From 3.50% to 3.25%: MariBank to lower savings interest rate on Jan. 15

• Photo from MariBank social media page

By TechWatch PH Staff

Digital bank MariBank Philippines Inc., formerly known as SeaBank, will reduce its savings interest rates effective January 15, adjusting returns across balance tiers while retaining its existing account features.

Before the change, MariBank’s published savings rates stood at 3.50 percent per annum for balances of up to ₱1 million, while amounts exceeding ₱1 million earned 4.0 percent per annum, with interest credited daily. 

Starting January 15, balances of up to ₱1 million will earn 3.25 percent per annum, while funds above ₱1 million will accrue interest at 3.75 percent per annum. Applicable withholding taxes will continue to be imposed on interest earnings.

Despite the rate cut, MariBank said customers will continue to benefit from daily interest crediting, 15 free weekly fund transfers, and up to ₱3,000 in monthly cashback on transactions made through debit cards, Scan & Pay, and bills payment. Users can also continue to enjoy discounts of up to 5 percent on mobile load purchases through the MariBank app.

It is also promoting a sign-up incentive for new users, offering up to ₱315 in rewards for first-time deposits made via its mobile application, subject to the terms and conditions indicated in the app’s promotional materials.

MariBank Philippines Inc. operates as a rural bank regulated by the Bangko Sentral ng Pilipinas, with deposits insured by the Philippine Deposit Insurance Corporation for up to ₱1 million per depositor.