Last updated: July 2026 | SeaMoneyTips
Summary
The best digital bank Singapore 2026 depends on what you value most. GXS Bank leads on competitive savings rates and a polished app experience. Trust Bank stands out for cashback rewards and everyday spending. MariBank offers strong interest rates for salary credits and savings. All three are licensed by the Monetary Authority of Singapore (MAS) and covered by deposit insurance. This guide compares their rates, features, pros, and cons so you can pick the right digital bank account Singapore for your needs.
What Are Digital Banks in Singapore?
Digital banks in Singapore are fully digital financial institutions that operate without physical branches. They are licensed by the Monetary Authority of Singapore under the Digital Full Bank or Digital Wholesale Bank framework. Launched after MAS awarded digital bank licences in 2020, these banks serve customers entirely through mobile apps and web platforms.
Unlike traditional banks, digital banks promise lower fees, higher savings rates, and faster onboarding. They use technology to cut overhead costs and pass the savings to customers. The Singapore digital bank interest rate landscape has become more competitive as GXS, Trust Bank, and MariBank fight for market share.
If you are exploring a digital bank comparison Singapore, it helps to understand that each digital bank targets slightly different users. Some focus on savings, others on payments or credit. For a broader view, see our Singapore Bank Account Comparison 2026 guide.
Top Digital Banks in Singapore 2026
The three leading players in the best digital bank Singapore 2026 race are GXS Bank, Trust Bank, and MariBank. Each has distinct strengths. Below is a detailed breakdown of their features, interest rates, and trade-offs.
GXS Bank
GXS Bank is backed by Grab and Singtel and was one of the first digital full banks to launch in Singapore. Its GXS Bank review Singapore reputation centres on a smooth app, no minimum balance, and competitive savings rates through its Savings Pocket feature.
As of 2026, GXS offers up to around 2.5% per annum on its boost pockets when conditions are met. There is no fall-below fee, which makes it attractive for new savers. The bank also provides instant transfers between GXS accounts and integrates with PayNow.
Pros:
- No minimum balance and no monthly fees
- Competitive interest rates on Savings Pockets
- Seamless Grab and PayNow integration
- Fast in-app onboarding within minutes
Cons:
- Limited loan and investment products
- Fewer physical payment options than legacy banks
- Cashback rewards are less generous than Trust Bank
Visit the official GXS Bank site for the latest rates.
Trust Bank
Trust Bank Singapore review highlights usually point to its partnership with Standard Chartered and FairPrice Group. Trust Bank combines a digital bank account Singapore with strong cashback, especially on groceries, dining, and transport.
Trust Bank offers a competitive base interest rate on its savings account and bonus rates on selected categories. Cardholders earn cashback on FairPrice, Sheng Siong, Starbucks, and more. The Trust Card also doubles as a credit and debit card, giving users flexibility.
Pros:
- Strong cashback on daily spending
- Backed by Standard Chartered for stability
- Instant in-app approvals and virtual card issuance
- Competitive savings interest rate
Cons:
- Cashback caps apply per month
- Savings rate is lower than MariBank for high balances
- Less attractive for pure savings-focused users
Check the official Trust Bank website for current offers.
MariBank
MariBank Singapore is backed by Sea Limited and is known for its high savings rates and Shopee ecosystem integration. It targets users who want the best savings rate digital bank experience with simple requirements.
MariBank offers a competitive base interest rate and bonus rates when you salary credit or complete spending tasks. The Mari Savings Account has no minimum balance and no monthly fees, making it popular among young professionals and freelancers.
Pros:
- One of the highest savings rates in Singapore
- No minimum balance or fall-below fees
- Shopee rewards and voucher perks
- Simple app with fast transfers
Cons:
- Product range is narrower than GXS
- Cashback is Shopee-focused, less flexible
- Newer bank with a smaller customer base
Visit the official MariBank site for updated rates.
Digital Bank vs Traditional Bank Comparison
A common question is how digital banks stack up against legacy players like DBS, OCBC, and UOB. The DBS digibank vs GXS debate, for example, highlights trade-offs between convenience and product depth. Digital banks win on rates and app experience, while traditional banks lead on product variety and ATM access.
| Feature | Digital Banks | Traditional Banks |
|---|---|---|
| Interest Rates | Higher, often 2-3% p.a. | Lower base, bonus tiers |
| Minimum Balance | Usually none | Often required |
| Monthly Fees | None | Possible fall-below fees |
| App Experience | Modern and fast | Feature-rich but heavier |
| ATM Access | Limited or none | Extensive network |
| Product Range | Savings, cards, some loans | Full suite including investments |
| Deposit Insurance | Up to S$100,000 via SDIC | Up to S$100,000 via SDIC |
For high-yield options across both categories, read our High Yield Savings Accounts Singapore 2026 guide.
How to Choose the Best Digital Bank
Deciding which digital bank Singapore best suits you depends on your money habits. Here are the key factors to weigh before opening a digital bank account Singapore.
1. Savings rates: If your priority is the best savings rate digital bank, MariBank and GXS currently lead. Compare the effective rate after conditions, not just headline numbers.
2. Cashback and rewards: Trust Bank wins for everyday spenders who shop at FairPrice and dining outlets. GXS and MariBank offer narrower reward categories.
3. Ecosystem fit: Grab users may prefer GXS. Shopee shoppers lean toward MariBank. FairPrice customers benefit from Trust Bank.
4. Fees and minimums: All three digital banks have no minimum balance and no monthly fees, but always confirm terms before signing up.
5. Product depth: If you need investments or home loans, traditional banks still offer more. Pair your digital account with tools from our Best Investment Apps Singapore 2026 guide.
6. App experience: Download each app to test usability. A clunky interface can make daily banking frustrating.
How to Open a Digital Bank Account in Singapore
Opening a digital bank account SG is quick and paperless. The whole process usually takes under 10 minutes from your phone. Follow these steps.
Step 1: Choose your preferred digital bank from GXS, Trust Bank, or MariBank based on your goals.
Step 2: Download the bank’s official app from the App Store or Google Play. Avoid third-party copycat apps.
Step 3: Tap “Open Account” and verify your identity using MyInfo. This pulls your NRIC and personal details securely from the government database.
Step 4: Confirm your details, including your address and tax residency. Review the terms and conditions carefully.
Step 5: Set up your login PIN and enable biometric authentication such as Face ID or fingerprint.
Step 6: Fund your account via PayNow, FAST transfer, or a linked bank account. Some banks accept debit card top-ups.
Step 7: Start using your account. You can transfer funds, earn interest, and apply for a debit or credit card within the app.
For smarter money management after sign-up, see our Best Money Management Apps Singapore 2026 roundup.
Are Digital Banks Safe in Singapore?
Yes, digital banks in Singapore are safe. They are regulated by the Monetary Authority of Singapore, the same authority that oversees DBS, OCBC, and UOB. MAS enforces strict capital, governance, and risk management requirements.
Deposits are protected by the Singapore Deposit Insurance Corporation (SDIC) up to S$100,000 per depositor per bank. This coverage applies to GXS, Trust Bank, and MariBank equally. If a digital bank fails, your insured deposits are repaid by SDIC.
Digital banks also use strong security measures. These include biometric login, encryption, two-factor authentication, and real-time fraud monitoring. As long as you use official apps and never share your PIN, your funds are well protected.
Frequently Asked Questions
Related: HDB Loan vs Bank Loan Singapore 2026: Which Is Better?
Which is the best digital bank in Singapore in 2026?
There is no single winner. GXS Bank offers strong rates and a smooth app, Trust Bank leads on cashback, and MariBank has some of the highest savings rates. Choose based on whether you value savings, rewards, or ecosystem perks.
Are digital banks insured in Singapore?
Yes. Deposits with MAS-licensed digital banks are insured by the Singapore Deposit Insurance Corporation up to S$100,000 per depositor per bank, the same protection as traditional banks.
Can I open a digital bank account without a minimum balance?
Yes. GXS Bank, Trust Bank, and MariBank all offer accounts with no minimum balance and no monthly fall-below fees, making them accessible to most users.
Is GXS Bank better than DBS digibank?
It depends on your needs. GXS Bank offers higher savings rates and no fees, while DBS digibank provides a wider product range, ATM access, and investment options. Many users keep accounts at both.
How long does it take to open a digital bank account in Singapore?
Most digital banks let you open an account in under 10 minutes using MyInfo. You only need your NRIC and a smartphone with the bank’s official app installed.
Do digital banks offer credit cards in Singapore?
Yes. Trust Bank offers a credit card with cashback perks. GXS and MariBank focus mainly on debit cards and savings products, though their offerings continue to expand in 2026.
Key Takeaways
- The best digital bank Singapore 2026 depends on your priorities: savings rates, cashback, or ecosystem rewards.
- GXS Bank is ideal for Grab users and competitive savers with no minimum balance.
- Trust Bank leads on cashback for daily spending at FairPrice and partner merchants.
- MariBank offers some of the highest savings rates and Shopee rewards.
- All three banks are MAS-licensed and SDIC-insured up to S$100,000 per depositor.
- Opening a digital bank account SG takes under 10 minutes via MyInfo.
- Digital banks complement traditional banks rather than fully replacing them.
Conclusion
Finding the best digital bank Singapore 2026 comes down to matching a bank’s strengths with your financial habits. GXS Bank, Trust Bank, and MariBank each shine in different areas, and all are safe, licensed, and fee-friendly options for Singapore residents.
If you want the highest savings rate, MariBank and GXS are strong picks. If cashback on everyday spending matters more, Trust Bank is hard to beat. Many users keep one digital account for savings and a traditional bank for investments, as outlined in our Singapore Robo Advisor Comparison 2026 and Singapore Emergency Fund Guide 2026.
Ready to start? Pick a bank, download its app, and open your account in minutes. Your money can start earning higher interest today.
This article was written by the SeaMoneyTips Editorial Team, focused on personal finance education for Indonesia and Singapore readers. For inquiries, please contact us.