At a glance
GXS Bank, Trust Bank, and MariBank are Singapore’s newest digital-only banks, each backed by established players: GXS by Grab and Singtel, Trust by Standard Chartered and FairPrice Group, and MariBank by Sea Limited (parent of Shopee). All three offer no-minimum-balance savings accounts with competitive interest rates and cashback rewards, but they target slightly different user needs. GXS focuses on flexible savings and spending via Grab ecosystem, Trust ties rewards to FairPrice shopping and general spending, while MariBank integrates with Shopee and offers a simple high-interest savings account. Below, we break down their pricing, ease of use, integrations, and support to help you decide.
Feature-by-Feature Comparison
Pricing and Interest Rates
GXS Bank: Offers a savings account with base interest rates that vary by plan; typically around 0.5% p.a. base, with bonus tiers up to 3-4% p.a. when you meet criteria like salary crediting or GrabPay spend. No monthly fees or minimum balance. Their FlexiLoan product charges interest from 2.88% p.a. (effective) but is separate from savings.
Trust Bank: Savings account earns 1.5% p.a. base interest on first S$75,000, with bonus interest up to 3% p.a. when you spend at FairPrice or meet monthly salary credit. No fees or minimum balance. Their credit card (Trust Card) offers 1.5% cashback on all spend, with no annual fee.
MariBank: Offers a simple savings account with a flat 2.5% p.a. interest rate on deposits up to S$75,000, with no tiers or conditions. No fees, no minimum balance. Their MariInvest product offers investment options starting from S$1.
Ease of Use
GXS Bank: App is clean and intuitive, with quick sign-up using MyInfo. Features like “Savings Pockets” allow you to set aside money for goals. However, some users report occasional app lag during peak hours. The Grab integration is seamless for spending but can feel cluttered for banking-only tasks.
Trust Bank: App is straightforward, with a simple dashboard showing balances, transactions, and rewards. Sign-up is fast via MyInfo. The credit card application is integrated, making it easy to manage both accounts. Some users find the FairPrice rewards menu slightly confusing at first.
MariBank: App is minimalist and very easy to navigate, with a single savings account view. Sign-up is smooth using MyInfo. The lack of features (no budgeting tools, no cards yet) makes it extremely simple but also limited for those wanting more banking functionality.
Integrations
GXS Bank: Deeply integrated with Grab ecosystem—GrabPay, GrabRewards, and GrabFood. Also works with Singtel via Singtel Dash. No direct integration with other major e-wallets or platforms like Shopee or Lazada.
Trust Bank: Integrated with FairPrice Group (NTUC FairPrice, Cheers, Unity) for bonus interest and rewards. Also links to Standard Chartered banking services. Supports PayNow and FAST transfers. No integration with Grab or Shopee.
MariBank: Closely tied to Shopee and Sea ecosystem—users can use MariBank savings to pay on Shopee directly. Also supports PayNow. No integration with other major platforms like Grab or FairPrice.
Support
GXS Bank: In-app chat support available 24/7, but response times can vary (typically within a few hours). Phone support is limited. No physical branches.
Trust Bank: In-app chat and phone support during business hours (9am-6pm weekdays). Also offers access to Standard Chartered’s customer service for certain issues. No branches.
MariBank: In-app chat support only, with responses usually within 24 hours. No phone support or branches. Community forums on Shopee provide some peer assistance.
Best For
GXS Bank: Best for frequent Grab users who want to earn and spend rewards within the Grab ecosystem, and for those who need a flexible savings account with goal-setting features.
Trust Bank: Best for FairPrice shoppers and users who want a simple cashback credit card with no annual fee, plus a high base savings rate without conditions.
MariBank: Best for Shopee shoppers and users who want a no-fuss, high-interest savings account with minimal requirements and a straightforward app.
Verdict: Which One for Whom
Choose GXS Bank if you are a heavy Grab user—use it for rides, food delivery, and payments—and want to consolidate rewards and savings in one app. Its bonus interest tiers are achievable for active users, and the savings pockets help with budgeting. However, if you don’t use Grab often, the base rate is lower than competitors.
Choose Trust Bank if you frequently shop at FairPrice or Cheers and want a simple, high base savings rate (1.5% p.a.) without jumping through hoops. The Trust Card’s 1.5% cashback on all spend is competitive for a no-annual-fee card, making it a strong all-rounder for daily expenses.
Choose MariBank if you are a Shopee enthusiast and want a straightforward savings account with a flat 2.5% p.a. rate—no conditions, no tiers. It’s ideal for users who dislike complexity and want a simple place to park emergency funds or savings for Shopee purchases. However, its lack of a credit card or spending rewards limits its utility beyond savings.
For most working adults in Singapore, Trust Bank offers the best balance of savings rate, cashback, and ecosystem rewards without being tied to a single platform. GXS is a close second for Grab loyalists, while MariBank is a niche pick for Shopee-centric users seeking simplicity.
FAQ
1. Which bank offers the highest interest rate without conditions?
MariBank offers a flat 2.5% p.a. on deposits up to S$75,000 with no conditions. Trust Bank offers 1.5% p.a. base without conditions, while GXS requires meeting bonus tiers to reach higher rates.
2. Can I use these banks for daily spending?
Yes, all three offer debit cards (GXS and Trust) or virtual cards (MariBank pending) that can be used for online and in-store purchases. Trust also offers a credit card with 1.5% cashback. GXS links to GrabPay for spending.
3. Are these banks safe for my savings?
All three are licensed by MAS and covered by SDIC deposit insurance up to S$100,000 per depositor per bank. GXS and Trust are full digital banks, while MariBank is a digital bank under Sea Limited.
4. Do I need to maintain a minimum balance?
No, none of the three banks require a minimum balance or charge monthly fees for their savings accounts.
5. Can I transfer money between these banks easily?
Yes, all three support PayNow and FAST transfers, so you can send money to any local bank account instantly and often for free.