Comparing Singapore’s 5 Digital Banks—and Figuring Out Which is Best for You

Digital banks are changing how Singaporeans manage their money. Unlike traditional banks, these app-based banks operate fully online, with no branches, shorter queues (read: none), and often, fewer fees.

Since MAS began issuing licences in 2020, Singapore has seen the launch of 5 digital banks. Some are tailored for everyday consumers, while others are built for businesses or cross-border transactions. Among the consumer-friendly banks, each offers different perks, features, and account types.

Comparing these digital banks is no small task—but it’s one we just undertook. In this article, we break down all 5 digital banks in Singapore, compare what they offer, and help you figure out which one makes the most sense for your lifestyle or financial goals.

 

Guide to digital banks in Singapore

1. TLDR: Quick comparison of Singapore’s 5 digital banks
2. Types of digital banks in Singapore
3. Meet the 5 digital banks in Singapore
   1. Trust Bank
   2. GXS Bank
   3. MariBank
   4. ANEXT Bank
   5. Green Link Digital Bank (GLDB)
4. Which digital bank is best for you?

 

1. TLDR: Quick comparison of Singapore’s 5 digital banks

Bank	Retail or business?	Interest rates (savings)	Unique perks	Best for…
Trust Bank	Retail	Up to 2.25% p.a.	FairPrice Group rewards, NTUC perks, instant cashback	Everyday savers
GXS Bank	Retail	Up to 2.08% p.a.	Daily interest, savings pockets, Grab & Singtel tie-ins	Side hustlers and gig workers
MariBank	Retail	1.88% p.a. flat	Shopee integration, unlimited 1.7% cashback	Online sellers and Shopee fans
ANEXT Bank	Business only (DWB)	Not applicable	Multi-currency accounts, SME trade finance	SMEs and regional businesses
GLDB	Business only (DWB)	Not applicable	Green supply chain lending, trade finance	Trade-focused exporters

 

2. Types of digital banks in Singapore

Before comparing digital banks, it helps to understand how they’re classified in Singapore. The Monetary Authority of Singapore (MAS) issues different types of banking licences depending on who the bank serves and how it operates.

Full banks

These are traditional banks that can offer a full suite of retail and business banking services. They typically have physical branches and long operating histories.

Examples: DBS, UOB, and Trust Bank (via Standard Chartered’s full bank licence—we’ll explain more later)

 

Digital full banks (DFBs)

Licensed by MAS to operate entirely online, DFBs can serve both individuals and businesses. They don’t have branches, and they often focus on underserved segments like gig workers or digital-first users.

Examples: GXS Bank, MariBank

 

Digital wholesale banks (DWBs)

DWBs are digital-only banks that serve businesses and SMEs only—they cannot offer retail banking services to the general public. These banks often focus on areas like trade finance, cross-border payments, and SME lending.

Examples: ANEXT Bank, Green Link Digital Bank (GLDB)

 

3. Meet the 5 digital banks in Singapore

Trust Bank

Backed by Standard Chartered and FairPrice Group, Trust Bank is one of the most recognised digital-first players in Singapore. Though it operates entirely online, it holds a full banking licence—not a digital one—thanks to its parent bank.

As of Feb 2025, Trust has onboarded over 1 million users, making it the fourth largest retail bank in Singapore. A whopping 70% joined through referrals, showing just how sticky its customer experience is.

While it also offers insurance, balance transfers, investment (TrustInvest), and a “Split Hub” for payments, you probably first heard of the bank’s credit card, savings account, or instant personal loan.

 

Trust credit cards

Trust offers 2 types of credit cards for the everyday spender: a general cashback card (Trust Cashback Card) and the Trust Link card. Both come with no annual fees, no foreign transaction fees, and no hidden charges like card replacement or cash advance fees.

Trust Cashback Card highlights:

• 1.0% unlimited cashback on all eligible spend.
• Up to 15% quarterly cashback on your preferred category, depending on spend:
  • Spend $500/month for 3 consecutive months→ 5% cashback ($30 cap/quarter)
  • Spend $1,000/month for 3 consecutive months→ 10% cashback ($100 cap/quarter)
  • Spend $2,000/month for 3 consecutive months→ 15% cashback ($250 cap/quarter)
• Extra savings from partner deals—up to 20% off selected merchants.
  

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ALSO READ: Trust Cashback Credit Card—MoneySmart Review (2024)

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Trust Link Card highlights:

• Up to 15% savings on FairPrice Group groceries and food 
• Up to 20% off fuel at Caltex.
• Great for daily spending with zero fees across the board.

P.S. Don’t get the Trust Link Card mixed up with the NTUC Link Card. While anyone can sign up for the Trust Link Card, the NTUC Link Card is only for NTUC Union Members. This credit card offers up to 21% savings on FairPrice Group groceries and food when you meet the minimum spend requirements.

 

Trust savings account

Trust’s savings account gives you base interest of 0.50% p.a., and you can unlock more by meeting simple everyday behaviours. Interest is applicable on balances up to $1.2 million.

How to earn up to 2.25% p.a. (promotional):

Bonus Type	Requirement	Bonus Rate
Base Rate	None	0.50% p.a.
Spend Bonus	5 x $30 card spend/month	+0.50% p.a. (Union members) +0.30% (non-members)
Balance Bonus	Maintain S$100K ADB	+0.75% p.a.*
Salary Bonus	GIRO credit ≥ S$1,500/month	+0.50% p.a.

*Note: The 0.75% Balance Bonus rate is valid until 31 Jul 2025, after which it drops to 0.50% (total interest = 2.00% p.a.).

 

Trust Instant Loan

Need funds urgently? The Trust Instant Loan offers a low promotional rate of 2.22% p.a. (EIR 4.22% p.a.) until 30 Jun 2025. Additionally, there are no processing or admin fees. You’ll only incur a 3% early repayment charge on your outstanding principal if you choose to repay the loan early.

As far as loan tenure goes, the Trust Instant Loan offers flexible repayment terms—choose from 3 to 60 months. 

 

GXS Bank

GXS Bank is one of Singapore’s 2 digital full banks (DFBs), jointly owned by Grab and Singtel. Its app-first approach and flexible features make it especially appealing to those with variable income, such as freelancers, gig workers, and part-time earners. It offers a range of financial products and services, including a savings account, debit card, credit card, and loan options.

 

GXS FlexiCard

The GXS FlexiCard is a unique offering: a no-interest credit line with a flat S$5 Flexi fee if you don’t pay off your full balance. It’s designed for low-income users or those just starting to build their credit history.

Key highlights:

• No interest charges, ever
• No income requirement
• $500 monthly credit limit
• Instant cashback (up to $3) on every eligible $10 transaction
• No foreign transaction fees or currency markups

This card is best suited to users who can pay their balance in full each month. While there’s no interest, the $5 monthly fee applies if you carry a balance forward—even just S$1. Also, the cashback is random and capped per transaction, which may make it less predictable than other cards. Read our full GXS FlexiCard review for more details.

 

GXS Savings Account

The GXS savings account isn’t just one flat account—it’s built around 3 saving tools, each tailored to different needs: 

Account type	Best for	Interest rate	Key features
Main Account	Everyday spend	1.68% p.a.	Links with Grab and Dash, earns daily interest
Saving Pockets	Saving for goals	1.98% p.a.	Create up to 8 pockets, no lock-ins or hoops
Boost Pocket	Parking spare cash	Up to 2.08% p.a.	Short-term commitment, bonus interest paid at maturity

Interest is credited daily across all account types. You can open up to 8 Saving Pockets and 2 Boost Pockets, and withdraw funds at any time without penalties. There are no fees or minimum balances, making the setup ideal for people looking for flexibility without the fuss.

Saving Pockets can be customised and named based on your goals—be it a short getaway, an emergency buffer, or even a sinking fund for bills. Boost Pockets, on the other hand, are designed to park spare cash for 1 to 3 months, earning a slightly higher interest rate upon maturity.

 

GXS loan options

GXS offers a suite of loan products for different needs and income types. The GXS FlexiLoan and Balance Transfer are suitable for general use, while the GXS Reno Club is specially for renovation needs. Here are some highlights for each product:

GXS FlexiLoan

• Rates from 2.88% p.a. (EIR 5.45%)
• No processing fees or admin charges
• Equal monthly repayments over fixed terms

GXS FlexiLoan (Balance Transfer)

• Instant cash with 0% interest
• Low one-time fee applies
• Suitable for short-term borrowing or credit card debt payoff

GXS Reno Club

• Special renovation loan rates from 1.88% p.a. (EIR 3.47%)
• Comes bundled with lifestyle perks:
  • Bonus 0.8% interest on your savings (capped at S$20,000)
  • Up to S$100 off at brands like IKEA and Harvey Norman
  • Free 6-month Amazon Prime subscription with Cast.sg

 

MariBank

Like GXS Bank, MariBank is a digital full bank (DFB). It’s owned by Sea Group, the parent company of Shopee. It’s designed with a digital-first lifestyle in mind, offering a clean, app-based banking experience that skips the usual salary-crediting or spend-based hoops.

MariBank also has a business banking arm, offering SME-friendly services like the Mari Business Account, Business Loan (Term Loan), and Business Credit Line. But for now, we’ll focus on its personal banking products.

Mari savings account: no hoops, just 1.88% interest

MariBank offers a flat 1.88% p.a. interest rate on all savings account balances, credited daily. Unlike savings accounts from traditional banks, there’s no salary crediting, no minimum spending, and no minimum deposit required, making it one of the simplest savings accounts to maintain in Singapore. This setup appeals to users who want a hassle-free way to grow their money without jumping through gamified interest hoops.

Additionally, you don’t need to wait a whole month to collect your interest—interest is calculated daily based on your previous day’s balance.

There are also no account maintenance fees or lock-in conditions, and users can also send free overseas transfers in 10 currencies.

 

Mari Credit Card

MariBank positions its Mari Credit Card as Singapore’s highest unlimited cashback card, offering 1.7% cashback on all local spend. This is true—although I will add that technically this is a tie with the UOB Absolute Cashback Card.

Key card features:

• 1.7% unlimited cashback on local transactions
• 3% back in Shopee Coins when you use Mari Credit Card Instant Checkout on Shopee
• Up to 4.5% cashback on overseas spend

With no cap on the cashback amount you can earn, this rewards system is ideal for high monthly spenders who prefer predictability over randomised rewards.

While the Mari Credit Card has done away with any annual fee or overlimit fee, 3 key charges still apply:

1. Interest and late fees for unpaid balances
2. Foreign currency transaction fees
3. Currency conversion fees

Take note of those last 2 fees, because they will make a dent in the 4.5% cashback on overseas spend promised.

 

Mari Credit Card Instant Loan

MariBank allows eligible credit card users to convert part of their available credit limit into an Instant Loan, directly disbursed to a nominated bank account. Here are some key highlights:

• Borrow from as little as $100
• Choose loan tenures from 3 to 60 months
• Monthly interest from 0.24% (EIR 4.31% p.a.)
• No upfront processing fees
• As repayments are made, your credit limit replenishes accordingly

For example, if your available credit is $20,000 and you borrow $5,000 via Instant Loan, your new available credit drops to S$15,000 and replenishes over time as you repay.

This option is ideal for those who already hold the Mari Credit Card and want convenient access to cash with fixed repayments and no surprises.

 

ANEXT Bank

ANEXT Bank is a Digital Wholesale Bank (DWB) owned by Ant Group, the fintech arm of Alibaba. It focuses entirely on small and medium enterprises (SMEs), offering services like multi-currency business accounts, cross-border payments, and digital credit lines.

Its product suite is designed to support regional trade, e-commerce sellers, and export-oriented businesses looking for seamless, tech-enabled financial solutions.

As it doesn’t serve retail customers, ANEXT won’t be a consideration for individual banking needs—but it’s worth knowing if you’re running a small business.

 

Green Link Digital Bank (GLDB)

Green Link Digital Bank (GLDB) is another DWB in Singapore, and was actually the first digital bank ever to launch in Singapore. Backed by Chinese developer Greenland Holdings and supply chain financing platform Linklogis Hong Kong, it targets supply chain financing, green trade, and cross-border commerce, with an emphasis on sustainable lending practices.

GLDB does not currently offer any services to individual consumers. Its niche lies in B2B credit solutions and enabling greener business transactions across Asia.

Unless you’re part of a commercial entity dealing in regional trade or ESG financing, you’re unlikely to interact with GLDB directly.

 

4. Which digital bank is best for you?

Not all digital banks serve the same needs. Here’s a quick guide to help you match each bank to your financial goals or lifestyle:

Best for…	Digital bank	Why it fits
Everyday savers	Trust Bank	Offers rewards on daily spend at NTUC and FairPrice Group, plus up to 2.25% p.a. interest with simple bonus triggers.
Side hustlers and gig workers	GXS Bank	Flexible “pockets” with daily interest and no salary or balance requirements, plus no-strings debit and credit rewards.
Online sellers and Shopee fans	MariBank	Seamless Shopee integration with 3% back in Shopee Coins, and up to 4.5% cashback on overseas card spend.
SMEs and regional businesses	ANEXT Bank	Business-only bank offering multi-currency accounts and cross-border lending for e-commerce and SME growth.
Trade-focused exporters	GLDB	Specialises in green supply chain financing and B2B loans for sustainability-minded exporters and trading firms.

 

This article was first drafted with the help of AI and later reviewed and refined by the author.