3 Best Digital Banks in Singapore (2026)
A short, plain-English guide to the digital banks serving Singapore consumers: who holds a MAS banking licence, what each offers and what to check first.
- Edited by
- Amir Wahab
- Published
- Reading time
- 3 min read
AI image by LocalRankSingapore's digital banks are a small group, so this guide is short by design. It lists digital-first banking propositions open to individuals that are run by institutions the Monetary Authority of Singapore lists as banks: the two digital full banks plus one full bank launched as a joint venture. Each entry describes what the provider says it offers, how it describes deposit protection, and where to read current terms. The order is editorial grouping, not a ranking, and nothing here is personal advice. Interest rates, fees and campaigns change often, so we leave them out; check the provider's own site and product summary before opening an account or applying for credit.
1. GXS Bank
GXS Bank is a digital full bank backed by Grab and Singtel. The MAS Financial Institutions Directory lists GXS Bank Pte. Ltd. as a local bank, and MAS names it as one of the two digital full bank licence holders. Its own site states that deposits are insured by the Singapore Deposit Insurance Corporation, subject to the scheme's limits. The site lists a savings account built around a main account plus goal-based pockets, debit and credit cards, flexible-payment and loan products, balance transfers and an investing offering. It also describes linking the savings account to the Grab and Singtel apps. GXS operates app-first, with a help centre for support. Read the current product terms, eligibility and fee schedule on its site before applying.
2. MariBank
MariBank is one of the digital full banks that MAS has named on its digital bank licensing page. Its site says it is licensed by the Monetary Authority of Singapore, and the MAS Financial Institutions Directory lists MariBank Singapore Private Limited as a local bank. The site also carries the statutory deposit insurance notice for Singapore dollar deposits of non-bank depositors. For individuals it lists a savings account, fixed deposits, debit and credit cards, an investing offering with several fund options, instant loans, split payment and overseas transfers, all through one mobile app. It also describes business accounts and lending for companies. As with any bank, compare the terms, fees and eligibility on its current product pages and in the app before you apply.
3. Trust Bank
Trust Bank describes itself as a digital bank backed by Standard Chartered and the NTUC FairPrice Group, and says it operates on a cloud-based platform for retail customers. The MAS Financial Institutions Directory lists Trust Bank Singapore Limited as a full bank, and its site repeats the statutory deposit insurance notice for Singapore dollar deposits of non-bank depositors. Its site lists a savings account, two credit cards, instant loans, balance transfers, a bill-splitting feature, travel and life insurance distribution, stock and mutual fund investing, and a membership programme. Customers manage most services in the app, and the site shows a physical Trust Experience Centre at a FairPrice Xtra outlet. Check each product's current terms and fees directly on its site.
How to choose
- Confirm the bank is licensed. Search the exact legal name in the MAS Financial Institutions Directory and check the licence type shown, then compare it with what the provider's own site says. Be wary of apps that look like banks but are payment or e-wallet services, because they are regulated differently and offer different protections.
- Understand deposit insurance. Eligible Singapore dollar deposits of non-bank depositors at member banks are covered by the Singapore Deposit Insurance Corporation scheme, up to a statutory limit that applies per depositor per member. Read SDIC's own explanation of what is and is not covered, including investment products, which are generally not insured deposits.
- Look at the whole fee and interest structure, not a headline figure. Check whether advertised interest depends on conditions such as spending, salary credit or balance tiers, what applies after any introductory period, and what charges exist for transfers, cards or inactivity. Use the provider's product summary and fee schedule, since these change often.
- Think about support before you need it. Digital banks run mostly through an app, so check what help is offered, such as in-app chat, phone lines or service centres, and what the process is if a transaction is disputed or your phone is lost. Review security features such as device binding and transaction limits.
- Treat bundled products with care. Cards, loans, insurance and investment offerings sold inside a banking app each carry their own terms, risks and issuers. Read the product page and key terms for each one, note who the underlying provider is, and take professional advice if you are unsure whether a product suits your own circumstances.
. No changes recorded since.
Founder and Editor
Amir Wahab is the founder and editor of LocalRank, an independent Singapore rankings and local guides publication.
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