MariBank offers upsized interest rate of 2.88% p.a. Best amongst digital banks?

What happened?

MariBank has announced that it will be extending its promotional interest rate on its savings account of 2.88% per annum (p.a.). until 30 June 2024.

Just a few months ago, MariBank had raised the interest rate on its savings account from 2.50% p.a.

In addition, the maximum deposit has been increased to S$100,000 from S$75,000.

Let us take find out more about MariBank and if it might be worthwhile setting up a savings account with MariBank.  

Also, read on to find out how your can receive an exclusive S$10 Shopee Voucher when you sign up for a Mari Savings Account.

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 2.88% per annum for up to S$75,000 of deposits until 31 March 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 2.88% per annum 

The key benefit of MariBank is that you do not have to jump through hoops to earn the interest rate of 2.88% 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 2.88% 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. 

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 2.88% p.a. is higher than 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. 

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 2.88% p.a. offered by MariBank is higher than other digital banks, with the GXS savings account offering an interest rate of 2.68% p.a..

The increase in maximum deposit to S$100,000 should also be good news for those who are looking for a fuss-free way to earn a decent interest rate.

Compared to GXS, the MariBank savings account also allows easier transfer of funds via PayNow. 

In summary, MariBank serves as another option for those looking for a savings account that does not require you to jump through any hoops. 

Check out our guide to the best savings account in Singapore to find out which savings account allows your money to work harder. 

[Beansprout Exclusive Promotion] Receive a S$10 Shopee Voucher with no minimum spend when you sign up with MariBank! Simply use the promotion code BEANSP10

• Promotion ends on 30 June 2024. 
• You will need to link your MariBank account to your Shopee account for the Shopee voucher to be credited. 
• Incorrect input of code will not qualify for the reward. 
• Voucher will be credited within 3 working days of successful application.

The full T&Cs of the promotion code can be found here.