Digibanks products (GXS bank, Maribank and trust bank)

[WoShiPro]

Gxs digital bank (backed by grab and singtel)
- Interest 0.08% for amt up to $5k
https://www.channelnewsasia.com/bus...nk-gxs-savings-account-daily-interest-2912616
Trust bank (backed by Standard Chartered and Fairprice group)
- Interest 1% for amt up to $50k with additional requirements to hit 1.4%
- offer credit/debit card for cashback with NTUC spending
- no fcy fees
- no annual fees
https://trustbank.sg/https://www.businesstimes.com.sg/companies-markets/singapores-first-digital-bank-trust-bank-launches
Maribank (backed by Sea limited)
- no products as of posting

I was hoping they will be able to offer competitive products due to lower costs but doesn't look like it based on their products so far. Trust bank card might be good for someone that regularly purchase from NTUC.

Discuss whether you be using any of the digibank accounts/services.

 

[lzydata]

GXS starting rate is really disappointing.

 

[duhduhduh]

1.4% for Trust Bank not bad leh.

And their Credit Card seems a bit confusing. Now it explains why OCBC x NTUC Linkpoint card was terminated
Need to calculate the worthnyness since you get rewarded linkpoints back.

Trust bank seems to disrupt both the banking industry / credit card / supermarket alot... Giant/Cold Storage needs to partner with someone

 

[BBCWatcher]

GXS is reportedly going to offer "Pockets": up to 8 subaccounts for specific spending goals. The Pockets will earn interest up to 1.58% p.a. I haven't seen any further details yet.

 

[fr33d0m]

FairPrice no longer co-op. Next step is probably listed in SGX.

 

[elvintay07]

1.4% for Trust Bank not bad leh.

And their Credit Card seems a bit confusing. Now it explains why OCBC x NTUC Linkpoint card was terminated
Need to calculate the worthnyness since you get rewarded linkpoints back.

Trust bank seems to disrupt both the banking industry / credit card / supermarket alot... Giant/Cold Storage needs to partner with someone

From what I understand, u cannot have supplementary card right?

 

[lzydata]

FairPrice no longer co-op. Next step is probably listed in SGX.

I think you are thinking of NTUC Income, not FairPrice

 

[BBCWatcher]

Giant/Cold Storage needs to partner with someone

They have: DBS/POSB. Giant and Cold Storage offer cash withdrawals from your DBS or POSB account. This service is called "POSB Cash-Point." Unlike ATM withdrawals these "Cash-Point" cash withdrawals don't count toward your ATM limit for purposes of computing higher promotional interest on deposits. DBS/POSB already offers a zero minimum balance account called "My Account," and they issue a PAssion debit card that doubles as a TapForMore card, to earn and redeem points at Giant and Cold Storage (and other Dairy Farm retailers).

 

[lzydata]

GXS is reportedly going to offer "Pockets": up to 8 subaccounts for specific spending goals. The Pockets will earn interest up to 1.58% p.a. I haven't seen any further details yet.

"Currently, the total deposit cap across the savings account and pockets is S$5,000."

https://www.businesstimes.com.sg/ba...ches-new-savings-account-for-select-customers

 

[BBCWatcher]

The nicest part of Trustbank.sg is that they offer a zero foreign transaction fee and zero annual fee Visa credit card. I was wondering when a bank would start to compete in that way. I'll have to check the fine print more, but that part looks like a compelling offer.

 

[duhduhduh]

They have: DBS/POSB. Giant and Cold Storage offer cash withdrawals from your DBS or POSB account. This service is called "POSB Cash-Point." Unlike ATM withdrawals these "Cash-Point" cash withdrawals don't count toward your ATM limit for purposes of computing higher promotional interest on deposits. DBS/POSB already offers a zero minimum balance account called "My Account," and they issue a PAssion debit card that doubles as a TapForMore card, to earn and redeem points at Giant and Cold Storage (and other Dairy Farm retailers).

Oh you are right.

But to me Cash-point felt more like a socash withdrawal service though

And yes, totally forgot about the passion tapsformore.

 

[BTO_Brah]

Won't be using GXS since I barely use Grab, so I assume the B-team they assigned to this low-prestige project will do even worse than the flagship crew. Singtel no need to say.

Won't be using Maribank since Sea/Shopee are all one 成何体统 company.

The Trustbank no-fee foreign card might be good.

 

[s0crates]

Not sure how people are under banked in Singapore, and how these digital banks are going to make banking for elderly folks better.

For now more hot air than actual value proposition lol

 

[fr33d0m]

I think you are thinking of NTUC Income, not FairPrice

It is FairPrice Group now. Maybe the grocery is still co-op, but FairPrice is not.

 

[Perisher]

none of them looks interesting yet... kinda disappointing.

 

[BBCWatcher]

Not sure how people are under banked in Singapore, and how these digital banks are going to make banking for elderly folks better.

I'm not sure either. I don't see how yet another smartphone app-only bank is going to improve on what DBS/POSB offers with "My Account." I look at DBS's "My Account" as a benchmark in this role (basic domestic consumer banking in Singapore). My Account is DBS's zero minimum balance bank account, so it's a good fit even for low income households. DBS/POSB offers branches, ATMs, video teller machines (VTMs), telephone service, Internet banking (Web browser), AND a smartphone app. You can even make cash withdrawals at popular retailers like Giant, Cold Storage, and many others as you use your debit card. They can sell you Singapore Savings Bonds for your "rainy day" savings. Their debit card lets you pay for practically anything in Singapore via NETS or a major card network. They offer FAST and PayNow (with QR), too. And they'll serve you in lots of different languages if English isn't the one you prefer.

DBS deserves some criticism occasionally, but I think overall they've got a good product (My Account) for domestic consumer banking.

...But "we're serving the under banked" sounds great in a press release, right?

 

[wenguang]

Trustbank is a good parking account for cashflow (1 -1.4%)

 

[WoShiPro]

https://www.businesstimes.com.sg/companies-markets/singapores-first-digital-bank-trust-bank-launches
No cash advance fees? Meaning can withdraw credit limit. Like short term loan for 1 month and paying back the bill the next month?

 

[wenguang]

https://www.businesstimes.com.sg/companies-markets/singapores-first-digital-bank-trust-bank-launches
No cash advance fees? Meaning can withdraw credit limit. Like short term loan for 1 month and paying back the bill the next month?

How much does cash advance cost?

• There is no cash advance fee. However, you will incur finance charges for the cash advance, calculated on a daily basis at 0.074% (26.9% p.a.) on the amount withdrawn from the date of the transaction until the date of full payment

 

[WoShiPro]

How much does cash advance cost?

• There is no cash advance fee. However, you will incur finance charges for the cash advance, calculated on a daily basis at 0.074% (26.9% p.a.) on the amount withdrawn from the date of the transaction until the date of full payment

Oh.. Then no point liao