Nerfed: Trust Bank and MariBank Slash Interest Rates From 1st September 2025
Trust Bank and MariBank have decided to further cut interest rates yet again in 2025. From 6th August 2025, GXS’s previously announced nerf will also kick in.
Trust Savings Account – max 1.30% p.a. possible
Rates for Trust Bank are going from a maximum 2.00% p.a. for union members to 1.30% p.a from 1st September 2025. Non-union members will get a maximum of 1.20% p.a. when the new rates take effect on the same date, down from 1.80% p.a.
Trust Freedom Card
Use code JP8171J5
✈️ Up to 100,000 Max Miles
⚠️ Important: select Miles as your preferred reward during sign up. Use code JP8171J5
| Qualifying spend | Reward | Total Max Miles |
|---|---|---|
| S$1,000 | Bonus 20,000 | 20,000 |
| S$5,000 | Bonus 30,000 | 50,000 |
| S$15,000 | Bonus 50,000 | 100,000 |
⚠️ Terms and conditions
For reference only; refer to exact details in terms and conditions
The new maximum interest rates of 1.20% and 1.30% p.a. are terrible enough, but they require different requirements to be met:
| Until 1st September 2025 (p.a.) | From 1st September 2025 (p.a.) | |
|---|---|---|
| Base | 0.50% | 0.1% |
| Spend Bonus | 0.50% (union) 0.30% (non-union) | 0.30% (union) 0.20% (non-union) |
| Balance Bonus | 0.50% | 0.40% |
| Salary Bonus | 0.50% | 0.50% |
| Max Possible | 2.00% (union) 1.80% (non-union) | 1.30% (union) 1.20% (non-union) |
It wasn’t attractive before, and will be a lot worse from 1st September 2025.
Nonetheless, a unique selling point of Trust’s savings account is that the rates work for higher balances as much as S$1.2 million. Most banks cap their interest rates at low 6 figures, so this could be a reason why cash-rich depositors might opt for this account.
The digital bank has also teased “new plans” coming in September 2025 to offer up to 2.50% p.a. rates, though details are scant at this point.
Mari Savings Account – max 1.28% p.a.
In a push notification sent out to users, MariBank announced that rates will be dropping to 1.28% p.a. from its current 1.88% p.a. from 1st September 2025 onwards.
There are no other changes to the account. The maximum balance is still S$100,000 and there is no salary or spend requirement as usual.
New account holders can get 3.08% p.a. of interest on S$10,000 in September 2025 by participating in the current promo:
Mari Savings Account / Credit Card
Use code 5HCT18VM
Account: 0.88% p.a.
Card: get unlimited 1.5 Shopee Coins on eligible Shopee spend, 1.5% cashback on eligible card spend and 1.5% cashback on overseas card spend with no fx fee. Read the review
🎁 Bonus Rewards
Sign up with code 5HCT18VM in October 2026
- If you sign up for Mari Savings Account as first product: get bonus S$8 and qualify as new user for Account
- If you sign up for Mari Credit Card as first product: get bonus S$15 (Savings Account will be opened as well, and you will qualify as new user for both Account and Card)
💰 Mari Savings Account
Sign up with code 5HCT18VM and get up to 2.88% p.a. on the first S$100,000.
| Interest Rate | |
|---|---|
| Base Rate | 0.88% p.a. |
| Bonus Rate | +1.60% p.a. on first S$100,000 for 30 days |
| Salary Bonus | +0.20% p.a. for ≥S$500 salary credit |
| ShopeeVIP | +0.40% p.a. on first S$100,000 |
| 3.08% p.a. |
💳 Mari Credit Card
Sign up for Mari Credit Card Bundle with promo code 5HCT18VM and spend S$300 within the first 30 days and get³:
- S$30
- S$70 Shopee voucher pack
⚠️ Terms and conditions
- Limited to the first 10,000 customers who successfully open a Mari Savings Account during the Promotional Rate Period, and successfully make Fixed Deposit placement(s) within 30 days from the date of successful account opening. Terms and Conditions
- Terms and Conditions For Bonus Units
- Terms and Conditions For Credit Card Promos
For reference only; refer to exact details in terms and conditions
GXS Savings Pocket – 1.38% p.a. from 6th August 2025
GXS most recently announced a reduction in rates last month, and the new lowered rate of 1.38% p.a. for its Savings Pockets will apply from 6th August 2025.
New users can sign up and get bonus 1.2% p.a. on S$6,000 with the current promo:
GXS
GXS Savings Pocket: 1.08% p.a. on up to S$95,000
GXS FlexiCard: No minimum income required! Get unlimited cashback of up to S$3 for each transaction at least S$10 and above.
💰 GXS Savings Account
- Sign up for GXS Savings Account
- Get S$20 cashback when you deposit min. S$5,000 into 3-month Boost Pocket named “First Boost”
- On top of 1.22% p.a. interest on Boost Pocket, that is 2.82% p.a. effective interest
Use code SETH877
💳 GXS FlexiCard
Enjoy a free Grab ride and 18% cashback on all Grab spends in Malaysia all weekend! No minimum spend required³
⚠️ Terms and conditions
For reference only; refer to exact details in terms and conditions
Alternatives?
Given the continued reduction in rates, yield-hungry depositors would probably be looking for alternative places for higher returns. I intend to do a fuller piece on how I’m handling my cash savings (so remember to stay subscribed), but there are a few options you can look at right now such as HSBC’s August 2025 promo and Bonus$aver account.
We also have to accept that interest rates are falling and will likely continue to slide, so we may have to look beyond banking accounts for returns. You may wish to consider Singapore Savings Bond which isn’t fantastic, but at least the current short-term returns is at 1.71% p.a. and you can get as much as 2.11% p.a. average returns in the long run. If you are willing to take higher risk for better returns, you may want to look at my Vanilla Money portfolio which is an investment in investment grade bond funds.
For much longer term goals, you should invest in instruments that can give you good returns over a long time horizon as long as you can stomach the volatility in the short term. This is a topic I will delve into more over the coming months so stay subscribed for more updates.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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