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?