Rewards Updates: MariBank Savings Account: Interest rate cut to 2.5% p.a. from Jan 2025

URL: https://growbeansprout.com/maribank-savings-account-review

Gemini Summarized: 

This article summarizes the recent interest rate cut for the MariBank Savings Account from 2.70% to 2.50% per annum, effective January 1, 2025.

Key takeaways:

• MariBank: A digital bank offering savings accounts, business accounts, and loans.

• Interest Rate: 2.50% p.a. for up to S$100,000 of deposits. No minimum deposit, salary credit, or spending requirements.

• Benefits:
• Competitive interest rate for a basic savings account.
• Convenient for PayNow transactions.
• Increased deposit limit aligns with higher deposit insurance coverage.

• Mari Invest: Offers higher potential returns through investment products like the Lion-MariBank SavePlus fund, but with associated risks and management fees.

• Limitations:
  • Limited product offerings (no physical branches, ATMs, or debit cards).
  • Lower interest rate compared to some competitors like GXS Bank.

Recommendations:

• Compare MariBank with other savings accounts, especially those offering higher interest rates, to find the best option for your needs.
• Consider Mari Invest for potentially higher returns, but carefully evaluate the risks and fees.