GXS vs MariBank: Which One Is Right For You?

Are you looking for a digital bank that suits your needs? In this article, I will compare two popular digital banks, GXS Bank and MariBank, to help you make an informed decision. Digital banks have gained popularity due to their convenience and accessibility.

Unlike traditional banks, digital banks are online-only, and they offer a range of services through user-friendly mobile apps. Whether you’re a tech-savvy individual or simply looking for a hassle-free banking experience, read on to find out which bank is the right fit for you.

In this GXS vs MariBank comparison, let’s take a look at the two digital banks and what they compare against each other.

GXS Bank is a joint venture between Grab and Singtel. It is the first digital bank to be granted a license in Singapore, and it launched its services in August 2022. GXS Bank offers a range of financial products and services including savings accounts and loans with a debit card on the roadmap.

MariBank is a digital bank owned by Sea Limited, the parent company of Shopee and SeaMoney, and it launched its services in March 2023.

As we delve deeper into the features and offerings of these two digital banks, you’ll gain valuable insights that will help you decide which one is best suited to your financial needs. Both GXS Bank and MariBank have digital full bank licenses in Singapore.

Comparison: GXS vs MariBank

GXS Bank – What’s New?

On 17 August 2023, GXS Saving Pockets interest rate was revised downwards from 3.48% to 2.68%

GXS Bank slots are currently full, and sign-ups are no longer possible.

GXS has said that it will launch a debit card in the coming months that will give rewards and cashback when customers spend using their savings accounts.

MariBank – What’s New?

On 18 September 2023, the MariBank Savings Account interest rate was revised upwards from 2.5% to 2.88% and will last until 31 December 2023. The interest rate will revert back to 2.5% in 2024.

A MariBank spokesman has informed The Straits Times that the bank is expanding its suite of personal banking solutions to include an investment solution called Mari Invest, which launched on 22 September 2023.

1. Interest Rate

MariBank Savings Account is currently offering a superior interest rate of 2.88% p.a.

This promotional rate will last until 31 December 2023.

For 2024, GXS Bank will offer a higher interest rate of the two at 2.68% assuming MariBank’s promotion doesn’t get extended.

For the best returns, put your money into MariBank this year (2.88%) and move your funds into GXS Bank next year (2.68%).

Winner – MariBank (2023), GXS (2024)

2. User Experience

Considering the limited products and services offered by both GXS Bank and MariBank, the mobile applications provided by both banks are more than sufficient for users.

Regardless of whether it was ending and receiving money or making payments via PayNow, usage was simple and straightforward.

If I had to mention something that annoyed me, it is the inability to save Payees in GXS Bank. It seemed pretty odd for such an obvious feature to be left out.

Winner – MariBank

3. Safety of Funds

The Singapore Deposit Insurance Corporation insures Singapore dollar deposits of non-bank depositors for up to S$75,000 in aggregate per depositor per bank.

According to the Monetary Authority of Singapore (MAS), the amount insured will go up to S$100,000 in April 2024, which also applies to Singapore digital banks.

Needless to say, both GXS Bank and MariBank are covered by the Singapore Deposit Insurance Corporation (SDIC).

Winner – Tie

4. Roadmap Game Changers

It is true that the push for cashless transactions and scan-to-pay has been gaining momentum.

Nowadays, even when it comes to heartland merchants, acceptance for PayNow is high.

Nevertheless, the ability to spend with a (debit) card is a killer feature for a bank, especially in an extremely well-banked society like Singapore. It makes it easy to create simple synergies such as cash-back for card transactions, which will keep a user’s deposits with the bank.

I was surprised by MariBank’s intention to add on an investment product i.e. Mari Invest instead of going after a low-hanging fruit such as a debit card. Maybe they know something that I don’t? According to information available at launch, Mari Invest (Lion-MariBank SavePlus) is positioned as a cash management account and is estimated to yield 3.63%. The cash management account space is crowded and already dominated by robo-advisors and low-cost brokerages.

I would think that a debit card bundled with simple perks like cashback would be a great product to promote the “stickiness” of customers and their funds.

Winner – It Depends

Ending Thoughts: GXS vs MariBank

MariBank currently offers a higher interest rate than GXS Bank (at least for 2023) while offering a similar quality in terms of user experience.

Both digital banks offer rather simple products and services easily catered to by their stable and reliable mobile apps.

Oddly, I observed that MariBank has zero social media presence. This is quite surprising in our society, which is dominated by social media.

I am looking forward to the upcoming debit card by GXS Bank which could give it a significant advantage against MariBank.

Until that happens, I would put my money into MariBank for the higher returns if I had to pick between the 2 digital banks.

Meanwhile, you can check out my reviews of GXS Bank / MariBank / Trust Bank which were written after I opened accounts with them.

MariBank Referral Code – TURTLE10

MariBank reached out to share that they have launched a brand new referral program that is valid until 31 December 2023.

When you sign up for a Mari Savings Account (check out my review), you can apply the MariBank referral code TURTLE10 to get a $10 Shopee voucher with no minimum spend required.

Here’s what you need to take note so that the $10 Shopee voucher can be credited:

• Link your MariBank account to your Shopee account.
• Input the correct code TURTLE10 to qualify for the reward.
• The voucher will be credited within three working days of successful application.

I don’t get anything when you use this promo code, so the benefit is all yours!

Kevin

Kevin started Turtle Investor when his net worth languished at negative $25,755. His desire to turn things around led him to build passive income from investments and side hustles that pay for his daily expenses and vacations. You can learn more about Kevin here.