I. Overview of MariBank Discussions

The HardwareZone forum discussions on MariBank Singapore reveal a community actively seeking the best interest rates and promotions for their savings. Users are keen on comparing MariBank’s offerings with other banks and financial institutions, often sharing specific rates, promotional details, and personal experiences. The discussions are a mix of practical advice, personal anecdotes, and cautious observations regarding the bank’s relatively newer status in the market.

II. Key Developments & Trends

• Promotional Focus: The discussions heavily revolve around MariBank’s promotional campaigns, particularly for its savings accounts and fixed deposits. Users are very alert to the terms and conditions, especially those related to “first xxxx customers” and fresh funds.
• Rate Comparisons: Users constantly compare MariBank’s rates against those offered by other banks like Maybank, RHB, CIMB, GXS, and DBS. They’re also looking at alternative options like T-bills and Singapore Savings Bonds (SSBs).
• SDIC Coverage: The Singapore Deposit Insurance Corporation (SDIC) coverage of up to $100,000 is a significant factor in user trust and acceptance of MariBank.
• Shopee Integration: The link between MariBank accounts and Shopee is a recurring theme, particularly concerning cashback and the Mari Credit Card.
• Cashback & Rewards: Users are keen to maximize cashback and rewards, but also wary of potential issues, such as missing referral rewards or difficulties in receiving promotional notifications.

III. Main Discussion Points

A. Interest Rates & Promotions

• MariBank’s 3.5% p.a. Promotion: A key point of discussion is a promotion offering 3.5% p.a. on savings, with additional bonuses depending on the amount and timing of the top-up.

  • “mari savings 1k to 20k = $3 reward for holding 3 months until 28 feb 2025 20k and above = $48 reward , same holding date must deposit fresh money within 25 26 27 nov”

  • Specific Details: This promo required depositing fresh funds between 25-27 Nov, and maintaining an average daily balance higher than the balance at 11:59 pm on 24 Nov plus the fresh funds.
  • User Feedback:
    • Users expressed frustration with the “first 10,000 Eligible Customers” clause.
      

      “Saw the notification on my app, auto close it when I read “The first 10,000 Eligible Customers”.”

    • Some users did not receive notifications for the promotion, leading to speculation about selection criteria.
    • Users calculated the effective rate with the bonus, reaching around 4.46% for the 3-month period.
• Comparison with other Banks:
  • Maybank: Users noted Maybank’s 2-year FD at 3.8%, with upfront interest leading to an effective rate of 4.1%.
  • RHB: RHB increased its FD rates to 3%, matching other banks, but users were hoping for more competitive rates.
    > “RHB increase their FD rate across the board, now include 18mths which previously don’t have”
  • CIMB: CIMB’s FastSaver was mentioned with a tiered rate of 3.3% for $50k to $75k and 3.2% for other amounts.
  • GXS Bank: GXS Bank was highlighted for its 3.28% interest rate.
  • DBS & OCBC: Users noted that DBS and OCBC had reduced their fixed deposit rates.
    > “DBS revised their fixed deposit today…. no more 3.2%”
    > “From 3.2% drop to 2.45%”
• Fixed Deposit (FD) Rates: The forum frequently discusses FD rates, with users comparing tenures and minimum deposit amounts.
  • BOC: BOC’s FD rates were mentioned, with 3 months at 3%, 6 months at 2.75%, and 12 months at 2.6%.
  • HL Bank: Mentioned as having a good rate of 3.2% for minimum $100k for 3 or 6 months.
  • SIF: SIF’s 6-month FD at 2.6% with a $60 cash credit was noted, with an EIR of around 2.8%.

B. Mari Credit Card & Shopee

• 5% Cashback: The 5% cashback on the Mari Credit Card was a key draw, but users noted it ends on 1st Jan 2025.
  > “Anyway, the 5% promo will end by 1st Jan 2025, so if you apply now and use, you only have 1 month to fully utilize it”
• Shopee Integration: Users pointed out that the Mari credit card must be linked to a Shopee account to be used, not the “add credit card” option within the Mari app.
  > “Do not use the Add Credit Card option. You must link your mari account CC to your shopee account.”
• Fraud Concerns: One user shared a negative experience of their wife experiencing fraud soon after getting the Mari credit card.
  > “My wife just got the CC, immediately next week tio fraud. Now still fighting.”

C. User Experiences & Trust

• Trust in MariBank: Users expressed some caution due to MariBank’s relative newness.
  > “Do u trust Maribank? It is newer than other banks. Do you put half of your money there or more?”
• SDIC Coverage as Reassurance: The SDIC coverage of up to $100,000 was a significant factor in building trust.
  > “mari savings has sdic. mari invest doesnt.”
• Positive Experiences: Some users shared positive experiences of earning interest and using the platform.
  > “Already earn more than $850 interest since last year march put in”
• Problems with Rewards: Several users reported not receiving referral rewards or promotional bonuses, leading to frustration.
  > “I didn’t get my referral rewards when my friend referred me and same goes to when i refer others.”

D. Alternative Investment Options

• T-Bills: T-bills were mentioned as a benchmark, with users noting yields around 3.08%.
  > “This is effectively 2.8%, you may have been better off with the 6 months Tbills today which yielded 3.08%.”
• Singapore Savings Bonds (SSBs): SSBs were also considered as a low-risk alternative.
• Money Market Funds: Money market funds were suggested for short-term savings.
• Other Investments: Users also discussed investing in shares, including “4 heavenly kings” like SIA and Genting Singapore. Some even joked about going to the casino or investing in Bitcoin.

III. Important Details & Procedures

• Fresh Funds Definition: “Fresh funds” for the MariBank promotion meant any amount higher than the account balance at 11:59 pm on 24 Nov 2024.
• Notification Timeline: Eligible customers for the MariBank promo would be notified within 1 week after the funding period of 27 Nov.
• Average Daily Balance (ADB): The ADB must be higher than the balance on 24 Nov plus the fresh funds by 27 Nov to qualify for the bonus.
• Shopee Linkage: The Mari Credit Card needs to be linked to the Shopee account, not added through the app’s card option.
• SimplyGo Cashback: Users noted receiving cashback when topping up their SimplyGo cards via the MariBank app.
  > “Got cashback if topup thru simplygo app I have been topping up $10 and each time will have $0.17 cashback”

IV. Community Experiences

• Positive:
  • Users highlighted the flexibility of MariBank’s savings account, allowing instant withdrawals.
  • Some users are satisfied with the interest earned and the daily compounding.
• Negative:
  • Missing referral rewards and promotional bonuses were a common complaint.
  • Some users found the “first xxxx customer” clauses frustrating.
  • One user experienced fraud on their Mari credit card shortly after activation.
  • A user had issues with transferring funds into Mari Invest after their balance became zero.
    > “Now the balance is 0. I can withdraw but cannot transfer in, even my account balance is 0. CSO said they are investigate it.”
• Problem-Solving:
  • Users suggested calling customer service to address missing rewards.
  • Some users found success in getting their issues resolved after chatting with customer support.
    > “another 6 points week I chat with them and they credited it shortly after.”

V. Important Notes & Precautions

• “First xxxx Customers” Clause: Users should be cautious of promotions with limited slots.
• Fresh Funds Requirement: Users need to understand the definition of “fresh funds” to qualify for promotions.
• Average Daily Balance: Users must maintain the required ADB to receive bonus interest.
• Fraud Risk: Users should be vigilant about credit card fraud.
• Promo End Date: The 5% cashback on the Mari Credit Card ends on 1st Jan 2025.
• SDIC Coverage: While SDIC covers up to $100,000, users should be aware that Mari Invest is not SDIC insured.
• Foreign Currency Transactions: Users should use dedicated cards like Trust, Wise, or Revolut for foreign currency transactions instead of Mari Credit Card outside of promotions.
  > “I would rather use trust or prepaid cards like revolut, trust, wise than Mari for overseas spend”

VI. Conclusion

The HardwareZone forum discussions provide a valuable snapshot of Singaporean consumers’ perspectives on MariBank. The community is actively seeking the best interest rates and promotions, and they are very detail-oriented in understanding the terms and conditions. While the SDIC coverage and promotional interest rates are attractive, users are also cautious of potential issues with rewards, system glitches, and the relatively new status of the bank. The discussions also highlight the importance of comparing MariBank’s offerings with other banks and investment options.