For many years, UK citizens had the opportunity to interact with digital banks like Monzo and N26 which offered a better way to bank. Think smart savings features, automatic spending categorisation, separate savings management, real-time alerts and more. While we have seen some of these features crawl into digital banking apps of our local banks or FinTech platforms like Revolut in recent years, we haven't really got our own native digital banks - until MAS decided to extend digital full bank licenses to up to 5 players in 2020. Well, until now.
In order to have better interest, I need to join NTUC union member. Which need to paid a monthly fee of $9. We should factor this amount to get additional 0.2% and other perks. If it is target to Young generation users, they might not have enough deposit to offset this $9.