You’ve probably heard about the new digital banks Trustbank and GXS by now. With no minimum balance requirement and competitive interest rates, they are really gaining some traction. Today, I’d like to go over the specifics of both banks so that we can determine whether you should switch to one of them and, if so, which one is superior. Alternatively, you may wait for Maribank (By SEA Ltd). What are Digital Banks? To begin, perhaps for the sake of completeness, let us define digital banks. Simply put, they are similar to traditional local banks but lack physical branches. This allows such banks to save on overhead costs, which they might pass on to customers through higher interest rates. At the moment, two digital full bank licenses have been granted. One goes to Singtel and Grab (GXS), while the other goes to Sea Limited (Maribank). Trustbank, which is supported by Standard Chartered and FairPrice Group, was not a contender  ...