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.

Investing Updates: Trust Bank to launch TrustInvest in 2025

URL: https://www.theedgesingapore.com/news/banking-finance/trust-bank-launch-trustinvest-2025

Trust Bank will launch its first investment service, TrustInvest, in 2025, offering customers a range of low-risk investment solutions, including fixed-income funds with better returns than savings accounts. Currently in pilot testing, the service allows investments starting at $1 with daily liquidity. Existing customers can join a waitlist. The announcement follows GXS Bank’s plans for a similar investment product suite. Further details are yet to be disclosed.

LifeStyle Updates : SCB Smart Card Changes

URL: https://milelion.com/2024/11/07/junk-card-stanchart-smart-card-introduces-minimum-spend-and-annual-fee/

The Standard Chartered Smart Card in Singapore has introduced new conditions: a minimum monthly spend of S$500 starting January 2024 to earn cashback, and an annual fee of S$199 that is waived only for the first year. These changes affect cardholders who previously enjoyed fee-free cashback benefits, sparking frustration among users who now see the card as less attractive.

LifeStyle Updates : NS Credits Cash Out

URL: https://sethisfy.com/best-ways-to-cash-out-your-ns-credits-2024-edition/

To cash out NS LifeSG credits, here are some options:

1. YouTrip: Transfer NS credits via PayNow QR code for an instant cashout, with a S$5 bonus for new users.

2. AXS: Pay bills (e.g., taxes, insurance) using credits, a convenient option.

3. ShopeePay: Top-up and withdraw to your bank (up to 3-day processing).

4. Sheng Siong ATM: Withdraw cash with a S$0.20 fee, limited to multiples of S$10.

Each method has different processing times and fees.

Referral Updates : Trust Bank Referral Code - YTKNCJWS

"I'm just 2 stamps short to receive a free AirPods Pro 😆. Creating a blog post using ChatGPT to increase awareness of my Trust Bank referral code : YTKNCJWS"

Why Trust Bank is Your Best Choice Among Digital Banks – Use Referral Code YTKNCJWS for Exclusive Perks!

Are you deciding between digital banks? With so many options, choosing the right one can be overwhelming. But Trust Bank stands out from the crowd, especially when you compare it to alternatives like MariBank and GXS Bank. And here’s the best part: if you sign up using my referral code YTKNCJWS, you’ll unlock exclusive perks that set your banking journey off on the right foot!

Trust Bank vs. MariBank and GXS Bank – The Winning Differences

1. Competitive Rewards and Bonuses

   - Trust Bank: With YTKNCJWS, you receive an exclusive welcome bonus and a higher rewards rate on your initial transactions, making it easy to start earning right away. Trust Bank’s loyalty program allows you to earn points on every transaction, redeemable for cash back, gift cards, or additional perks.

   - MariBank: While MariBank offers a good welcome bonus, it tends to have more specific requirements for higher-tier rewards, limiting flexibility.

   - GXS Bank: GXS Bank provides a solid loyalty program, but it often emphasizes limited-time promotions that may not always be available.

2. Fee Structure

   - Trust Bank: Known for its low to no fees, Trust Bank minimizes your banking costs, so you can keep more of your money.

   - MariBank: While fees are generally low, MariBank does have specific charges for select services that can add up if you’re not careful.

   - GXS Bank: GXS Bank’s fees are low for the most part, but it has a few extra charges on international transfers and certain payment options.

3. User-Friendly Digital Platform

   - Trust Bank: Trust Bank’s app offers an intuitive, easy-to-navigate interface that allows users to manage all their banking in one place. Plus, setting up an account with code YTKNCJWS is quick and secure.

   - MariBank: The app design is solid but has received feedback on occasional glitches during high-traffic times, which can disrupt smooth account management.

   - GXS Bank: GXS Bank’s app has a modern feel, but it can be a bit more complex for first-time users, especially those unfamiliar with digital banking platforms.

4. Flexible Spending & Saving Options

   - Trust Bank: Trust Bank provides flexible options that let you save, spend, and manage funds with ease. Its rewards are adaptable, allowing you to optimize points and cash back on what you value most.

   - MariBank: While MariBank has good savings features, it leans more toward set categories, which might not cater to every user’s spending style.

   - GXS Bank: GXS Bank offers flexibility, but their focus on limited-time promotions can make consistency in benefits less predictable.

Why You Should Sign Up with Trust Bank Today

Trust Bank prioritizes what matters most – seamless banking, low fees, and rewarding loyalty. With code YTKNCJWS, you’ll enjoy a unique welcome bonus and other perks designed to make your life easier and more rewarding. 

Get the Best of Banking in Your Hands – Use YTKNCJWS and Start Earning Today!

LifeStyle Updates : Ways to Earn Free Money in SG

URL: https://dollarsandsense.sg/ways-to-earn-free-money-in-singapore/

Here's a brief summary of the article:

• Credit Cards: Apply for credit cards that match your spending habits to take advantage of special promotions and deals.

• Cashback Cards: Use cashback credit cards for everyday purchases to earn a percentage of your spend back.

• High-Interest Savings Accounts: Optimize your savings by using high-interest rate accounts offered by banks.

• No-Frills Savings Accounts: Maintain a no-frills savings account for specific savings goals while earning some interest.

• Referral Programs: Refer friends to products and services you use, such as cashback apps and mobile wallet apps, to earn rewards.

"Article's accurate but it's missing something. Everyone should daily log in to their favourite shopping apps and perform basic actions or games to earn reward points. Diminishing returns principle apply here, not all actions will merit your time. Have to use do some testing and judgement on your efforts."

LifeStyle Updates : Apps to buy unsold food

URL: https://www.straitstimes.com/singapore/diners-can-use-new-phone-app-to-buy-unsold-food-at-a-big-discount-and-help-cut-food-waste

Here's a brief summary of the article:

• New App Launch: A new app called Yindii allows diners in Singapore to buy unsold food from eateries at 50% to 80% off the retail price.

• Surprise Bags: Customers can pre-order "surprise bags" containing various unsold menu items at the end of the day.

• Partnerships: The app has partnered with popular restaurants, cafes, and bakeries like Paul, Baker & Cook, and SaladStop.

• Food Waste Reduction: The app aims to reduce food waste and has already helped offset over 500 tonnes of carbon dioxide emissions.

• Government Support: The launch aligns with Singapore's focus on sustainability and reducing food waste, supported by initiatives like the Good Samaritan Food Donation Bill.

The Yindii app has received generally positive reviews. On the Google Play Store, it has a 
rating of 4.3 stars based on 893 reviews. Users appreciate its mission to reduce food waste 
and the opportunity to get delicious food at discounted prices. On the App Store, it has a rating
of 4.2 stars with 55 ratings. Users have praised the app for its user-friendly interface and the 
variety of food options available.

"This is cool. I wonder how it will work for heartland shops or whether it will ever be in heartlands. It still serves a niche market for the time being."

LifeStyle Updates : Trust Card over YouTrip in overseas

LifeStyle Updates : Retirement Survey

URL: https://www.theedgesingapore.com/news/singapore-economy/42-singapore-respondents-will-only-start-planning-retirement-within-five

OpenAI:

Here are the 5 key points from the article on The Edge Singapore about retirement planning in Singapore:

• Late Planning: 42% of Singapore respondents plan to start retirement planning within five years of their retirement date.

• Lack of Preparation: 16% of Singapore retirees have not planned their retirement expenses.

• Unexpected Costs: 18% of retirees were caught off-guard by higher-than-expected costs.

• Key Cost Factors: The main factors contributing to higher costs were the general cost of living (64%) and healthcare expenses (43%).

• Financial Adjustments: As a result, 57% of retirees had to cut spending, and 50% had to liquidate investments.

My Thoughts: 

Retirement is an exercise that is good to start early on.

Easier to make mistakes and roar back when young.

A lot of lessons will be learnt along the way.

Investing Updates : T-Bills vs Fixed Deposit vs SSB Oct '24

URL: https://growbeansprout.com/tbills-vs-fixed-deposit-vs-ssb-yield-oct-2024

OpenAI

The article from Growbeansprout.com discusses the best options for parking cash to earn a higher yield, focusing on T-bills, fixed deposits, and Singapore Savings Bonds.

• Interest Rates: The article notes that interest rates have been falling recently, with the yield of Singapore 6-month T-bills and SSBs declining. Banks have also cut their interest rates.

• Comparison: It compares the latest interest rates, advantages, and disadvantages of each option.

• Recommendations: The author shares their strategy for deciding where to park cash to earn a higher yield.

  
  

  
  

  
  

Investing Updates : GXS Interest Rate Boosting

https://www.theedgesingapore.com/capital/investing-101/gxs-bank-launches-interest-rate-boosting-feature-savings

OpenAI

Summary of the Article:

1. Feature Introduction: GXS Bank has launched a new savings account feature that offers an enhanced interest rate based on meeting certain conditions.

2. Interest Rate Boost: This feature provides a higher interest rate compared to traditional savings accounts. The boost is contingent on specific criteria such as maintaining a minimum balance or making regular deposits.

3. Eligibility Requirements: To qualify for the boosted interest rates, account holders must adhere to conditions set by the bank, which may include minimum balance requirements or frequent transactions.

4. Market Impact: The introduction of this feature is intended to make GXS Bank's savings accounts more competitive and attractive in the financial market.

5. Consumer Benefit: The feature is designed to offer better returns on savings, aiming to appeal to customers seeking higher yields on their deposited funds.

Online Forum Insights:

HardwareZone:

1. Feedback on Interest Rates: Users generally appreciate the higher interest rates compared to traditional savings accounts, but some question whether the eligibility criteria are too stringent.

2. Ease of Use: Positive comments often highlight the user-friendly nature of the online banking platform, but there are mixed feelings about the ease of meeting the required conditions.

3. Comparison with Competitors: Many users compare this feature with similar offerings from other banks and digital platforms, noting that GXS Bank's feature is competitive but not necessarily the highest available.

4. Customer Service: There are mixed reviews about customer service, with some users praising prompt responses while others report delays or difficulties.

5. Overall Satisfaction: The overall sentiment is cautiously optimistic, with users recommending the account for those who can meet the criteria, but advising others to consider their own financial habits and needs.

Reddit:

1. Interest Rate Appeal: Users on Reddit find the interest rate boost attractive, particularly when compared to standard savings account rates. However, some express concerns about the feasibility of meeting the conditions.

2. Eligibility Concerns: Discussions often center around whether the criteria for the boosted rate are reasonable and how they compare to other banks’ offers.

3. User Experience: Feedback about the user experience is generally positive, with praise for the digital platform’s functionality but occasional complaints about account management and customer support.

4. Product Comparisons: Users frequently compare GXS Bank’s new feature with other savings products and digital banks, finding it competitive but noting that alternatives might offer better terms or fewer restrictions.

5. Recommendations: Recommendations on Reddit suggest that the account is a good option for those who can comfortably meet the eligibility requirements, but it’s important to weigh it against other available options.

Conclusion:

The new interest rate-boosting feature from GXS Bank is generally well-regarded for offering higher returns on savings compared to traditional accounts. However, user feedback indicates mixed opinions on the practicality of meeting the eligibility requirements and the overall customer service experience. It appears to be a competitive product but should be evaluated alongside other options based on individual financial habits and needs.

My Thoughts

• It's a good new term-based savings product. Especially when SSB, T-Bills are falling quickly. GXS Bank is SDIC insured, although I'm not sure if these are covered.

• Imo, GXS Bank has to step up. Trust Bank has focused on NTUC link up, rewards, credit cards with good foreign rates. MariBank has focused on Shopee rewards, cash back credit card. GXS Grab link up with Grab pales in comparison.

• If GXS maintains their product interest rate around 3%+ while all govt financial products fall. It will be an attractive option.

Picture generated by Co-pilot

LifeStyle Updates : Household Needs Study on Why People Are Poor

https://dollarsandsense.sg/5-reasons-identified-household-needs-study-people-poor-singapore/

AI Summarisation

The article discusses a study that identifies five key reasons why some households in Singapore struggle with poverty despite the nation's affluence. These reasons include rising costs of living, inadequate social safety nets, employment instability, the high cost of education, and health-related expenses. The study emphasizes the need for targeted policies and support to address these issues and improve the quality of life for low-income families in Singapore.

My Thoughts

• Having worked in various places, I think I've met many people who are successful with their family setup being stable i.e. free from divorce, abuse, finance, etc complications.
• It's challenging to feel and get richer when you face family struggles day in day out.
• On the plus side, people who pushed and get through family difficulties. They usually are focused in life and do well at personal finance.

Technology Updates : Incorrect PayNow Transfers

AI Summarisation

In 2023, there were instances of mistaken PayNow transfers in Singapore. However, the exact number of reported cases isn’t readily available. When such errors occur, the person who made the mistake bears the cost of reversing it, whether in terms of legal expenses or time spent¹. If you’ve encountered a similar situation, it’s essential to double-check before transferring funds to avoid complications². 🤝

My Thoughts

• Always wondered how many people make mistakes using PayNow transfers.
• Especially people like me with Presbyopia (Lao Hua), we can't see the mobile screens clearly and might make some mistakes.
• One way for prevention is that Shops can have big and clear Payment Screens with QR Code scan feature that auto populates the figures for you. Some do have small devices that support this but not all do. Likely due to device costs?

https://www.channelnewsasia.com/commentary/paynow-wrong-payment-transfer-refund-money-bank-police-law-4516191

Rewards Updates : Mari Credit Card

• Interested in getting this cashback card since Shopee is my regular platform.
• Wonder what's required to be invited. Lots of $$ in Savings and Mari Invest?
• More competition in this space is always a good thing for consumers.

https://milelion.com/2024/06/28/mari-credit-card-review-shopee-pi-pi-pi-pi/

LifeStyle Updates : Trust Setup 2024

• Important for people especially like me with 3 kids.
• Plan to do this in future.

https://dollarbureau.com/blog/trusts-singapore/

LifeStyle Updates : First 1000 EZ Link Wallet Rewards

• Just got rewarded $2 into EZ-Link e-Wallet.
• Fastest finger first survey. One of the reasons to turn on all notifications for mobile applications.

LifeStyle Updates : KFC Whack A Chicken

• $8 off e-Voucher is good. It's applicable for all types of purchases (Online, Takeaway, Delivery) too.
• But it's hard to get the required points. At least 1000 points to have a chance.
• Games also seem to be random with the chicks' types. (Blue chick awards the most points) So sometimes it feels like 1000 points is not doable.

https://www.kfc.com.sg/whats-new/kfc-sg-app

Rewards Updates : Kopitiam Rewards

• Kopitiam has a good reward system especially when you use Trust Card as payment.
• There is free hot kopi when you scan the QR Code for surveys. It expires within 1 month. Use of Trust Card with 4 transactions gives you free kopi too. It expires within 3 months.
• When purchases are > $10, scan with ShopperLink app to get points.

 

Rewards Updates : CrowdTask

• New Government platform to answer questions, submit budget meals and claim points for NETs QR discounts.
• The questions are usually simple. Although you could be identified since it is via SingPass login, some people may provide "fake" responses.
• Budget meal submissions are cool. Needs more people to do submissions and verifications.

  
https://www.crowdtask.gov.sg/

Lifestyle Updates : Apple Subscriptions Increase

Bad news on the savings front for casual gamers to play different variety games.

Arguably the cheapest gaming package for casual gamers, Apple Arcade has increased its price by 42%. Ouch.

I subscribed to the annual deal at $69.98. The new annual deal will likely be $99.98.

Will monitor its closest competitor Netflix games to see if it gets better value there.

But I enjoy playing on the Mac with 8bitdo controller which Netflix games currently do not support =/

https://www.hardwarezone.com.sg/tech-news-apple-tv-apple-arcade-apple-one-bundles-price-hike-singapore