MariBank vs. GXS Bank: Which Digital Bank is Right for You?

MariBank and GXS Bank are two digital banks in Singapore that were launched in 2023. Both banks offer a range of similar products and services, including savings accounts, business accounts, and investment accounts. However, there are some key differences between the two banks, such as interest rates, fees, and features.

MariBank currently offers a higher interest rate on its savings account than GXS Bank (2.88% p.a. vs. 2.68% p.a.). However, GXS Bank plans to offer a higher interest rate in 2024 (2.68% p.a. vs. 2.68% p.a.). Both banks have no minimum balance requirements and offer free unlimited transactions.

MariBank’s mobile app is relatively simple and straightforward. It offers the basic features that you would expect from a digital bank, such as account opening, fund transfers, and bill payments. GXS Bank’s mobile app is more gamified and offers features such as personalised pockets for different life goals and financial advice.

MariBank is owned by Sea Limited, the parent company of Shopee and SeaMoney. This gives MariBank an advantage in terms of integration with Shopee and other Sea Group products. GXS Bank is a joint venture between Grab and Singtel. This gives GXS Bank an advantage in terms of integration with Grab and Singtel products.

Interest Rates

MariBank currently offers a higher interest rate on its savings account than GXS Bank (2.88% p.a. vs. 2.68% p.a.). This is a significant difference, especially for customers who have a large amount of money in their savings account. However, it is important to note that MariBank’s promotional interest rate will end on 31 December 2023. After that, the interest rate will revert to the base rate of 2.5% p.a. GXS Bank, on the other hand, has a permanent interest rate of 2.68% p.a.

Fees

Both MariBank and GXS Bank have no minimum balance requirements and offer free unlimited transactions.

Features

MariBank’s mobile app is relatively simple and straightforward. It offers the basic features that you would expect from a digital bank, such as account opening, fund transfers, and bill payments. MariBank’s app also includes a few features that are unique to digital banks, such as the ability to send money to friends and family using their phone number or email address.

GXS Bank’s mobile app is more gamified and offers features such as personalised pockets for different life goals and financial advice. GXS Bank’s app also includes a number of other features that are designed to help customers save money and manage their finances more effectively.

Feature	MariBank	GXS Bank
Interest rate on savings account	2.88% p.a. (until 31 March 2024)	2.68% p.a.
Fees	Free	Free
Interest credited	Daily	Daily
Maximum Deposits	S$75,000	S$75,000
Features	Simple and straightforward mobile app	More gamified mobile app with features such as personalised pockets and financial advice
Other differences	Owned by Sea Limited (parent company of Shopee and SeaMoney)	Owned by Grab