Trust Bank Review (2024): More rewards with card spend

What happened?

Recently, we saw news that Trust Bank has attracted S$ 1 billion of deposits as of April 2023. 

With more than 500,000 retail customers signing up in its first seven months of operations, Trust Bank is targeting to be Singapore's fourth-largest retail bank in terms of customer numbers by the end of next year. 

This would put it just behind household names DBS, UOB and OCBC. 

Let us find out what is Trust Bank Singapore, and if it might be worthwhile opening a savings accounts with one of the digital banks that have emerged in recent years. 

What is Trust Bank Singapore?

Trust Bank Singapore is a digital bank backed by a unique partnership between Standard Chartered Bank and FairPrice Group.

The former owns 60 per cent while the remaining 40% is owned by the FairPrice Group's enterprise arm.

Launched on 1 September 2022, Trust Bank currently offers a savings account, a debit/credit card, and accident insurance coverage.

Unlike digital banks such as GXS and MariBank, Trust Bank Singapore actually has a full banking licence, complete with 20 ATMs islandwide.

This includes 19 StanChart ATMs and 1 ATM at FairPrice Xtra (Vivocity).

What is the interest rate on the Trust Bank savings account?

Trust Bank Singapore’s savings account offers you an interest rate of up to 3.0% per annum.

This  is made up of the following 

• Base interest of 1.5% p.a with no conditions
• Balance bonus rate of 0.5% p.a. if you maintain a minimum S$100K Average Daily Balance (ADB) for the month
• Bonus interest of 1% p.a. if you are a union member with 5 eligible card transactions, or bonus interest of 0.5% p.a. for non-union member with 5 eligible card transactions. 

Balances above S$500,000 will earn 0.05% p.a. interest.

Your interest will be calculated on a daily basis (based on each day-end deposit balance using a 365-day per annum basis), and credited on the last day of the month.

There is no lock-in period, no monthly fee, and no account closure fee on the Trust Bank savings account.

However, you will need to be at least 18 years of age to be eligible for a Trust Bank savings account. 

What users may like about Trust Bank

#1 – Attractive rewards with your credit card spend

But wait! The savings account is not all that Trust Bank has to offer.

You can also accumulate Linkpoints when you shop with your NTUC Link Card or Trust Link Card, which can be tracked on your Trust mobile app.

There are also savings you can enjoy on FairPrice Group groceries and food:

NTUC Link Card

• With credit card, get up to 21% savings when you hit a minimum monthly spending of S$350
• With debit card, get up to 11% savings when you hit a minimum monthly spending of S$200

Trust Link Card

• With credit card, get up to 15% savings when you hit a minimum monthly spending of S$450
• With debit card, get up to 5% savings when you hit a minimum monthly spending of S$200

What users may not like about Trust Bank 

#1 - Lower interest rate compared to best no-frills savings account

Trust Bank's base interest rate of 1.5% p.a. with no conditions is lower than what some other no-frills accounts are offering.

For union members, the interest rate of 2.5% p.a. offered by Trust is still lower than the interest rate offered by the best savings accounts with the highest interest rates in Singapore. 

For this reason, readers who want to maximise the yield on their savings would probably want to look at other high-yield savings accounts instead.

#2 – Balance bonus rate of 0.5% only applicable to average daily balance (ADB) of above S$100,000

It is important to note that to earn the maximum interest rate of 3.0% p.a., you will need to maintain an average daily balance of above S$100,000 for the month.

The average daily balance is the sum of daily balances divided by the number of days in the month. 

This means that you may not be able to enjoy the maximum interest rate of 3.0% p.a. if your daily balance exceeds S$100,000 on some days of the month, but the ADB remains below S$100,000.

How does Trust Bank compare to GXS and MariBank?

In case you’re wondering how does Trust Bank compare to GXS and MariBank, I've compiled them in the table below.

Is it safe to deposit your money with Trust Bank Singapore?

Trust Bank Singapore holds a full banking licence that is issued by the Monetary Authority of Singapore.

As mentioned previously, it is backed by two reputable names–Standard Chartered and FairPrice.

Additionally, all deposits in Trust are fully secured by the Singapore Deposit Insurance Corporation (SDIC) up to S$75,000 per account.

Final verdict on Trust Bank Singapore

If you are a NTUC union member, Trust Bank offers an interest rate of 2.5% per annum with just 5 eligible card transactions every month. 

This would make the interest rate earned lower than MariBank, which offers an interest rate of 2.88% p.a. It would also be lower than GXS which offers an interest rate of 2.68% p.a.

However, you will get a higher interest rate of 3.0% p.a. if you are able to maintain an average daily balance of S$100,000 and above, and are a union member with 5 eligible card transactions. 

In addition, Trust Bank stands out for its wider product offering, particularly rewards earned with the NTUC Link Card or Trust Link Card. 

Sign-up Promo: Sign up for a Trust Bank account and earn S$10 Fairprice Group e-voucher as a welcome reward with our exclusive promo code: XS8PCDE1. 

Check out our guide to the best savings account in Singapore to find out which savings account allows you to earn the highest interest rate.