rate of 2.50% per annum.
You will be able to earn this interest rate with no minimum deposit required, no salary crediting, and no minimum spending necessary.
The interest earnings are credited to your account daily, calculated based on the previous day’s balance.
There are no transfer fees and fall-below fees for the Mari Savings Account.
What users may like about the Maribank savings account
#1 – Fuss-free way to earn interest of 2.70% per annum
The key benefit of MariBank is that you do not have to jump through hoops to earn the interest rate of 2.70% p.a.
On top of that, you can also use PayNow to send and receive money instantly with your MariBank savings account.
#2 – Account limit raised to S$100,000
Apart from the extension of the promotional interest rate, MariBank has also raised the maximum deposit of the Mari Savings account to S$100,000.
This would be inline with the increase in deposit insurance (DI) coverage to S$100,000 per depositor from April 2024.
This means that even if you have a lot of savings, you will only be able to enjoy the interest rate of 2.70% p.a. up to S$100,000 of deposits.
If you have more than S$100,000 of savings, you can check out our guide to the best savings account in Singapore to find out which other savings account allows your money to work harder.
#3 – Access to Mari Invest to earn a potentially higher yield
Apart from the Mari Savings Account, MariBank also offers Mari Invest as a low risk way to earn higher projected returns.
Mari Invest is a cash management account which offers access to investment products including the Lion-MariBank SavePlus fund.
Mari Invest aims to provide higher projected returns compared to SGD fixed deposits and greater flexibility in managing your cash.
What I like about Mari Invest is that you can invest from as little as S$1.
You can also receive your cash instantly if your withdrawal is within the current limit of S$10,000 per investor daily, subject to availability.
The annualised return over the past 4-week was at 3.72% p.a. as of 2 July 2024.
However, do note that as an investment product, returns are not guaranteed, and historical returns are not indicative of future performance.
Also, the annual management fee of the Lion-MariBank SavePlus fund was raised to 0.25% p.a. from 1 July 2024 from the launch promotional rate of 0.125% p.a.
This is higher than the expense ratio of the Fullerton SGD cash fund of 0.15% p.a.
To learn more about how Mari Invest compares to other cash management accounts, read our guide to the best cash management accounts in Singapore.
What users may not like about MariBank
#1 – Limited functions currently
As a newly launched digital bank, MariBank currently has fairly limited product offering for customers.
MariBank has no physical bank branches or ATMs located in Singapore. MariBank also does not offer debit cards currently.
How does MariBank compare to GXS Bank and Trust Bank
In case you’re wondering how does MariBank compare to GXS bank and Trust bank, I’ve compiled them in the table below.
MariBank’s promotional interest rate of 2.70% p.a. is comparable to the interest rate offered by GXS.
While Trust Bank offers an interest rate of up to 3.0% p.a., you will need to have an average daily balance of above S$100,000 to earn the bonus interest rate.
| MariBank | GXS Bank | Trust Bank | |
| Savings account interest rate | 2.70% p.a. until 31 December 2024 | 2.68% p.a. for deposits in savings pockets | Up to 3.0% p.a. |
| Maximum deposit | S$100,000 | S$75,000 | No maximum deposit. Maximum interest rate of 3.0% only earned for average daily balance of above S$100,000. |
| Eligibility requirements |
|
|
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| Benefits | Nil | Nil | Promotional discounts on FairPrice Group spending |
| Physical branches and ATMs | Nil | Nil | 20 ATMs islandwide |
| Source: Company websites as of 1 July 2024 | |||
Is MariBank safe?
MariBank holds a banking license issued by the Monetary Authority of Singapore.
It is backed by Sea Limited, which many might be familiar with as it is the tech company behind Shopee.
Also, all Singapore dollar deposits in MariBank Savings Account will be fully covered by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per account.
What are the eligibility requirements for the MariBank Savings Account?
The eligibility criteria for opening the Mari Savings Account is to be a resident in Singapore and at least 18 years of age.
MariBank now accepts foreigners with valid passes to open a Mari Savings Account.
The full terms and conditions of the Mari Savings Account can be found here.
You can also find the frequently asked questions here.
How do I sign up for the MariBank Savings Account? A step-by-step guide to opening a MariBank Savings Account
MariBank is now open to the public, and we were able to set up a MariBank Savings Account without being a selected Shopee user.
You can open an account with these steps:
Step #1 – Download the MariBank app from the Apple App Store, Google Play Store, or Huawei AppGallery
Search for maribank in the Apple App Store, Google Play Store, or Huawei AppGallery, and download the app.
Step #2 – Register for a MariBank account with a valid Singapore mobile number
You can register using a valid Singapore mobile number, or choose to continue with your Shopee/Apple account.
You will then be asked to create a password. The password must be 8-16 characters long, including both alphabets and numbers.
Once you have signed up, you will be able to apply for a MariBank Savings Account using your SingPass.
Step #3 – Open a Mari Savings Account digitally with Singpass Myinfo
Next, apply for a Savings Account using your SingPass.
You will be asked to put in additional details, such as your occupation and annual income.
Once your application has been approved, you will receive a notification.
Final Verdict On MariBank
The promotional interest rate of 2.70% p.a. offered by MariBank is comparable to other digital banks, with the GXS savings account offering an interest rate of 2.68% p.a..
The maximum deposit amount of S$100,000 is higher than that of GXS, and should be good news for those who are looking for a fuss-free way to earn a decent interest rate.
In summary, MariBank serves as another option for those looking for a savings account that does not require you to jump through any hoops.
To find out which savings account allows your money to work harder, check out our guide to the best savings account with highest interest rates in Singapore
If you are interested in opening a Maribank account to access Mari Invest, you can learn more about choosing the best cash management account with our comprehensive guide.
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