Seemingly nonchalant about the digital banks’ competition, MariBank was the last to roll out public signups even as GXS Savings Account slots were fully allocated for the second time.
On the other hand, Trust Bank has already attracted more than S$1 billion in deposits and is steadily on track to be profitable by 2025.
To make up lost ground, MariBank pushed ahead with a public launch promo by giving out $100 Shopee voucher packs to new sign-ups that ran in October 2023.
Then, to my surprise, MariBank’s mobile app pushed out a notification in September that notified all customers that effective from 18 September 2023, we will enjoy an upsized interest rate of 2.88% p.a. on our Mari Savings Account balance.
The promotional 2.88% interest rate has been further extended to 31 March 2024.
It looks like MariBank must have been somewhat successful in attracting deposits from rivals GXS Bank and Trust Bank.
MariBank Is The Digital Bank with the Highest Interest Rate In Singapore
With the upsized interest rate, it will effectively overtake GXS and become the digital bank that offers the highest no-frills interest rate in Singapore.
The question on everyone’s mind is – for how long?
MariBank Will Give 2.88%% p.a. until 31 March 2024
According to MariBank, the promotional interest rate of 2.88% will be effective until 31 March 2024 unless it is extended yet again.
The prevailing rate of 2.5% will apply thereafter.
Remember, the maximum amount of deposit is up to $75,000.
Deposits in the Mari Savings Account are insured up to S$75,000 in aggregate per depositor by the Singapore Deposit Insurance Corporation (SDIC) in Singapore.
What Does A Difference Of 0.2% Mean For A $10,000 Deposit?
To spare you the mental arithmetic, a difference of 0.2% p.a. (compared to GXS Bank) on a $10,000 deposit translates to a value of $20 per year or $1.67 per month.
By the way, interest is credited daily, so we enjoy daily compounding, but let’s leave that aside for now.
Sign Up For MariBank or Skip It?
If you do not have a MariBank Savings Account yet, they are dangling exclusive vouchers that can be used when paying for our Shopee loots using Mari Savings Account.
If there is a lack of good payment vouchers on Shopee, it might be a good idea to take advantage of this and enjoy the 2.88% interest rate at the same time.
Otherwise, MariBank doesn’t look very enticing at the moment in terms of value adds.
GXS Bank isn’t standing still and has begun rolling out the GXS Debit Card to selected customers, while Trust Bank already has a very established eco-system in place.
Although I have a MariBank account, it isn’t doing much for me except for earning some nice interest
At the moment, we have plenty of options when it comes to getting a good yield on our idle funds.
- Digital Bank With Best Ecosystem → Trust Bank
- Digital Bank With Best Interest Rate (until 31 March 2024) → MariBank (2.88%)
However, the window we have to lock in yields of more than 3% might be starting to close.
The December 2023 issue of Singapore Savings Bonds is a gem whereby we can lock in a 3.3% yield for ten years! I would highly recommend using this risk-free instrument if we have sufficient emergency funds. Simply pay a $2 application fee and deploy some funds into it.
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!
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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.