An in-depth look at how Singapore’s new digital-only banks compare to traditional banks for personal use.
Digital banks like Trust Bank, GXS, and Maribank are revolutionizing personal banking in Singapore. With no physical branches, they offer higher interest rates, zero monthly fees, and mobile-first platforms.
Traditional banks like DBS or UOB offer broader services, ATMs, and international presence. If you value in-person support or need complex financial services, traditional may be better.
But if you just need basic savings, transfers, and spending, digital banks may offer better value with lower costs. Look at your financial behavior and comfort with app-only support before choosing.
FAQ:
Q: Are digital banks safe in Singapore?
A: Yes, they’re regulated by the Monetary Authority of Singapore (MAS).
Q: Can I switch between digital and traditional easily?
A: Yes, you can hold accounts in both types.
User Comments:
- “GXS’s savings pods helped me set goals and stick to them.”
- “I like DBS’s customer service, so I use both DBS and Trust.”
Editor's Note:
Digital banks are great for efficiency; traditional banks win on full-service reliability. Use both if needed.
Tags: digital banks, traditional banks, neobank, Singapore finance, account comparison