On November 6, Seabank implemented the new 4.25% p.a. interest rate, down by 0.25% from the previous 4.5% per annum. However, they tried to balance it by increasing the maximum deposit/balance to earn the 4.25% rate.
What are the changes?
- Deposits/balances up to 400K (previously 250K) will earn a 4.25% per annum interest rate, while balances beyond the first 400K will earn an interest rate of 3% p.a.
- Cashback on all payments, including debit card, Scan & Pay, and Shopee checkout
- Up to 3 free cash-ins per week
Existing Features
- 15 Free transfers weekly
- 3% off on load purchases
Blogger’s Corner
This is a bummer for smaller investors since the interest rate has been cut by 0.25% but good news for those investors whose balance has always exceeded 250K.
The 3 free cash-ins per week, on the other hand, are nice since you can now deposit without any charge using the following:
- BPI
- China Bank
- RCBC
- Union Bank
That said, you need to link your account/s to avail of the free cash-in.
So what do you think of the latest update?