Wolf Money/Bargain(Banking on you, digitally)

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(Source: Tradingeconomics.com; Falling SGS 10 years yield from a high of 3.5% to 2.75% over the last 6 months)

As the interest rate starts to fall for T-Bill and SSBs, I am on a mission to search for the next risk-free product to house some cash and in the meantime, continue to have access to the capital just in case the market goes through a sharp correction.

GXS Bank

The digital bank is one of the two new kids on the block in our banking scene. The digital bank is a joint venture between GRAB and SingTel. The saving account provides a base interest of 2.38% p.a. Account holders have the option to set up a max of 2 boost pockets for 1 or 3 months. Effectively, it is structured like a fixed deposit. Interest range from 3.08% p.a for a month boost pocket to 3.28% p.a for a 3 month pocket. There is a maximum of $30,000 for each boost pocket. There is no penalty for early termination, but normal saving rates will apply. 



(Source: Up to 30k per boost pocket)

MariBank

MariBank is a wholly-owned subsidiary of Sea Limited. The owner of Shopee is one of the two banks which got awarded the digital bank license 3 years ago. I like how they offer very simple saving accounts without conditions of card spending or salary crediting. The saving account is offering 2.7% p.a till the end of 2024. Normal rates of 2.5% p.a applied after the promotion period. There is a maximum of $100,000 for their saving account.

(Source: MariBank; 2.7% interest from first dollar up to 100k)


(Source: MariBank is part of sdic which insures up to 100k per account per name)

SIF GoSaver

The saving account is offered by Sing Investment & Finance. The account is as hassle-free as it can be. Although not classified as a digital bank, it gives the account holders the flexibility of visiting one of its  4 branches located across the island. This saving account can be opened with SingPass. All transactions can be initiated through the SIF app. The account pays a base interest rate of 2.6% p.a for the first $300,000 with a step up to 3.5% for a million. 


(Source: Sing Investment & Finance; Simple computation of interest)

Trust Bank

The Trust Bank is a partnership between Standard Chartered Bank and NTUC. The bank operates online and offline. The advantage of having a trust bank account is similar to having a bank account with any full licensing bank regulated by MAS. All account users can withdraw cash from any Standard Chartered Bank ATM at no cost. The max interest payable for the trust saving account is up to 3.5% with various milestones to hit. For example, keeping a minimum average balance of $100,000 in the account, salary crediting, min. card spending and as an NTUC member earns you earn higher interest. The qualifying milestones are quite reasonable. 


(Source: Trustbank; one could earn up to 3% interest without being a NTUC Union Member)


The main reason why I am keeping liquidity is for deployment flexibility. Having a high interest saving account is the best of both worlds. All rates are subject to changes. Do you have an idea how to house your cash in a risk-free instrument? Do share with us. Leave your comments below. Till next time, I am banking on you, digitally.

* All accounts mentioned are capital protected up to $100,000 due to deposit insurance by SDIC.


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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for education only. Buyer beware,do you own due diligence.

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